Core & Main, Inc.CNM

Core & Main, Inc. Goodwill & Intangibles Disclosure

10-KFiled Mar 24, 20262 min read
GOODWILL AND INTANGIBLE ASSETS
Goodwill
The carrying amount of the Company’s goodwill included in its Balance Sheets is as follows:
February 1, 2026February 2, 2025
Gross Goodwill$1,920 $1,898 
Accumulated Impairment— — 
Net Goodwill$1,920 $1,898 
The changes in the carrying amount of goodwill are as follows:
Fiscal Years Ended
February 1, 2026February 2, 2025
Beginning Balance$1,898 $1,561 
Goodwill acquired during the year24 336 
Foreign currency translation and other(2)1 
Ending balance$1,920 $1,898 
There was no goodwill impairment during fiscal 2025, fiscal 2024 or fiscal 2023. The Company’s analyses were based in part on the expectation of future market conditions, future net sales and operating cash flow growth and discount rates that would be used by market participants in an arms-length transaction. Should actual performance or expectations of long-term assumptions be lower than presently expected, the Company’s goodwill could be impaired.
Intangible Assets
The Company’s intangible assets included in its Balance Sheets consist of the following:
February 1, 2026February 2, 2025
Gross IntangibleAccumulated AmortizationNet IntangibleGross IntangibleAccumulated AmortizationNet Intangible
Customer relationships$1,796 $1,014 $782 $1,775 $868 $907 
Internal use software
36 — 36 23 — 23 
Other intangible assets12 7 5 10 5 5 
Total$1,844 $1,021 $823 $1,808 $873 $935 
Amortization expense related to intangible assets was as follows:
Fiscal Years Ended
February 1, 2026February 2, 2025January 28, 2024
Amortization expense$149 $151 $122 
There were no intangible asset impairments during fiscal 2025, fiscal 2024 or fiscal 2023.
The estimated aggregate amortization expense on intangible assets owned by the Company as of February 1, 2026 was expected to be as follows:
Fiscal 2026
$141 
Fiscal 2027
132 
Fiscal 2028
123 
Fiscal 2029
109 
Fiscal 2030
97 

Historical Timeline

Fiscal YearFiled
2026Mar 24, 2026Showing above
2025Mar 25, 2025
2024Mar 19, 2024
2023Mar 28, 2023
2022Mar 30, 2022

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

Income TaxesRevenueEarnings Per SharePP&ELeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance