<SEC-DOCUMENT>0001193125-21-208348.txt : 20210819
<SEC-HEADER>0001193125-21-208348.hdr.sgml : 20210819
<ACCEPTANCE-DATETIME>20210706111329
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-208348
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Core & Main, Inc.
		CENTRAL INDEX KEY:			0001856525
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DURABLE GOODS, NEC [5099]
		IRS NUMBER:				863149194
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1830 CRAIG PARK COURT
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63146
		BUSINESS PHONE:		314-432-4700

	MAIL ADDRESS:	
		STREET 1:		1830 CRAIG PARK COURT
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63146
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>SEC Response Letter</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;6, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Katherine Bagley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7010 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Core&nbsp;&amp; Main, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment 1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed June&nbsp;14, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-256382</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Bagley: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth
the responses of Core&nbsp;&amp; Main, Inc. (the &#147;<U>Registrant&#148;</U>) to the comments contained in your letter, dated July&nbsp;1, 2021, relating to Amendment No.&nbsp;1 to the Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT> (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;), filed by the Registrant on June&nbsp;14, 2021. The comments of the staff of the U.S. Securities and Exchange Commission (the
&#147;<U>Staff&#148;</U>) are set forth in bold italicized text below, and the Registrant&#146;s responses are set forth in plain text immediately following each comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant is filing, via EDGAR, Amendment No.&nbsp;2 to the Registration Statement (&#147;<U>Amendment
No.</U><U></U><U>&nbsp;2</U>&#148;). Capitalized terms used but not defined herein have the meanings assigned to them in Amendment No.&nbsp;2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment 1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> Filed June&nbsp;14, 2021 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Consolidated Financial Information </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Consolidated Statement of Operations for the Fiscal Year Ended January 31, 2021, page 95</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please tell us how adjustment (8)&nbsp;to accumulated deficit has been reflected in your pro forma
statement of operations. Refer to Rule <FONT STYLE="white-space:nowrap">11-02(a)(6)(i)(B)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrant has revised the disclosure to include adjustment (16), which describes how amounts in
adjustment (10) (formerly adjustment (8)&nbsp;in Amendment No.&nbsp;1) that impact accumulated deficit have been reflected in our pro forma statement of operations for the fiscal year ended January&nbsp;31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 117 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We are still reviewing your response to comment 3 and may have additional comments.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrant has revised its disclosure to eliminate references to
Return on Net Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Core&nbsp;&amp; Main Holdings, LP Consolidated Financial Statements, page <FONT STYLE="white-space:nowrap">F-5</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We are still reviewing your response to comment 7 and may have additional comments.
</I></B></P></TD></TR></TABLE>
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<TD VALIGN="top">K. Bagley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;6, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrant represents to the Staff that, had it
performed its impairment assessment of long-lived assets at the district level, there would have been no material impairment of long-lived assets for the fiscal year ended January&nbsp;31, 2021. The Registrant respectfully advises the Staff that it
has approximately 80 districts, which aggregates its approximately 285 branches based on geographic proximity, overlapping customers and common management. The Registrant also confirms that future assessments of long-lived assets will be undertaken
on the same supplemental basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, in response to the Staff&#146;s comment 28 in its letter dated May&nbsp;14, 2021, the
Registrant further represents to the Staff that, had it performed its impairment assessment of goodwill using Waterworks and Fire Protection as reporting units, there would have been no material impairment of goodwill for the fiscal year ended
January&nbsp;31, 2021. The Registrant also confirms that future assessments of goodwill will be undertaken on the same supplemental basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
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<TD VALIGN="top">K. Bagley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3</TD>
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<TD VALIGN="top" ALIGN="right">July&nbsp;6, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this letter, please do not hesitate to call me at (314) <FONT
STYLE="white-space:nowrap">995-9110,</FONT> or Paul M. Rodel at (212) <FONT STYLE="white-space:nowrap">909-6478</FONT> or Peter J. Loughran at (212) <FONT STYLE="white-space:nowrap">909-6375.</FONT> </P>
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<TD VALIGN="top">Best Regards,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen O. LeClair</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stephen O. LeClair</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rufus Decker </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dietrich King </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Patrick Kuhn </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Paul M. Rodel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Debevoise&nbsp;&amp; Plimpton LLP </P>
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