I have a text book from my MS program that includes a definition of that term, but I don't have it with me at present. I know this term is not defined in the NEC. What I recall is that the term refers to "Average divided by Peak."
As an example, suppose that a factory runs at a load of 200 KVA for 12 hours a day, and shuts down completely (0 KVA load) for the other 12 hours. The average value is 100 KVA. The peak value is 200 KVA. The Load Factor is 50%.
Trouble is, most buildings are more likely to run at a Load Factor closer to 75%. So I do not know why they put a value of 50% in the table. You generally can't get there, so that column is useless.