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Schedule I — Condensed Financial Information of Parent
12 Months Ended
Jan. 30, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule I — Condensed Financial Information of Parent
Schedule I — Condensed Financial Information of Parent
CORE & MAIN, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEET
Amounts in millions (except share and per share data)
January 30, 2022
ASSETS
Investment in subsidiaries$1,154 
Goodwill330 
Deferred tax asset
Total assets$1,493 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accrued income taxes$12 
Other current liabilities
Total current liabilities15 
Payable to related parties pursuant to Tax Receivable Agreements153 
Total liabilities168 
Class A common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 167,522,403 shares issued and outstanding as of January 30, 2022
Class B common stock, par value $0.01 per share, 500,000,000 shares authorized, 78,398,141 shares issued and outstanding as of January 30, 2022
Additional paid-in capital1,214 
Retained earnings92 
Accumulated other comprehensive income16 
Total stockholders’ equity1,325 
Total liabilities and stockholders’ equity$1,493 

See Notes to Condensed Financial Statements.

CORE & MAIN, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Amounts in millions
Period from
April 9, 2021
to
January 30, 2022
Equity in net income of subsidiary$119 
Income before provision for income taxes119 
Provision for income taxes27 
Net income92 
Net interest rate swap gain, net of tax expense of $5
18 
Comprehensive income$110 

See Notes to Condensed Financial Statements.
CORE & MAIN, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENT OF CASH FLOWS
Amounts in millions
Period from
April 9, 2021
to
January 30, 2022
Cash Flows From Operating Activities:
Net cash provided by operating activities$— 
Cash Flows From Investing Activities:
Investment in subsidiary(756)
Net cash used in investing activities(756)
Cash Flows From Financing Activities:
IPO proceeds, net of underwriting discounts and commissions664 
Offering proceeds from underwriters’ option, net of underwriting discounts and commissions100 
Payments for offering costs(8)
Net cash provided by financing activities756 
Change in cash and cash equivalents— 
Cash and cash equivalents at the beginning of the period— 
Cash and cash equivalents at the end of the period$— 
Cash paid for taxes$36 

See Notes to Condensed Financial Statements.
Notes to Parent Company Only Condensed Financial Statements
1)    BASIS OF PRESENTATION
The parent company financial statements are intended to present the condensed financial information of Core & Main, Inc. that was formed on April 9, 2021, as described in Basis of Presentation & Description of Business under Part II, Item 8 of this report (“Note 1”). As the parent company did not exist prior to April 9, 2021, no parent company information has been presented prior to this date. The parent company condensed financial statements should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto included in Part II, Item 8 of this report. For purposes of the parent company’s condensed financial information, the Company’s majority owned subsidiary is recorded based upon its proportionate share of the subsidiary’s net assets (similar to presenting them on the equity method).
Initial Public Offering
On July 27, 2021, Core & Main, Inc. completed its initial public offering of 34,883,721 shares of Class A common stock at a price to the public of $20.00 per share. On August 20, 2021, Core & Main, Inc. issued 5,232,558 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares of Class A common stock at the initial public offering price of $20.00 per share. On January 10, 2022, a secondary public offering of 20,000,000 shares of Class A common stock on behalf of certain selling stockholders affiliated with Clayton, Dubilier & Rice, LLC was completed at a price to the public of $26.00 per share. See Note 1 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
2)    INCOME TAXES
See Income Taxes under Part II, Item 8 of this report (“Note 7”) to the consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for additional information on the income tax provision of Core & Main, Inc. and the Tax Receivable Agreements.