v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. The table below reflects Compensation Actually Paid to the Company’s CEO and average Compensation Actually Paid to Non-CEO NEOs during 2020 through 2024. In addition, the table compares the Company’s Total Shareholder Return (“TSR”) against peer group TSR using S&P 500 Industrials (sector comparison). For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “EXECUTIVE COMPENSATION — Compensation Discussion and Analysis” above.
​ ​ ​ ​
Summary
Compensation
Table Total for
CEO
($)
​ ​
Compensation
Actually Paid to
CEO
($)(1)
​ ​
Average
Summary
Compensation
Table Total for
non-CEO NEOs
($)(1)
​ ​
Average
Compensation
Actually Paid to
non-CEO NEOs
($)(1)
​ ​
Value of Initial Fixed $100
Investment Based On:(2)(3)
​ ​
Net Income
($ millions)(4)
​ ​
Adjusted
EBITDA
($ millions)(4)(5)
​
​ Fiscal
Year 		​ ​
Total
Shareholder
Return ($)(2)
​ ​
S&P 500
Industrials
(Sector)
TSR ($)(3)
​
​ 2024 ​ ​ ​ ​ 9,297,966 ​ ​ ​ ​ ​ 12,023,483 ​ ​ ​ ​ ​ 2,463,437 ​ ​ ​ ​ ​ 3,140,627 ​ ​ ​ ​ ​ 154.04 ​ ​ ​ ​ ​ 176.44 ​ ​ ​ ​ ​ 316.9 ​ ​ ​ ​ ​ 789.1 ​ ​
​ 2023 ​ ​ ​ ​ 7,084,966 ​ ​ ​ ​ ​ 9,034,716 ​ ​ ​ ​ ​ 1,771,206 ​ ​ ​ ​ ​ 2,130,483 ​ ​ ​ ​ ​ 128.42 ​ ​ ​ ​ ​ 150.20 ​ ​ ​ ​ ​ 217.1 ​ ​ ​ ​ ​ 637.9 ​ ​
​ 2022 ​ ​ ​ ​ 6,807,676 ​ ​ ​ ​ ​ (19,271,201) ​ ​ ​ ​ ​ 1,613,648 ​ ​ ​ ​ ​ (2,405,918) ​ ​ ​ ​ ​ 100.03 ​ ​ ​ ​ ​ 127.15 ​ ​ ​ ​ ​ 408.9 ​ ​ ​ ​ ​ 825.4 ​ ​
​ 2021 ​ ​ ​ ​ 7,519,812 ​ ​ ​ ​ ​ 40,727,644 ​ ​ ​ ​ ​ 2,178,594 ​ ​ ​ ​ ​ 9,342,402 ​ ​ ​ ​ ​ 349.76 ​ ​ ​ ​ ​ 134.52 ​ ​ ​ ​ ​ 556.6 ​ ​ ​ ​ ​ 861.4 ​ ​
​ 2020 ​ ​ ​ ​ 6,961,596 ​ ​ ​ ​ ​ 44,219,485 ​ ​ ​ ​ ​ 1,748,639 ​ ​ ​ ​ ​ 9,772,607 ​ ​ ​ ​ ​ 226.04 ​ ​ ​ ​ ​ 111.06 ​ ​ ​ ​ ​ 347.2 ​ ​ ​ ​ ​ 583.8 ​ ​
​
(1)
Amounts represent Summary Compensation Table (“SCT”) total compensation and compensation actually paid (“CAP”) to our primary executive officer (our CEO), and the average SCT compensation and CAP to our remaining NEOs for the relevant fiscal year. Our NEOs include the individuals indicated in the table below for each fiscal year:
​
​
Year
​ ​
CEO
​ ​
Non-CEO NEOs
​
​ 2024 ​ ​
Aaron P Jagdfeld
​ ​ Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2023 ​ ​
Aaron P Jagdfeld
​ ​ Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2022 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2021 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde ​
​ 2020 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde ​
CAP represents the SCT total compensation for the applicable fiscal year, adjusted as set forth below. None of our NEOs participate in a pension plan; therefore, no adjustments from the SCT total related to pension value are needed.
​ ​ ​ ​
2024
​
​
Adjustments
​ ​
CEO
​ ​
Average non-
CEO NEOs
​
​
Deduction for Amounts Reported under the “Stock Awards” and “Option
Awards” Columns in the Summary Compensation Table for Applicable
FY
​ ​ ​ $ (6,250,242) ​ ​ ​ ​ $ (1,463,426) ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
​ ​ ​ $ 8,922,662 ​ ​ ​ ​ $ 2,064,646 ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that were
Outstanding and Unvested as of Applicable FY End, determined based
on change in ASC 718 Fair Value from Prior FY End to Applicable FY
End
​ ​ ​ $ 641,249 ​ ​ ​ ​ $ 144,460 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
​ ​ ​ $ (588,152) ​ ​ ​ ​ $ (68,490) ​ ​
​
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ TOTAL ADJUSTMENTS ​ ​ ​ $ 2,725,517 ​ ​ ​ ​ $ 667,190 ​ ​
​
(2)
TSR is calculated based on a fixed investment of one hundred dollars measured from the market close on December 31, 2019 through and including the end of each fiscal year reported in the table.
​
(3)
Our peer group is the S&P 500 Industrials (Sector) Index, which is the industry index used to show our performance in our Form 10-K.
​
(4)
Net income and Adjusted EBITDA as reported in the Pay Versus Performance Table are before adjusting for non-controlling interests.
​
(5)
Our company-selected measure, which is the measure we believe represents the most important financial performance measure not otherwise presented in the table above that we use to link CAP for fiscal 2024 to performance, is Adjusted EBITDA, which is a Non-GAAP measure that excludes the impact of acquisitions. A reconciliation of Adjusted EBITDA to net income can be found in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
​
        
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)
Amounts represent Summary Compensation Table (“SCT”) total compensation and compensation actually paid (“CAP”) to our primary executive officer (our CEO), and the average SCT compensation and CAP to our remaining NEOs for the relevant fiscal year. Our NEOs include the individuals indicated in the table below for each fiscal year:
​
​
Year
​ ​
CEO
​ ​
Non-CEO NEOs
​
​ 2024 ​ ​
Aaron P Jagdfeld
​ ​ Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2023 ​ ​
Aaron P Jagdfeld
​ ​ Kyle Raabe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2022 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, York Ragen, Norm Taffe, and Erik Wilde ​
​ 2021 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde ​
​ 2020 ​ ​
Aaron P Jagdfeld
​ ​ Patrick Forsythe, Russell Minick, York Ragen, and Erik Wilde ​
       
Peer Group Issuers, Footnote
(3)
Our peer group is the S&P 500 Industrials (Sector) Index, which is the industry index used to show our performance in our Form 10-K.
       
PEO Total Compensation Amount $ 9,297,966 $ 7,084,966 $ 6,807,676 $ 7,519,812 $ 6,961,596
PEO Actually Paid Compensation Amount $ 12,023,483 9,034,716 (19,271,201) 40,727,644 44,219,485
Adjustment To PEO Compensation, Footnote
CAP represents the SCT total compensation for the applicable fiscal year, adjusted as set forth below. None of our NEOs participate in a pension plan; therefore, no adjustments from the SCT total related to pension value are needed.
​ ​ ​ ​
2024
​
​
Adjustments
​ ​
CEO
​ ​
Average non-
CEO NEOs
​
​
Deduction for Amounts Reported under the “Stock Awards” and “Option
Awards” Columns in the Summary Compensation Table for Applicable
FY
​ ​ ​ $ (6,250,242) ​ ​ ​ ​ $ (1,463,426) ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
​ ​ ​ $ 8,922,662 ​ ​ ​ ​ $ 2,064,646 ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that were
Outstanding and Unvested as of Applicable FY End, determined based
on change in ASC 718 Fair Value from Prior FY End to Applicable FY
End
​ ​ ​ $ 641,249 ​ ​ ​ ​ $ 144,460 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
​ ​ ​ $ (588,152) ​ ​ ​ ​ $ (68,490) ​ ​
​
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ TOTAL ADJUSTMENTS ​ ​ ​ $ 2,725,517 ​ ​ ​ ​ $ 667,190 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 2,463,437 1,771,206 1,613,648 2,178,594 1,748,639
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,140,627 2,130,483 (2,405,918) 9,342,402 9,772,607
Adjustment to Non-PEO NEO Compensation Footnote
CAP represents the SCT total compensation for the applicable fiscal year, adjusted as set forth below. None of our NEOs participate in a pension plan; therefore, no adjustments from the SCT total related to pension value are needed.
​ ​ ​ ​
2024
​
​
Adjustments
​ ​
CEO
​ ​
Average non-
CEO NEOs
​
​
Deduction for Amounts Reported under the “Stock Awards” and “Option
Awards” Columns in the Summary Compensation Table for Applicable
FY
​ ​ ​ $ (6,250,242) ​ ​ ​ ​ $ (1,463,426) ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
​ ​ ​ $ 8,922,662 ​ ​ ​ ​ $ 2,064,646 ​ ​
​
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that were
Outstanding and Unvested as of Applicable FY End, determined based
on change in ASC 718 Fair Value from Prior FY End to Applicable FY
End
​ ​ ​ $ 641,249 ​ ​ ​ ​ $ 144,460 ​ ​
​
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
​ ​ ​ $ (588,152) ​ ​ ​ ​ $ (68,490) ​ ​
​
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ TOTAL ADJUSTMENTS ​ ​ ​ $ 2,725,517 ​ ​ ​ ​ $ 667,190 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: lc_tsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: lc_netincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: lc_ebitda-pn.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: lc_tsr-pn.jpg]        
Tabular List, Table
Most Important Pay Versus Performance Financial Measures
We believe the following represent the most important financial performance measures used by us to link CAP to our NEOs for the fiscal year ended December 31, 2024:
​ ​ ​
​
Adjusted EBITDA
​
​
Primary Working Capital (“PWC”) as a Percent of Net Sales
​
​
Annual Revenue Growth Rate (“CAGR”)
​
​
Adjusted EBITDA Margin Percentage
​
​
Free Cash Flow (“FCF”)
​
The Compensation Discussion and Analysis provides a further description of how these metrics
are defined and used in the Company’s executive compensation program.
       
Total Shareholder Return Amount $ 154.04 128.42 100.03 349.76 226.04
Peer Group Total Shareholder Return Amount 176.44 150.2 127.15 134.52 111.06
Net Income (Loss) $ 316,900,000 $ 217,100,000 $ 408,900,000 $ 556,600,000 $ 347,200,000
Company Selected Measure Amount 789,100,000 637,900,000 825,400,000 861,400,000 583,800,000
PEO Name Aaron P Jagdfeld        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description
(4)
Net income and Adjusted EBITDA as reported in the Pay Versus Performance Table are before adjusting for non-controlling interests.
(5)
Our company-selected measure, which is the measure we believe represents the most important financial performance measure not otherwise presented in the table above that we use to link CAP for fiscal 2024 to performance, is Adjusted EBITDA, which is a Non-GAAP measure that excludes the impact of acquisitions. A reconciliation of Adjusted EBITDA to net income can be found in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Primary Working Capital (“PWC”) as a Percent of Net Sales        
Measure:: 3          
Pay vs Performance Disclosure          
Name Annual Revenue Growth Rate (“CAGR”)        
Measure:: 4          
Pay vs Performance Disclosure          
Name Adjusted EBITDA Margin Percentage        
Measure:: 5          
Pay vs Performance Disclosure          
Name Free Cash Flow (“FCF”)        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 2,725,517        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,250,242)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,922,662        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 641,249        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (588,152)        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Equity Awards Adjustments Of Value Of Awards Granted During Prior Fiscal Year That Were Forfeited During Applicable Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 667,190        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,463,426)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,064,646        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 144,460        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (68,490)        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Equity Awards Adjustments Of Value Of Awards Granted During Prior Fiscal Year That Were Forfeited During Applicable Fiscal Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0