LCI INDUSTRIES, DEF 14A filed on 3/28/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name LCI INDUSTRIES
Entity Central Index Key 0000763744
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

The following table sets forth information regarding compensation of our CEO (referred to as our “PEO” in this section) and our other NEOs (the “Non-PEO NEOs”) on an average basis, along with total shareholder return, net income, and Adjusted EBIT for our fiscal years 2024, 2023, 2022, 2021, and 2020, as required by the SEC’s pay versus performance rules. For information regarding the Compensation and Human Capital Committee’s pay-for-performance philosophy and how executive compensation is aligned with Company performance, refer to the CD&A.

Pay Versus Performance Tables (“PVP”)

                              Value of Initial Fixed $100
Investment Based On		              
Year     SCT Total
for PEO(1)		     CAP to
PEO(4)		     Average SCT
Total for Non-PEO
NEOs(1)		     Average CAP to
Non-PEO NEOs(4)		     TSR     Peer Group
TSR(2)		     Net Income
($mm)		     Adjusted
EBIT
($mm)(3)		  
(a)     (b)     (c)     (d)     (e)     (f)     (g)     (h)     (i)  
2024     $ 10,159,098     $ 8,929,824     $ 3,809,192     $ 3,400,159     $ 113     $ 86     $ 143     $ 218  
2023     $ 8,642,843     $ 6,518,542     $ 2,281,477     $ 1,577,949     $ 133     $ 108     $ 64     $ 123  
2022     $ 10,533,675     $ (2,915,608 )   $ 3,770,625     $ 1,515,940     $ 94     $ 102     $ 395     $ 553  
2021     $ 10,993,750     $ 24,642,255     $ 3,792,843     $ 5,626,233     $ 153     $ 151     $ 288     $ 398  
2020     $ 9,509,751     $ 13,440,874     $ 2,299,341     $ 2,809,689     $ 124     $ 123     $ 158     $ 247  

Legend

SCT — “Summary Compensation Table”
CAP — “Compensation Actually Paid”
TSR — “Total Shareholder Return”

(1) The following individuals are included as PEO and Non-PEO NEOs in the table above.
Year PEO Non-PEO NEOs   Year PEO Non-PEO NEOs   Years PEO Non-PEO NEOs
2024 Jason D. Lippert Lillian D. Etzkorn 2023 Jason D. Lippert Lillian D. Etzkorn   2022 - 2020 Jason D. Lippert Brian M. Hall
Ryan R. Smith Ryan R. Smith   Ryan R. Smith
Jamie M. Schnur Jamie M. Schnur   Jamie M. Schnur
Andrew J. Namenye Andrew J. Namenye   Andrew J. Namenye
Brian M. Hall  
(2) Our peer group for the calculation of TSR is the S&P Composite 1500 Auto Parts & Equipment Index, which is the industry index used in our stock price performance graph in our 2024 Annual Report to Stockholders.
(3) Adjusted EBIT is identified as our company-selected measure. Adjusted EBIT is a non-GAAP financial measure. Refer to Appendix A to this Proxy Statement for a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure.
(4) The following adjustments were made to adjust SCT total pay in determining CAP. No adjustments were required in respect of stock options as none were granted and included in the SCT during 2020 – 2024.
                  Deductions from SCT Total     Additions or Deductions to SCT Total        
NEO     Year     SCT Total     Amounts Reported
in the Summary
Compensation
Table Stock Awards
Column		     Amounts Reported
in the Summary
Compensation
Table for Pension
Value ($)		     Value of Equity
Award Adjustments
Calculated in
Accordance with CAP
Requirements(a)		     Value of Service Cost
and Prior Service Cost
under the Pension
Plans		     CAP  
      2024     $ 10,159,098     $ (6,681,590 )     —     $ 5,452,316       —     $ 8,929,824  
Jason D.     2023     $ 8,642,843     $ (7,169,980 )     —     $ 5,045,679       —     $ 6,518,542  
Lippert     2022     $ 10,533,675     $ (6,522,567 )     —     $ (6,926,716 )     —     $ (2,915,608 )
    2021     $ 10,993,750     $ (5,245,239 )     —     $ 18,893,744       —     $ 24,642,255  
      2020     $ 9,509,751     $ (5,316,527 )     —     $ 9,247,650       —     $ 13,440,874  
      2024     $ 3,809,192     $ (1,956,314 )     —     $ 1,547,281       —     $ 3,400,159  
Average for     2023     $ 2,281,477     $ (1,585,792 )     —     $ 882,263       —     $ 1,577,949  
Non-PEO     2022     $ 3,770,625     $ (1,680,171 )     —     $ (574,514 )     —     $ 1,515,940  
NEOs     2021     $ 3,792,843     $ (1,087,172 )     —     $ 2,920,563       —     $ 5,626,233  
    2020     $ 2,299,341     $ (707,881 )     —     $ 1,218,229       —     $ 2,809,689  
(a) The following elements comprise the equity fair value adjustments included in CAP.
NEO     Year     Fair value at fiscal year
(FY) end, of equity awards
granted during the FY that
remained outstanding		     Change in fair value at FY end versus prior FY end for awards granted in any prior FY that remained outstanding     Change in fair value at vesting date versus prior FY end for awards granted in any prior FY that vested during the FY     Total Equity Adjustments Reflected in CAP  
        2024     $ 5,456,200     $ (431,178 )   $ 427,293     $ 5,452,316  
        2023     $ 2,523,251     $ 630,644     $ 1,891,784     $ 5,045,679  
Jason D.       2022     $ 3,128,591     $ (6,657,207 )   $ (3,398,100 )   $ (6,926,716 )
Lippert       2021     $ 9,113,251     $ 9,213,995     $ 566,498     $ 18,893,744  
        2020     $ 8,564,877     $ 1,017,350     $ (334,577 )   $ 9,247,650  
        2024     $ 1,597,531     $ (122,364 )   $ 72,114     $ 1,547,281  
Average for       2023     $ 596,067     $ 22,340     $ 263,856     $ 882,263  
Non-PEO       2022     $ 854,897     $ (1,049,842 )   $ (379,569 )   $ (574,514 )
NEOs       2021     $ 1,888,872     $ 940,829     $ 90,862     $ 2,920,563  
        2020     $ 1,101,643     $ 153,430     $ (36,843 )   $ 1,218,229  
       
Company Selected Measure Name Adjusted EBIT        
Named Executive Officers, Footnote
(1) The following individuals are included as PEO and Non-PEO NEOs in the table above.
Year PEO Non-PEO NEOs   Year PEO Non-PEO NEOs   Years PEO Non-PEO NEOs
2024 Jason D. Lippert Lillian D. Etzkorn 2023 Jason D. Lippert Lillian D. Etzkorn   2022 - 2020 Jason D. Lippert Brian M. Hall
Ryan R. Smith Ryan R. Smith   Ryan R. Smith
Jamie M. Schnur Jamie M. Schnur   Jamie M. Schnur
Andrew J. Namenye Andrew J. Namenye   Andrew J. Namenye
Brian M. Hall  
       
Peer Group Issuers, Footnote
(2) Our peer group for the calculation of TSR is the S&P Composite 1500 Auto Parts & Equipment Index, which is the industry index used in our stock price performance graph in our 2024 Annual Report to Stockholders.
       
PEO Total Compensation Amount $ 10,159,098 $ 8,642,843 $ 10,533,675 $ 10,993,750 $ 9,509,751
PEO Actually Paid Compensation Amount $ 8,929,824 6,518,542 (2,915,608) 24,642,255 13,440,874
Adjustment To PEO Compensation, Footnote
(4) The following adjustments were made to adjust SCT total pay in determining CAP. No adjustments were required in respect of stock options as none were granted and included in the SCT during 2020 – 2024.
                  Deductions from SCT Total     Additions or Deductions to SCT Total        
NEO     Year     SCT Total     Amounts Reported
in the Summary
Compensation
Table Stock Awards
Column		     Amounts Reported
in the Summary
Compensation
Table for Pension
Value ($)		     Value of Equity
Award Adjustments
Calculated in
Accordance with CAP
Requirements(a)		     Value of Service Cost
and Prior Service Cost
under the Pension
Plans		     CAP  
      2024     $ 10,159,098     $ (6,681,590 )     —     $ 5,452,316       —     $ 8,929,824  
Jason D.     2023     $ 8,642,843     $ (7,169,980 )     —     $ 5,045,679       —     $ 6,518,542  
Lippert     2022     $ 10,533,675     $ (6,522,567 )     —     $ (6,926,716 )     —     $ (2,915,608 )
    2021     $ 10,993,750     $ (5,245,239 )     —     $ 18,893,744       —     $ 24,642,255  
      2020     $ 9,509,751     $ (5,316,527 )     —     $ 9,247,650       —     $ 13,440,874  
      2024     $ 3,809,192     $ (1,956,314 )     —     $ 1,547,281       —     $ 3,400,159  
Average for     2023     $ 2,281,477     $ (1,585,792 )     —     $ 882,263       —     $ 1,577,949  
Non-PEO     2022     $ 3,770,625     $ (1,680,171 )     —     $ (574,514 )     —     $ 1,515,940  
NEOs     2021     $ 3,792,843     $ (1,087,172 )     —     $ 2,920,563       —     $ 5,626,233  
    2020     $ 2,299,341     $ (707,881 )     —     $ 1,218,229       —     $ 2,809,689  
(a) The following elements comprise the equity fair value adjustments included in CAP.
NEO     Year     Fair value at fiscal year
(FY) end, of equity awards
granted during the FY that
remained outstanding		     Change in fair value at FY end versus prior FY end for awards granted in any prior FY that remained outstanding     Change in fair value at vesting date versus prior FY end for awards granted in any prior FY that vested during the FY     Total Equity Adjustments Reflected in CAP  
        2024     $ 5,456,200     $ (431,178 )   $ 427,293     $ 5,452,316  
        2023     $ 2,523,251     $ 630,644     $ 1,891,784     $ 5,045,679  
Jason D.       2022     $ 3,128,591     $ (6,657,207 )   $ (3,398,100 )   $ (6,926,716 )
Lippert       2021     $ 9,113,251     $ 9,213,995     $ 566,498     $ 18,893,744  
        2020     $ 8,564,877     $ 1,017,350     $ (334,577 )   $ 9,247,650  
        2024     $ 1,597,531     $ (122,364 )   $ 72,114     $ 1,547,281  
Average for       2023     $ 596,067     $ 22,340     $ 263,856     $ 882,263  
Non-PEO       2022     $ 854,897     $ (1,049,842 )   $ (379,569 )   $ (574,514 )
NEOs       2021     $ 1,888,872     $ 940,829     $ 90,862     $ 2,920,563  
        2020     $ 1,101,643     $ 153,430     $ (36,843 )   $ 1,218,229  
       
Non-PEO NEO Average Total Compensation Amount $ 3,809,192 2,281,477 3,770,625 3,792,843 2,299,341
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,400,159 1,577,949 1,515,940 5,626,233 2,809,689
Adjustment to Non-PEO NEO Compensation Footnote
(4) The following adjustments were made to adjust SCT total pay in determining CAP. No adjustments were required in respect of stock options as none were granted and included in the SCT during 2020 – 2024.
                  Deductions from SCT Total     Additions or Deductions to SCT Total        
NEO     Year     SCT Total     Amounts Reported
in the Summary
Compensation
Table Stock Awards
Column		     Amounts Reported
in the Summary
Compensation
Table for Pension
Value ($)		     Value of Equity
Award Adjustments
Calculated in
Accordance with CAP
Requirements(a)		     Value of Service Cost
and Prior Service Cost
under the Pension
Plans		     CAP  
      2024     $ 10,159,098     $ (6,681,590 )     —     $ 5,452,316       —     $ 8,929,824  
Jason D.     2023     $ 8,642,843     $ (7,169,980 )     —     $ 5,045,679       —     $ 6,518,542  
Lippert     2022     $ 10,533,675     $ (6,522,567 )     —     $ (6,926,716 )     —     $ (2,915,608 )
    2021     $ 10,993,750     $ (5,245,239 )     —     $ 18,893,744       —     $ 24,642,255  
      2020     $ 9,509,751     $ (5,316,527 )     —     $ 9,247,650       —     $ 13,440,874  
      2024     $ 3,809,192     $ (1,956,314 )     —     $ 1,547,281       —     $ 3,400,159  
Average for     2023     $ 2,281,477     $ (1,585,792 )     —     $ 882,263       —     $ 1,577,949  
Non-PEO     2022     $ 3,770,625     $ (1,680,171 )     —     $ (574,514 )     —     $ 1,515,940  
NEOs     2021     $ 3,792,843     $ (1,087,172 )     —     $ 2,920,563       —     $ 5,626,233  
    2020     $ 2,299,341     $ (707,881 )     —     $ 1,218,229       —     $ 2,809,689  
(a) The following elements comprise the equity fair value adjustments included in CAP.
NEO     Year     Fair value at fiscal year
(FY) end, of equity awards
granted during the FY that
remained outstanding		     Change in fair value at FY end versus prior FY end for awards granted in any prior FY that remained outstanding     Change in fair value at vesting date versus prior FY end for awards granted in any prior FY that vested during the FY     Total Equity Adjustments Reflected in CAP  
        2024     $ 5,456,200     $ (431,178 )   $ 427,293     $ 5,452,316  
        2023     $ 2,523,251     $ 630,644     $ 1,891,784     $ 5,045,679  
Jason D.       2022     $ 3,128,591     $ (6,657,207 )   $ (3,398,100 )   $ (6,926,716 )
Lippert       2021     $ 9,113,251     $ 9,213,995     $ 566,498     $ 18,893,744  
        2020     $ 8,564,877     $ 1,017,350     $ (334,577 )   $ 9,247,650  
        2024     $ 1,597,531     $ (122,364 )   $ 72,114     $ 1,547,281  
Average for       2023     $ 596,067     $ 22,340     $ 263,856     $ 882,263  
Non-PEO       2022     $ 854,897     $ (1,049,842 )   $ (379,569 )   $ (574,514 )
NEOs       2021     $ 1,888,872     $ 940,829     $ 90,862     $ 2,920,563  
        2020     $ 1,101,643     $ 153,430     $ (36,843 )   $ 1,218,229  
       
Compensation Actually Paid vs. Total Shareholder Return

COMPENSATION ACTUALLY PAID VERSUS TOTAL SHAREHOLDER RETURN

 

        
Compensation Actually Paid vs. Net Income

COMPENSATION ACTUALLY PAID VERSUS NET INCOME

        
Compensation Actually Paid vs. Company Selected Measure

COMPENSATION ACTUALLY PAID VERSUS ADJUSTED EBIT

        
Total Shareholder Return Vs Peer Group

COMPENSATION ACTUALLY PAID VERSUS TOTAL SHAREHOLDER RETURN

 

        
Tabular List, Table

Tabular List of Company Performance Measures

For the fiscal year ended December 31, 2024, Adjusted EBIT is identified as the most important financial performance measure in linking “compensation actually paid” to our performance. Adjusted EBIT was one of the only two performance measures used in our annual cash incentive program in 2024 (in addition to Cash Flow from Operations). The other most important financial performance measure used in 2024 in linking “compensation actually paid” to our performance is ROIC; ROIC was one of two performance measures used in our PSU awards granted in 2024 (in addition to Free Cash Flow as a percent of Operating Profit). We used these four financial measures in our 2024 incentive plans, so they are being disclosed in the following table.

Tabular List of Most Important Measures
(1) Adjusted EBIT
(2) ROIC
(3) Cash Flow from Operations
(4) Free Cash Flow as a percent of Operating Profit
       
Total Shareholder Return Amount $ 113 133 94 153 124
Peer Group Total Shareholder Return Amount 86 108 102 151 123
Net Income (Loss) $ 143,000,000 $ 64,000,000 $ 395,000,000 $ 288,000,000 $ 158,000,000
Company Selected Measure Amount 218,000,000 123,000,000 553,000,000 398,000,000 247,000,000
PEO Name Jason D. Lippert Jason D. Lippert Jason D. Lippert Jason D. Lippert Jason D. Lippert
Additional 402(v) Disclosure

TSR was not used as a performance measure in our 2024 annual cash incentive or equity programs. However, the fact that stock price impacts the value of outstanding and vested equity awards means that there is some relationship between CAP and our TSR performance.

Our company-selected measure is Adjusted EBIT, which was the only performance measure under our annual cash incentive program in 2024. Even with the weight of this measure in our incentive framework, there is a limited relationship with CAP. Similarly, we do not use GAAP net income in our incentive plans. Accordingly, there is a limited relationship with CAP.

        
Equity Awards Adjustments, Footnote
(a) The following elements comprise the equity fair value adjustments included in CAP.
NEO     Year     Fair value at fiscal year
(FY) end, of equity awards
granted during the FY that
remained outstanding		     Change in fair value at FY end versus prior FY end for awards granted in any prior FY that remained outstanding     Change in fair value at vesting date versus prior FY end for awards granted in any prior FY that vested during the FY     Total Equity Adjustments Reflected in CAP  
        2024     $ 5,456,200     $ (431,178 )   $ 427,293     $ 5,452,316  
        2023     $ 2,523,251     $ 630,644     $ 1,891,784     $ 5,045,679  
Jason D.       2022     $ 3,128,591     $ (6,657,207 )   $ (3,398,100 )   $ (6,926,716 )
Lippert       2021     $ 9,113,251     $ 9,213,995     $ 566,498     $ 18,893,744  
        2020     $ 8,564,877     $ 1,017,350     $ (334,577 )   $ 9,247,650  
        2024     $ 1,597,531     $ (122,364 )   $ 72,114     $ 1,547,281  
Average for       2023     $ 596,067     $ 22,340     $ 263,856     $ 882,263  
Non-PEO       2022     $ 854,897     $ (1,049,842 )   $ (379,569 )   $ (574,514 )
NEOs       2021     $ 1,888,872     $ 940,829     $ 90,862     $ 2,920,563  
        2020     $ 1,101,643     $ 153,430     $ (36,843 )   $ 1,218,229  
       
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBIT        
Non-GAAP Measure Description
(3) Adjusted EBIT is identified as our company-selected measure. Adjusted EBIT is a non-GAAP financial measure. Refer to Appendix A to this Proxy Statement for a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name ROIC        
Measure:: 3          
Pay vs Performance Disclosure          
Name Cash Flow from Operations        
Measure:: 4          
Pay vs Performance Disclosure          
Name Free Cash Flow as a percent of Operating Profit        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0
PEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,681,590) (7,169,980) (6,522,567) (5,245,239) (5,316,527)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,452,316 5,045,679 (6,926,716) 18,893,744 9,247,650
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 5,456,200 2,523,251 3,128,591 9,113,251 8,564,877
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 (431,178) 630,644 (6,657,207) 9,213,995 1,017,350
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 427,293 1,891,784 (3,398,100) 566,498 (334,577)
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
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 (1,956,314) (1,585,792) (1,680,171) (1,087,172) (707,881)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,547,281 882,263 (574,514) 2,920,563 1,218,229
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 1,597,531 596,067 854,897 1,888,872 1,101,643
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 (122,364) 22,340 (1,049,842) 940,829 153,430
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 $ 72,114 $ 263,856 $ (379,569) $ 90,862 $ (36,843)
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

Equity Grants

Equity grants help to align executive interests with those of our stockholders. The Compensation and Human Capital Committee uses both PSUs and RSUs in our annual equity long-term incentive grants to retain and motivate our executives to achieve long-term performance. The Committee’s practice is to approve the value and type of annual equity awards to the named executive officers in the first quarter of each fiscal year, with the effective grant date typically being in early March. The value of each equity award approved by the Committee is converted into a number of units based on the 15-day average trading price through the date of grant. The Compensation and Human Capital Committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. None of our named executive officers holds any stock options.
Award Timing Method Equity grants help to align executive interests with those of our stockholders. The Compensation and Human Capital Committee uses both PSUs and RSUs in our annual equity long-term incentive grants to retain and motivate our executives to achieve long-term performance. The Committee’s practice is to approve the value and type of annual equity awards to the named executive officers in the first quarter of each fiscal year, with the effective grant date typically being in early March. The value of each equity award approved by the Committee is converted into a number of units based on the 15-day average trading price through the date of grant.
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered The Compensation and Human Capital Committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true