Non-controlling Interests

3 Months Ended

Apr. 30, 2023

NON-CONTROLLING INTERESTS

Core & Main is the general partner of Holdings and operates and controls all of the business and affairs of Holdings and, through Holdings and its subsidiaries, conducts the Company's business. Accordingly, Core & Main consolidates the consolidated financial statements of Holdings and attributes a portion of net income and equity of Holdings to non-controlling interests related to the vested Partnership Interests held by the Continuing Limited Partners. Income or loss is attributed to the non-controlling interests based on the weighted average percentage of Partnership Interests held by Continuing Limited Partners, excluding unvested Partnership Interests held by Management Feeder, relative to all Partnership Interests of Holdings during the period following the Reorganization Transactions. Holdings equity is attributed to non-controlling interests based on the Partnership Interests held by Continuing Limited Partners, excluding unvested Partnership Interests held by Management Feeder, relative to all Partnership Interests as of the balance sheet date. The non-controlling interests’ ownership percentage may fluctuate over time as the Continuing Limited Partners exchange Partnership Interests, together with the retirement of a corresponding number of shares of Class B common stock, for shares of Class A common stock and Partnership Interests held by Management Feeder vest. The following table summarizes the ownership of Partnership Interests of Holdings (excluding unvested Partnership Interests held by Management Feeder):


	Partnership Interests			Ownership Percentage
	Core & Main	Continuing Limited Partners	Total	Core & Main		Continuing Limited Partners		Total
Balances as of January 29, 2023	172,765,161	72,471,473	245,236,634	70.4	%	29.6	%	100.0	%
Retirement of Partnership Interests	(9,377,183)	(5,622,817)	(15,000,000)	0.6		(0.6)		—
Issuance of Partnership Interests	93,460	—	93,460	—		—		—
Exchange of Partnership Interests	2,325,080	(2,325,080)	—	1.0		(1.0)		—

Vesting of Partnership Interests	—	259,548	259,548	(0.1)		0.1		—
Balances as of April 30, 2023	165,806,518	64,783,124	230,589,642	71.9	%	28.1	%	100.0	%