Non-controlling Interests

12 Months Ended

Jan. 28, 2024

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 as 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 at January 30, 2022	167,522,403	75,344,408	242,866,811	69.0	%	31.0	%	100.0	%
Issuance of Partnership Interests	110,644	—	110,644	—	%	—	%	—
Exchange of Partnership Interests	5,132,134	(5,133,763)	(1,629)	2.1	%	(2.1)	%	—
Forfeiture of Partnership Interests	(20)	—	(20)	—	%	—	%	—
Vesting of Partnership Interests	—	2,260,828	2,260,828	(0.7)	%	0.7	%	—
Balances at January 29, 2023	172,765,161	72,471,473	245,236,634	70.4	%	29.6	%	100.0	%
Retirement of Partnership Interests	(28,131,551)	(16,868,449)	(45,000,000)	1.8	%	(1.8)	%	—
Issuance of Partnership Interests	346,977	—	346,977	0.1	%	(0.1)	%	—
Exchange of Partnership Interests	46,683,021	(46,731,040)	(48,019)	23.2	%	(23.2)	%	—

Vesting of Partnership Interests	—	371,292	371,292	(0.1)	%	0.1	%	—
Balances at January 28, 2024	191,663,608	9,243,276	200,906,884	95.4	%	4.6	%	100.0	%