Non-controlling Interests

12 Months Ended

Feb. 02, 2025

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. 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 multiplied by the equity of Holdings prior to distributions, less distributions made to non-controlling interest holders. 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	Continuing Limited Partners	Total	Core & Main		Continuing Limited Partners		Total
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	%
Retirement of Partnership Interests	(3,974,820)	—	(3,974,820)	(0.1)	%	0.1	%	—
Issuance of Partnership Interests	443,089	—	443,089	—	%	—	%	—
Exchange of Partnership Interests	1,684,022	(1,694,125)	(10,103)	0.9	%	(0.9)	%	—

Vesting of Partnership Interests	—	164,614	164,614	(0.1)	%	0.1	%	—
Balances at February 2, 2025	189,815,899	7,713,765	197,529,664	96.1	%	3.9	%	100.0	%