10-Q Filing

CORE & MAIN, INC. CIK: 1856525 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001856525-22-000029`
Period End Date	20220430
Filing Date	20220614
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cnm-20220501_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 29 Cash Flow Statement 54 Stockholders Equity 21 Comprehensive Income 10

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AccountsAndFinancingReceivableAllowanceForCreditLoss`	$5.00M	USD	Point-in-time
Allowance for credit losses	`AccountsAndFinancingReceivableAllowanceForCreditLoss`	$7.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Receivables, net of allowance for credit losses of $7 and $5, respectively	`ReceivablesNetCurrent`	$884.00M	USD	Point-in-time
Receivables, net of allowance for credit losses of $7 and $5, respectively	`ReceivablesNetCurrent`	$1.11B	USD	Point-in-time
Inventories	`InventoryNet`	$856.00M	USD	Point-in-time
Inventories	`InventoryNet`	$1.06B	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.77B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.20B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$94.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$95.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$157.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$152.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$844.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$871.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.51B	USD	Point-in-time
Goodwill	`Goodwill`	$1.52B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$79.00M	USD	Point-in-time
Total assets	`Assets`	$4.89B	USD	Point-in-time
Total assets	`Assets`	$4.43B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$15.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$15.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$608.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$859.00M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$65.00M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$109.00M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$50.00M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$49.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$58.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$77.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.07B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$839.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.46B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.51B	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$103.00M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$107.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$41.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$35.00M	USD	Point-in-time
Payable to related parties pursuant to Tax Receivable Agreements	`DueToOtherRelatedPartiesNoncurrent`	$153.00M	USD	Point-in-time
Payable to related parties pursuant to Tax Receivable Agreements	`DueToOtherRelatedPartiesNoncurrent`	$147.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$17.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$17.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.89B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.60B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.21B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.21B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$180.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$92.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$39.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$16.00M	USD	Point-in-time
Total stockholders equity attributable to Core & Main, Inc.	`StockholdersEquity`	$1.44B	USD	Point-in-time
Total stockholders equity attributable to Core & Main, Inc.	`StockholdersEquity`	$1.32B	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$570.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$506.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.83B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.01B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.89B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.43B	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.60B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.05B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.18B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$798.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$421.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$257.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$154.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$206.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$35.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$34.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$188.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$241.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$180.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$69.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$36.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$13.00M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$167.00M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$33.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$30.00M	USD	1 Quarter
Net income	`ProfitLoss`	$137.00M	USD	1 Quarter
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Less: net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$51.00M	USD	1 Quarter
Net income attributable to Core & Main, Inc.	`NetIncomeLoss`	$86.00M	USD	1 Quarter
Net income attributable to Core & Main, Inc.	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.50	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	167.54M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	246.15M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$137.00M	USD	1 Quarter
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.00M	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$1.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$3.00M	USD	1 Quarter
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$227.00M	USD	1 Quarter
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$159.00M	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$207.00M	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$125.00M	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.00M	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.00M	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$251.00M	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$206.00M	USD	1 Quarter
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-28.00M	USD	1 Quarter
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-34.00M	USD	1 Quarter
Increase (decrease) in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.00M	USD	1 Quarter
Increase (decrease) in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$4.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-37.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-44.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$4.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.00M	USD	1 Quarter
Acquisitions of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisitions of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$6.00M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00M	USD	1 Quarter
Distributions to non-controlling interest holders	`PaymentsToMinorityShareholders`	$10.00M	USD	1 Quarter
Distributions to non-controlling interest holders	`PaymentsToMinorityShareholders`	$5.00M	USD	1 Quarter
Borrowings on asset-based revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$57.00M	USD	1 Quarter
Borrowings on asset-based revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfSeniorDebt`	$4.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfSeniorDebt`	$3.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$48.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-61.00M	USD	1 Quarter
Cash and cash equivalents at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$381.00M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$320.00M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$381.00M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$320.00M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$50.00M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$12.00M	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	$7.00M	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	$28.00M	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`PartnersCapital`	$821.00M	USD	Point-in-time
Beginning balance	`PartnersCapital`	$801.00M	USD	Point-in-time
Equity-based compensation	`PartnersCapitalAccountUnitBasedCompensation`	$1.00M	USD	1 Quarter
Net income	`ProfitLoss`	$137.00M	USD	1 Quarter
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Net interest rate swap gain, net of tax	`PartnersCapitalCashFlowHedgeGainLossAfterTax`	$2.00M	USD	1 Quarter
Distributions to partners	`PartnersCapitalAccountDistributions`	$10.00M	USD	1 Quarter
Ending balance	`PartnersCapital`	$821.00M	USD	Point-in-time
Ending balance	`PartnersCapital`	$801.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.83B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.01B	USD	Point-in-time
Net income	`ProfitLoss`	$137.00M	USD	1 Quarter
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.00M	USD	1 Quarter
Net interest rate swap gain, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$37.00M	USD	1 Quarter
Net interest rate swap gain, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$2.00M	USD	1 Quarter
Distributions to non-controlling interest holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$3.00M	USD	1 Quarter
Adjustment of deferred tax liability associated with Core & Main investment in Core & Main Holdings, LP	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$-1.00M	USD	1 Quarter
Noncontrolling Interest, Adjustment For Vesting Of Partnership Interests	`NoncontrollingInterestAdjustmentForVestingOfPartnershipInterests`	-	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.83B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.01B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$137.00M	USD	1 Quarter
Net interest rate swap gain, net of tax (expense) of $(8) and $, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	$8.00M	USD	1 Quarter
Net interest rate swap gain, net of tax (expense) of $(8) and $, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	-	USD	1 Quarter
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Net interest rate swap gain, net of tax (expense) of $(8) and $, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$37.00M	USD	1 Quarter
Net interest rate swap gain, net of tax (expense) of $(8) and $, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$2.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$29.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$174.00M	USD	1 Quarter
Less: comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$65.00M	USD	1 Quarter
Total comprehensive income attributable to Core & Main, Inc.	`ComprehensiveIncomeNetOfTax`	$109.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.