Non-controlling Interests

3 Months Ended

Apr. 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 not held by the Company. Income or loss is attributed to the non-controlling interests based on the weighted average percentage of Partnership Interests held by Management Feeder, excluding unvested Partnership Interests held, relative to all Partnership Interests of Holdings during the period. Holdings equity is attributed to non-controlling interests based on the Partnership Interests not held by the Company, excluding unvested Partnership Interests, relative to all Partnership Interests as of the balance sheet date. The non-controlling interests’ ownership percentage may fluctuate over time as Partnership Interests are exchanged, 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	Management Feeder	Total	Core & Main		Management Feeder		Total
Balances as of January 28, 2024	191,663,608	9,243,276	200,906,884	95.4	%	4.6	%	100.0	%

Issuance of Partnership Interests	158,097	—	158,097	—		—		—
Exchange of Partnership Interests	812,612	(816,654)	(4,042)	0.4		(0.4)		—

Vesting of Partnership Interests	—	123,294	123,294	—		—		—
Balances as of April 28, 2024	192,634,317	8,549,916	201,184,233	95.8	%	4.2	%	100.0	%