CarMax (KMX) 10-Q6 Jan 222022 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Nov. 30, 2021	Dec. 31, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2021
Document Transition Report	false
Entity File Number	1-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1821055
Entity Address, Address Line One	12800 Tuckahoe Creek Parkway
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23238
City Area Code	804
Local Phone Number	747-0422
Title of 12(b) Security	Common Stock
Trading Symbol	KMX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		161,679,866

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 8,527,759	$ 5,184,944	$ 24,213,717	$ 13,785,892
TOTAL COST OF SALES	7,691,199	4,553,514	21,637,164	12,048,136
GROSS PROFIT	836,560	631,430	2,576,553	1,737,756
CARMAX AUTO FINANCE INCOME	165,968	176,445	607,732	374,590
Selling, general and administrative expenses	575,930	430,781	1,704,285	1,197,595
Depreciation, Depletion and Amortization, Nonproduction	54,428	48,016	157,107	145,126
Interest expense	24,303	19,462	67,247	65,889
Other (income) expense	(8,094)	(887)	(35,453)	728
Earnings before income taxes	355,961	310,503	1,291,099	703,008
Income tax provision	86,523	75,203	299,638	166,034
NET EARNINGS	$ 269,438	$ 235,300	$ 991,461	$ 536,974
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	162,006	163,732	162,710	163,278
Diluted, shares	164,873	165,773	165,606	164,976
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.66	$ 1.44	$ 6.09	$ 3.29
Diluted (in dollars per share)	$ 1.63	$ 1.42	$ 5.99	$ 3.25
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 6,435,590	$ 4,209,748	$ 18,697,300	$ 11,385,183
TOTAL COST OF SALES	5,927,237	3,791,134	17,085,416	10,223,875
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	1,922,283	828,362	4,998,212	1,990,296
TOTAL COST OF SALES	1,710,103	713,961	4,411,175	1,669,595
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	169,886	146,834	518,205	410,413
TOTAL COST OF SALES	$ 53,859	$ 48,419	$ 140,573	$ 154,666
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%	100.00%	100.00%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	90.20%	87.80%	89.40%	87.40%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	9.80%	12.20%	10.60%	12.60%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	1.90%	3.40%	2.50%	2.70%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	6.80%	8.30%	7.00%	8.70%
Depreciation and Amortization, Nonproduction
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	0.90%	0.60%	1.10%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.30%	0.40%	0.30%	0.50%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	(0.10%)	0.00%	(0.10%)	0.00%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	4.20%	6.00%	5.30%	5.10%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	1.00%	1.50%	1.20%	1.20%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	3.20%	4.50%	4.10%	3.90%
NET SALES AND OPERATING REVENUES \| Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	75.50%	81.20%	77.20%	82.60%
NET SALES AND OPERATING REVENUES \| Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	22.50%	16.00%	20.60%	14.40%
NET SALES AND OPERATING REVENUES \| Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	2.00%	2.80%	2.10%	3.00%
TOTAL COST OF SALES \| Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	69.50%	73.10%	70.60%	74.20%
TOTAL COST OF SALES \| Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	20.10%	13.80%	18.20%	12.10%
TOTAL COST OF SALES \| Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	0.90%	0.60%	1.10%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 269,438	$ 235,300	$ 991,461	$ 536,974
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	659	727	1,976	2,183
Net change in cash flow hedge unrecognized losses	11,383	6,775	16,414	(5,036)
Other comprehensive income (loss), net of taxes	12,042	7,502	18,390	(2,853)
TOTAL COMPREHENSIVE INCOME	$ 281,480	$ 242,802	$ 1,009,851	$ 534,121

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 62,598	$ 132,319
Restricted cash from collections on auto loans receivable	552,487	496,415
Accounts receivable, net	563,135	239,070
Inventory	4,659,460	3,157,159
Other current assets	117,390	91,833
TOTAL CURRENT ASSETS	5,955,070	4,116,796
Auto loans receivable, net of allowance for loan losses of $426,507 and $411,150 as of November 30, 2021 and February 28, 2021, respectively	15,167,170	13,489,819
Property and equipment, net of accumulated depreciation of $1,542,238 and $1,414,264 as of November 30, 2021 and February 28, 2021, respectively	3,175,577	3,055,563
Deferred Income Tax Assets, Net	134,382	164,261
Operating lease assets	543,645	431,652
Goodwill	141,258	653
Other assets	458,117	282,797
TOTAL ASSETS	25,575,219	21,541,541
CURRENT LIABILITIES:
Accounts payable	936,556	799,333
Accrued expenses and other current liabilities	530,592	415,465
Accrued income taxes	518	218
Current portion of operating lease liabilities	43,151	30,953
Current portion of long-term debt	10,889	9,927
Current portion of non-recourse notes payable	535,146	442,652
TOTAL CURRENT LIABILITIES	2,056,852	1,698,548
Long-term debt, excluding current portion	2,602,598	1,322,415
Non-recourse notes payable, excluding current portion	14,856,266	13,297,504
Operating lease liabilities, excluding current portion	529,821	423,618
Other liabilities	419,886	434,843
TOTAL LIABILITIES	20,465,423	17,176,928
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 161,871,923 and 163,172,333 shares issued and outstanding as of November 30, 2021 and February 28, 2021, respectively	80,936	81,586
Capital in excess of par value	1,672,728	1,513,821
Accumulated other comprehensive loss	(100,301)	(118,691)
Retained earnings	3,456,433	2,887,897
TOTAL SHAREHOLDERS’ EQUITY	5,109,796	4,364,613
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 25,575,219	$ 21,541,541

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 426,507	$ 411,150
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,542,238	$ 1,414,264
Common Stock, Par or Stated Value Per Share	$ 0.50	$ 0.50
Common Stock, Shares Authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	161,871,923	163,172,333
Common stock, shares outstanding	161,871,923	163,172,333

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
OPERATING ACTIVITIES:
Net earnings	$ 991,461	$ 536,974
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	200,819	180,495
Share-based compensation expense	108,962	73,946
Provision for loan losses	87,342	156,147
Provision for cancellation reserves	91,607	53,511
Deferred income tax provision (benefit)	19,564	(19,529)
Other	(26,808)	5,966
Net (increase) decrease in:
Accounts receivable, net	(290,346)	22,111
Inventory	(1,502,323)	66,211
Other current assets	(13,615)	29,478
Auto loans receivable, net	(1,764,693)	(73,827)
Other assets	(18,309)	(8,151)
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	170,474	(124,092)
Other liabilities	(136,780)	(30,854)
Net Cash Provided by (Used in) Operating Activities	(2,082,645)	868,386
INVESTING ACTIVITIES:
Capital expenditures	(226,903)	(123,952)
Proceeds from disposal of property and equipment	260	1,846
Proceeds from Sales of Business, Affiliate and Productive Assets	12,284	0
Purchases of investments	(13,676)	(2,709)
Sales and returns of investments	36,915	2,739
Payments to Acquire Businesses, Net of Cash Acquired	(241,563)	0
Net Cash Provided by (Used in) Investing Activities	(432,683)	(122,076)
FINANCING ACTIVITIES:
Increase in short-term debt, net	0	968
Proceeds from issuances of long-term debt	5,804,200	1,562,300
Payments on long-term debt	(4,524,973)	(2,022,586)
Cash paid for debt issuance costs	(14,473)	(12,797)
Payments on finance lease obligations	(8,822)	(4,871)
Issuances of non-recourse notes payable	11,217,298	7,947,313
Payments on non-recourse notes payable	(9,565,649)	(7,940,254)
Repurchase and retirement of common stock	(475,950)	(158,625)
Equity issuances	76,310	94,295
Net Cash Provided by (Used in) Financing Activities	2,507,941	(534,257)
(Decrease) increase in cash, cash equivalents, and restricted cash	(7,387)	212,053
Cash, cash equivalents, and restricted cash at beginning of year	771,947	656,390
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	764,560	868,443
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	62,598	236,643
Restricted cash from collections on auto loans receivable	552,487	492,610
Restricted cash included in other assets	149,475	139,190
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 764,560	$ 868,443

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
BALANCE, SHARES at Feb. 29, 2020		163,081,000
BALANCE at Feb. 29, 2020	$ 3,768,875	$ 81,541	$ 1,348,988	$ 2,488,417	$ (150,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Cummulative Effect \| Accounting Standards Update 2016-13 [Member]	(153,306)			(153,306)
Net earnings	4,978			4,978
Other Comprehensive Income (Loss), Net of Tax	(15,334)				(15,334)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	17,652		17,652
Stock Repurchased and Retired During Period, Shares		(515,000)
Stock Repurchased and Retired During Period, Value	(40,709)	$ (258)	(4,271)	(36,180)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		35,000
Stock Issued During Period, Value, Stock Options Exercised	1,706	$ 18	1,688
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		154,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(5,552)	$ 77	(5,629)
BALANCE, SHARES at May. 31, 2020		162,755,000
BALANCE at May. 31, 2020	3,578,310	$ 81,378	1,358,428	2,303,909	(165,405)
BALANCE, SHARES at Feb. 29, 2020		163,081,000
BALANCE at Feb. 29, 2020	3,768,875	$ 81,541	1,348,988	2,488,417	(150,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	536,974
Other Comprehensive Income (Loss), Net of Tax	(2,853)
BALANCE, SHARES at Nov. 30, 2020		163,034,000
BALANCE at Nov. 30, 2020	4,128,476	$ 81,517	1,462,130	2,737,753	(152,924)
BALANCE, SHARES at May. 31, 2020		162,755,000
BALANCE at May. 31, 2020	3,578,310	$ 81,378	1,358,428	2,303,909	(165,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	296,696			296,696
Other Comprehensive Income (Loss), Net of Tax	4,979				4,979
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,568		12,568
Stock Repurchased and Retired During Period, Shares		0
Stock Repurchased and Retired During Period, Value	0	$ 0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		1,403,000
Stock Issued During Period, Value, Stock Options Exercised	90,019	$ 701	89,318
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		4,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(12)	$ 2	(14)
BALANCE, SHARES at Aug. 31, 2020		164,162,000
BALANCE at Aug. 31, 2020	3,982,560	$ 82,081	1,460,300	2,600,605	(160,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	235,300			235,300
Other Comprehensive Income (Loss), Net of Tax	7,502				7,502
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9,942		9,942
Stock Repurchased and Retired During Period, Shares		(1,176,000)
Stock Repurchased and Retired During Period, Value	(109,249)	$ (588)	(10,509)	(98,152)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		43,000
Stock Issued During Period, Value, Stock Options Exercised	2,570	$ 21	2,549
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		5,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(149)	$ 3	(152)
BALANCE, SHARES at Nov. 30, 2020		163,034,000
BALANCE at Nov. 30, 2020	$ 4,128,476	$ 81,517	1,462,130	2,737,753	(152,924)
BALANCE, SHARES at Feb. 28, 2021	163,172,333	163,172,000
BALANCE at Feb. 28, 2021	$ 4,364,613	$ 81,586	1,513,821	2,887,897	(118,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	436,756			436,756
Other Comprehensive Income (Loss), Net of Tax	2,937				2,937
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	20,102		20,102
Stock Repurchased and Retired During Period, Shares		(998,000)
Stock Repurchased and Retired During Period, Value	(124,542)	$ (499)	(9,348)	(114,695)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		375,000
Stock Issued During Period, Value, Stock Options Exercised	21,590	$ 187	21,403
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		254,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(17,975)	$ 127	(18,102)
BALANCE, SHARES at May. 31, 2021		162,803,000
BALANCE at May. 31, 2021	$ 4,703,481	$ 81,401	1,527,876	3,209,958	(115,754)
BALANCE, SHARES at Feb. 28, 2021	163,172,333	163,172,000
BALANCE at Feb. 28, 2021	$ 4,364,613	$ 81,586	1,513,821	2,887,897	(118,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	991,461
Other Comprehensive Income (Loss), Net of Tax	$ 18,390
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,249,000)
BALANCE, SHARES at Nov. 30, 2021	161,871,923	161,872,000
BALANCE at Nov. 30, 2021	$ 5,109,796	$ 80,936	1,672,728	3,456,433	(100,301)
BALANCE, SHARES at May. 31, 2021		162,803,000
BALANCE at May. 31, 2021	4,703,481	$ 81,401	1,527,876	3,209,958	(115,754)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	285,267			285,267
Other Comprehensive Income (Loss), Net of Tax	3,411				3,411
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	14,116		14,116
Adjustments to Additional Paid in Capital, Other			90,183
Stock Issued During Period, Value, Acquisitions	90,571	$ 388
Stock Issued During Period, Shares, Acquisitions		776,000
Stock Repurchased and Retired During Period, Shares		(1,754,000)
Stock Repurchased and Retired During Period, Value	(220,045)	$ (877)	(17,164)	(202,004)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		621,000
Stock Issued During Period, Value, Stock Options Exercised	38,496	$ 311	38,185
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		24,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(118)	$ 12	(130)
BALANCE, SHARES at Aug. 31, 2021		162,470,000
BALANCE at Aug. 31, 2021	4,915,179	$ 81,235	1,653,066	3,293,221	(112,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	269,438			269,438
Other Comprehensive Income (Loss), Net of Tax	12,042				12,042
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,347		12,347
Stock Repurchased and Retired During Period, Shares		(851,000)
Stock Repurchased and Retired During Period, Value	(115,346)	$ (425)	(8,695)	(106,226)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		253,000
Stock Issued During Period, Value, Stock Options Exercised	16,223	$ 126	16,097
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		0
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (87)	$ 0	(87)
BALANCE, SHARES at Nov. 30, 2021	161,871,923	161,872,000
BALANCE at Nov. 30, 2021	$ 5,109,796	$ 80,936	$ 1,672,728	$ 3,456,433	$ (100,301)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Nov. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Nine Months Ended November 30 (In thousands) 2021 2020 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 9,933 $ (28,862) See Note 14 for supplemental cash flow information related to leases.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Nine Months Ended November 30 (In thousands) 2021 2020 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 9,933 $ (28,862)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 9,933	$ (28,862)

Background

Background	9 Months Ended
Background	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Accounting Policies [Text Block]	Background Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest and most profitable retailer of used vehicles. We operate in two reportable segments: CarMax Sales Operations and CarMax Auto Finance (“CAF”). Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 17 for additional information on our reportable segments and Note 2 for additional information regarding our acquisition of Edmunds. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or a seamless combination of both. Customers can choose to complete the car-buying experience in-person at one of our stores; or buy the car online and receive delivery through express pickup, available nationwide, or home delivery, available to most customers. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions. Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2021 (the “2021 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2021 Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic continues to have an adverse impact on global economic conditions and may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, downward adjustments to investments in equity securities, asset impairment charges, the effectiveness of the company’s hedging instruments, deferred tax valuation allowances, cancellation reserves, actuarial losses on our retirement benefit plans and discount rate assumptions. Depreciation and amortization previously included in selling, general, and administrative expenses is now separately presented on the consolidated statements of earnings. Prior period amounts have been reclassified to conform to the current period’s presentation. Depreciation and amortization related to other areas of our business, including cost of sales and CAF, is included in its respective line item on the consolidated statements of earnings. Certain other prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. Recent Accounting Pronouncements. Effective in Future Periods In October 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2021-08) related to accounting for acquired revenue contracts with customers in a business combination. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2023, and we do not expect it to have a material effect on our consolidated financial statements. In November 2021, the FASB issued an accounting pronouncement (ASU 2021-10) related to government assistance disclosures. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. The update is effective for annual periods beginning after December 15, 2021. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2022, and we do not expect it to have a material effect on our consolidated financial statements.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
Business Combinations and Asset Acquisitions	Nov. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure	On June 1, 2021, we completed the acquisition of Edmunds Holding Company, one of the most well established and trusted online guides for automotive information and a recognized leader in digital car shopping innovations. With this acquisition, CarMax has enhanced its digital capabilities and further strengthened its role and reach across the used auto ecosystem while adding exceptional technology and creative talent. Edmunds continues to operate independently and remains focused on delivering confidence to consumers and excellent value to its dealer and OEM clients. Additionally, this acquisition allows both businesses to accelerate their respective capabilities to deliver an enhanced digital experience to their customers by leveraging Edmunds’ compelling content and technology, CarMax’s unparalleled national scale and infrastructure, and the combined talent of both businesses. The acquisition was accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, and, accordingly, Edmunds’ results of operations have been consolidated in our financial statements since the date of acquisition. We recorded a preliminary allocation of the purchase price to assets acquired and liabilities assumed based on their estimated fair values as of June 1, 2021. The transaction costs associated with the acquisition were approximately $8.0 million and were expensed as incurred within selling, general and administrative expenses. The following table summarizes the total purchase consideration: (In thousands) Total cash consideration for outstanding shares $ 251,047 Fair value of common stock (1) 90,571 Fair value of preexisting relationship 60,200 Total $ 401,818 (1) Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021). In January 2020, we acquired a minority stake in Edmunds for $50 million. The noncontrolling equity investment in Edmunds was remeasured at a fair value of $60.2 million prior to the acquisition of the remaining ownership stake on June 1, 2021, which resulted in the recognition of a gain of $8.7 million. The gain is included in other income in the consolidated statements of earnings. The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the date of the acquisition and is subject to final fair value determination: (In thousands) Fair Value Cash $ 9,484 Accounts receivable, net 33,719 Other current assets 2,397 Property and equipment, net 20,741 Goodwill (1) 141,258 Intangible assets 218,000 Operating lease assets 97,250 Other assets 191 Total assets acquired 523,040 Accounts payable 5,063 Accrued expenses and other current liabilities 11,277 Current portion of operating lease liabilities 12,795 Deferred income taxes (1) 3,823 Operating lease liabilities, excluding current portion 88,264 Total liabilities assumed 121,222 Net assets acquired $ 401,818 (1) During the third quarter of fiscal 2022, we obtained new information about facts and circumstances that existed as of the acquisition date, which resulted in a change in the fair value of assets and liabilities recognized. The adjustments were primarily related to research and development tax credits, which resulted in a decrease in goodwill and a decrease in deferred income taxes of $8.4 million. The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to expected synergies and the assembled workforce of the acquired business and is not deductible for tax purposes. The fair values assigned to the net identifiable assets and liabilities assumed are based on management’s estimates and assumptions and may be subject to change as additional information is received. The primary areas that remain preliminary relate to the fair values of intangible assets acquired, certain identifiable assets and liabilities acquired, and income and non-income based taxes and residual goodwill. We expect to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. Identifiable intangible assets were recognized at their estimated acquisition date fair values. The preliminary fair value of identifiable intangible assets was determined by using certain estimates and assumptions that are not observable in the market. The preliminary fair values of the trade name asset and the internally developed software asset were determined using the relief-from-royalty method, and the preliminary fair value of the customer relationships asset was determined using the excess earnings method. These income-based approaches included significant assumptions such as the amount and timing of projected cash flows, growth rates, customer attrition rates, discount rates, and the assessment of the asset’s life cycle. The preliminary estimated fair value and estimated remaining useful lives of identifiable intangible assets are as follows: Preliminary (In thousands) Useful Life (Years) Fair Value Trade name Indefinite $ 31,900 Internally developed software 7 52,900 Customer relationships 17 133,200 Identifiable intangible assets $ 218,000 The operating results of Edmunds have been included in our consolidated financial statements since the date of the acquisition. Net sales and operating revenues and net earnings attributable to Edmunds were not material for the reporting periods presented. Our pro forma results as if the acquisition had taken place on the first day of fiscal 2021 would not be materially different from the amounts reflected in the accompanying consolidated financial statements, and therefore are not presented.

Revenue

Revenue	9 Months Ended
Revenue	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue We recognize revenue when control of the good or service has been transferred to the customer, generally either at the time of sale or upon delivery to a customer. Our contracts have a fixed contract price and revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in net sales and operating revenues or cost of sales. We generally expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. We do not have any significant payment terms as payment is received at or shortly after the point of sale. Disaggregation of Revenue Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 2020 2021 2020 Used vehicle sales $ 6,435.6 $ 4,209.7 $ 18,697.3 $ 11,385.2 Wholesale vehicle sales 1,922.3 828.4 4,998.2 1,990.3 Other sales and revenues: Extended protection plan revenues 106.6 101.7 353.8 294.5 Third-party finance fees, net 1.6 (10.6) (0.3) (36.7) Advertising & subscription revenues (1) 33.3 — 67.9 — Service revenues 19.7 24.6 62.9 70.6 Other 8.7 31.1 33.9 82.0 Total other sales and revenues 169.9 146.8 518.2 410.4 Total net sales and operating revenues $ 8,527.8 $ 5,184.9 $ 24,213.7 $ 13,785.9 (1) Excludes intersegment revenues that have been eliminated in consolidation. See Note 17 for further details. Used Vehicle Sales. Revenue from the sale of used vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 30-day/1,500 mile, money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. We also guarantee the used vehicles we sell with a 90-day/4,000 mile limited warranty. These warranties are deemed assurance-type warranties and are accounted for as warranty obligations. See Note 16 for additional information on this warranty and its related obligation. Wholesale Vehicle Sales. Wholesale vehicles are sold at our auctions, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. Dealers also pay a fee to us based on the sale price of the vehicles they purchase. This fee is recognized as revenue at the time of sale. While we provide condition disclosures on each wholesale vehicle sold, the vehicles are subject to a limited right of return. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. EPP Revenues. We also sell ESP and GAP products on behalf of unrelated third parties, who are primarily responsible for fulfilling the contract, to customers who purchase a retail vehicle. The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Our risk related to contract cancellations is limited to the revenue that we receive. Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product. The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. See Note 8 for additional information on cancellation reserves. We are contractually entitled to receive profit-sharing revenues based on the performance of the ESPs administered by third parties. These revenues are a form of variable consideration included in EPP revenues to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled, subject to various constraints, is recognized upon satisfying the performance obligation of selling the ESP. These constraints include factors that are outside of the company’s influence or control and the length of time until settlement. We apply the expected value method, utilizing historical claims and cancellation data from CarMax customers, as well as external data and other qualitative assumptions. This estimate is reassessed each reporting period with changes reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets. As of November 30, 2021 and February 28, 2021, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. Third-Party Finance Fees. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by other third-party finance providers. These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale. Advertising and Subscription Revenues. Advertising and subscription revenues consist of revenues earned by our Edmunds business. Advertising revenues are derived from advertising contracts with automotive manufacturers based on fixed fees per impression and fees for certain activities completed by customers on the manufacturers' websites. These fees are recognized in the period the impressions are delivered or certain activities occurred. Subscription revenues are derived from packages sold to automotive dealers that include car leads, inventory listings and enhanced placement in Edmunds' dealer locator and are recognized over the period that the services are made available to the dealers. Subscription revenues also include a digital marketing subscription service, which allows dealers to gain exposure on third party partner websites. Revenues for this service are recognized on a net basis. Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed. Other Revenues.

CarMax Auto Finance

CarMax Auto Finance	9 Months Ended
CarMax Auto Finance	Nov. 30, 2021
CarMax Auto Finance Income [Abstract]
CarMax Auto Finance	CarMax Auto Finance CAF provides financing to qualified retail customers purchasing vehicles from CarMax. CAF provides us the opportunity to capture additional profits, cash flows and sales while managing our reliance on third-party finance sources. Management regularly analyzes CAF’s operating results by assessing profitability, the performance of the auto loans receivable, including trends in credit losses and delinquencies, and CAF direct expenses. This information is used to assess CAF’s performance and make operating decisions, including resource allocation. We typically use securitizations or other funding arrangements to fund loans originated by CAF. CAF income primarily reflects the interest and fee income generated by the auto loans receivable less the interest expense associated with the debt issued to fund these receivables, a provision for estimated loan losses and direct CAF expenses. CAF income does not include any allocation of indirect costs. Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions. Examples of indirect costs not allocated to CAF include retail store expenses and corporate expenses. In addition, except for auto loans receivable, which are disclosed in Note 5, CAF assets are not separately reported nor do we allocate assets to CAF because such allocation would not be useful to management in making operating decisions. Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 % (1) 2020 % (1) 2021 % (1) 2020 % (1) Interest margin: Interest and fee income $ 330.0 8.6 $ 288.5 8.5 $ 964.4 8.7 $ 851.1 8.5 Interest expense (53.6) (1.4) (77.1) (2.3) (180.0) (1.6) (243.0) (2.4) Total interest margin 276.4 7.2 211.4 6.3 784.4 7.1 608.1 6.1 Provision for loan losses (76.2) (2.0) (8.2) (0.2) (87.3) (0.8) (156.1) (1.6) Total interest margin after provision for loan losses 200.2 5.2 203.2 6.0 697.1 6.3 452.0 4.5 Total other expense — — — — — — (2.2) — Direct expenses: Payroll and fringe benefit expense (12.7) (0.3) (11.6) (0.3) (37.7) (0.3) (34.2) (0.3) Depreciation and amortization (2.4) (0.1) (0.2) — (2.8) — (0.6) — Other direct expenses (19.2) (0.5) (15.0) (0.4) (48.9) (0.4) (40.4) (0.4) Total direct expenses (34.3) (0.9) (26.8) (0.8) (89.4) (0.8) (75.2) (0.7) CarMax Auto Finance income $ 166.0 4.3 $ 176.4 5.2 $ 607.7 5.5 $ 374.6 3.7 Total average managed receivables $ 15,288.8 $ 13,517.5 $ 14,706.9 $ 13,381.6

Auto Loan Receivables

Auto Loan Receivables	9 Months Ended
Auto Loan Receivables	Nov. 30, 2021
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables	Auto Loans Receivable Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses. These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for loan losses. We generally use warehouse facilities to fund auto loans receivable originated by CAF until we elect to fund them through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement. We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of $15.42 billion as of November 30, 2021 and $13.76 billion as of February 28, 2021. See Note 10 for additional information on non-recourse notes payable. Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loans receivable is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge-off. When a charge-off occurs, accrued interest is written off by reversing interest income. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 4 for additional information on CAF income. Auto Loans Receivable, Net As of November 30 As of February 28 (In millions) 2021 2021 Asset-backed term funding $ 11,725.4 $ 11,008.3 Warehouse facilities 3,155.9 2,314.1 Overcollateralization (1) 479.2 345.2 Other managed receivables (2) 163.5 179.6 Total ending managed receivables 15,524.0 13,847.2 Accrued interest and fees 73.7 57.4 Other (4.0) (3.7) Less: allowance for loan losses (426.5) (411.1) Auto loans receivable, net $ 15,167.2 $ 13,489.8 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models rely on the customers’ credit history and certain application information to evaluate and rank their risk. We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers with the highest probability of repayment are A-grade customers. Customers assigned a lower grade are determined to have a lower probability of repayment. For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. After origination, credit grades are generally not updated. CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans receivable on an ongoing basis. We validate the accuracy of the scoring models periodically. Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. Ending Managed Receivables by Major Credit Grade As of November 30, 2021 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) A $ 3,172.3 $ 1,999.2 $ 1,454.6 $ 693.7 $ 275.2 $ 57.6 $ 7,652.6 49.3 B 2,306.4 1,446.1 977.3 556.2 260.0 80.4 5,626.4 36.2 C and other 922.4 583.2 374.8 210.4 103.9 50.3 2,245.0 14.5 Total ending managed receivables $ 6,401.1 $ 4,028.5 $ 2,806.7 $ 1,460.3 $ 639.1 $ 188.3 $ 15,524.0 100.0 As of February 28, 2021 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,782.0 $ 2,146.5 $ 1,146.7 $ 568.9 $ 199.6 $ 30.4 $ 6,874.1 49.6 B 1,993.6 1,424.5 870.1 476.0 195.5 49.2 5,008.9 36.2 C and other 786.1 541.6 320.4 182.0 99.8 34.3 1,964.2 14.2 Total ending managed receivables $ 5,561.7 $ 4,112.6 $ 2,337.2 $ 1,226.9 $ 494.9 $ 113.9 $ 13,847.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. Allowance for Loan Losses. The allowance for loan losses at November 30, 2021 represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for loan losses is determined using a net loss timing curve, primarily based on the composition of the portfolio of managed receivables and historical gross loss and recovery trends. Due to the fact that losses for receivables with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the receivables to-date, along with forward loss curves, in estimating future performance. Once the receivables have 18 months of performance history, the net loss estimate reflects actual loss experience of those receivables to date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a receivable’s life. The net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the managed receivables. The output of the net loss timing curve is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the National Automobile Dealers Association (“NADA”) used vehicle price index are used to predict changes in gross loss and recovery rate, respectively. An economic adjustment factor, based upon a single macroeconomic scenario, is developed to capture the relationship between changes in these forecasts and changes in gross loss and recovery rates. This factor is applied to the output of the net loss timing curve for the reasonable and supportable forecast period of two years. After the end of this two-year period, we revert to historical experience on a straight-line basis over a period of 12 months. We periodically consider whether the use of alternative metrics would result in improved model performance and revise the models when appropriate. We also consider whether qualitative adjustments are necessary for factors that are not reflected in the quantitative methods but impact the measurement of estimated credit losses. Such adjustments include the uncertainty of the impacts of recent economic trends on customer behavior. The change in the allowance for loan losses is recognized through an adjustment to the provision for loan losses. Allowance for Loan Losses Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 % (1) 2020 % (1) 2021 % (1) 2020 % (1) Balance as of beginning of period $ 398.1 2.66 $ 432.5 3.23 $ 411.1 2.97 $ 157.8 1.16 Adoption of CECL — — — 202.0 Adjusted balance as of beginning of period 398.1 2.66 432.5 3.23 411.1 2.97 359.8 2.64 Charge-offs (68.2) (49.9) (153.7) (174.5) Recoveries (2) 20.4 40.8 81.8 90.2 Provision for loan losses 76.2 8.2 87.3 156.1 Balance as of end of period (3) $ 426.5 2.75 $ 431.6 3.17 $ 426.5 2.75 $ 431.6 3.17 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. (3) The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables; $40.8 million and $31.8 million of the total allowance relates to the outstanding CAF Tier 3 loan balances as of November 30, 2021 and February 28, 2021, respectively. During the first nine months of fiscal 2022, the allowance for loan losses increased $15.4 million, primarily reflecting growth in receivables, partially offset by favorable loan loss performance during the year. Although net charge-offs remained low in the first nine months of fiscal 2022, the future impact of the COVID-19 environment on credit losses remains uncertain. As a result, we determined that the quantitative loss rates should be qualitatively adjusted to reflect future loss performance from potential customer hardship and to mitigate the quantitative impact of recent favorable loss performance, as we do not believe the favorable loss performance this fiscal year is consistent with our best estimate of expected future losses. The allowance for loan losses as of November 30, 2021 reflects both the positive customer payment behavior compared to historical experience recently observed as well as the unpredictability of the current macroeconomic environment. Past Due Receivables. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the receivable is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the receivable is otherwise deemed uncollectible. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment. Past Due Receivables As of November 30, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 7,617.6 $ 5,373.2 $ 1,938.8 $ 14,929.6 96.17 Delinquent loans: 31-60 days past due 23.0 160.4 179.7 363.1 2.34 61-90 days past due 9.2 74.5 102.3 186.0 1.20 Greater than 90 days past due 2.8 18.3 24.2 45.3 0.29 Total past due 35.0 253.2 306.2 594.4 3.83 Total ending managed receivables $ 7,652.6 $ 5,626.4 $ 2,245.0 $ 15,524.0 100.00 As of February 28, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,847.2 $ 4,840.3 $ 1,767.2 $ 13,454.7 97.17 Delinquent loans: 31-60 days past due 17.3 108.9 120.0 246.2 1.78 61-90 days past due 7.0 48.4 64.5 119.9 0.86 Greater than 90 days past due 2.6 11.3 12.5 26.4 0.19 Total past due 26.9 168.6 197.0 392.5 2.83 Total ending managed receivables $ 6,874.1 $ 5,008.9 $ 1,964.2 $ 13,847.2 100.00

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
Derivative Instruments And Hedging Activities	Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to issuances of debt. Primary exposures include LIBOR and other rates used as benchmarks in our securitizations and other debt financing. We enter into derivative instruments to manage exposures related to the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates, and generally designate these derivative instruments as cash flow hedges for accounting purposes. In certain cases, we may choose not to designate a derivative instrument as a cash flow hedge for accounting purposes due to uncertainty around the probability that future hedged transactions will occur. Our derivative instruments are used to manage (i) differences in the amount of our known or expected cash receipts and our known or expected cash payments principally related to the funding of our auto loans receivable, and (ii) exposure to variable interest rates associated with our term loan. For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the changes in fair value are initially recorded in accumulated other comprehensive loss (“AOCL”). For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $9.0 million will be reclassified in AOCL as a decrease to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the three and nine months ended November 30, 2021, we recognized income of $3.4 million and $3.2 million, respectively, in CAF income representing these changes in fair value. As of November 30, 2021 and February 28, 2021, we had interest rate swaps outstanding with a combined notional amount of $4.03 billion and $2.43 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of November 30, 2021 and February 28, 2021, we had interest rate swaps outstanding with notional amounts of $644.2 million and $255.2 million, respectively, that were not designated as cash flow hedges. See Note 7 for discussion of fair values of financial instruments and Note 13 for the effect on comprehensive income.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the “exit price”). The fair value should be based on assumptions that market participants would use, including a consideration of nonperformance risk. We assess the inputs used to measure fair value using the three-tier hierarchy. The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 Inputs include unadjusted quoted prices in active markets for identical assets or liabilities that we can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets in active markets, quoted prices from identical or similar assets in inactive markets and observable inputs such as interest rates and yield curves. Level 3 Inputs that are significant to the measurement that are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Our fair value processes include controls that are designed to ensure that fair values are appropriate. Such controls include model validation, review of key model inputs, analysis of period-over-period fluctuations and reviews by senior management. Valuation Methodologies Money Market Securities. Money market securities are cash equivalents, which are included in cash and cash equivalents, restricted cash from collections on auto loans receivable and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. Mutual Fund Investments. Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities. The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities. Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments. All of our derivative exposures are with highly rated bank counterparties. We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis. We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services. Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments. The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk. We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk. Items Measured at Fair Value on a Recurring Basis As of November 30, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 705,326 $ — $ 705,326 Mutual fund investments 25,650 — 25,650 Derivative instruments designated as hedges — 10,566 10,566 Derivative instruments not designated as hedges — 3,671 3,671 Total assets at fair value $ 730,976 $ 14,237 $ 745,213 Percent of total assets at fair value 98.1 % 1.9 % 100.0 % Percent of total assets 2.9 % 0.1 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (4,561) $ (4,561) Total liabilities at fair value $ — $ (4,561) $ (4,561) Percent of total liabilities — % — % — % As of February 28, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 685,585 $ — $ 685,585 Mutual fund investments 24,049 — 24,049 Derivative instruments designated as hedges — 4,061 4,061 Derivative instruments not designated as hedges — 501 501 Total assets at fair value $ 709,634 $ 4,562 $ 714,196 Percent of total assets at fair value 99.4 % 0.6 % 100.0 % Percent of total assets 3.3 % — % 3.3 % Liabilities: Derivative instruments designated as hedges $ — $ (6,024) $ (6,024) Total liabilities at fair value $ — $ (6,024) $ (6,024) Percent of total liabilities — % — % — % Fair Value of Financial Instruments The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loans receivable are presented net of an allowance for estimated loan losses. We believe that the carrying value of our revolving credit facility and term loan approximates fair value due to the variable rates associated with these obligations. The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices. The carrying value and fair value of the senior unsecured notes as of November 30, 2021 and February 28, 2021, respectively, are as follows: (In thousands) As of November 30, 2021 As of February 28, 2021 Carrying value $ 500,000 $ 500,000 Fair value $ 542,176 $ 556,993

Cancellation Reserves

Cancellation Reserves	9 Months Ended
Cancellation Reserves	Nov. 30, 2021
Cancellation Reserves [Abstract]
Cancellation Reserves	Cancellation Reserves We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations. Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and the credit mix of the customer base. Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 2020 2021 2020 Balance as of beginning of period $ 144.3 $ 122.6 $ 124.5 $ 117.9 Cancellations (25.2) (17.4) (68.3) (48.3) Provision for future cancellations 28.7 17.9 91.6 53.5 Balance as of end of period $ 147.8 $ 123.1 $ 147.8 $ 123.1 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of November 30, 2021 and February 28, 2021, the current portion of cancellation reserves was $79.8 million and $58.7 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Nov. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $29.5 million of gross unrecognized tax benefits as of November 30, 2021, and $29.0 million as of February 28, 2021. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2021.

Debt

Debt	3 Months Ended
Debt	Nov. 30, 2021
Debt Disclosure [Abstract]
Debt	10. Debt (In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2021 2021 Revolving credit facility (2) June 2024 $ 588,100 $ — Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,318 — 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 527,260 533,578 Non-recourse notes payable Various dates through August 2028 15,416,457 13,764,808 Total debt 18,031,135 15,098,386 Less: current portion (546,035) (452,579) Less: unamortized debt issuance costs (26,236) (25,888) Long-term debt, net $ 17,458,864 $ 14,619,919 (1) Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually. (2) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), or the successor benchmark rate, the federal funds rate, or the prime rate, depending on the type of borrowing. Revolving Credit Facility. Borrowings under our $1.45 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes. We pay a commitment fee on unused portions of the available funds. Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing. Borrowings with “on demand” repayment terms are presented as short-term debt, while amounts due at maturity are presented as long-term debt. As of November 30, 2021, the unused capacity of $861.9 million was fully available to us. In December 2021, we exercised the accordion feature to increase the credit limit of this facility to $2.00 billion with no other material changes to the terms of the agreement. Term Loans. On October 15, 2021, we entered into a term loan agreement for an aggregate principal amount of $700 million, which will mature on October 15, 2026. Borrowings under both our $300 million and $700 million term loans are available for working capital and general corporate purposes. Both term loans were classified as long-term debt, as no repayments are scheduled to be made within the next 12 months. Senior Notes. Borrowings under our unsecured senior notes totaling $500 million are available for working capital and general corporate purposes. These notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months. Financing Obligations. Financing obligations relate to stores subject to sale-leaseback transactions that did not qualify for sale accounting. The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. We have not entered into any new sale-leaseback transactions since fiscal 2009. In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification. Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loans receivable funded through non-recourse funding vehicles. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans receivable. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through August 2028, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable. Information on our funding vehicles for non-recourse notes payable as of November 30, 2021, are as follows: (In billions) Capacity Warehouse facilities: December 2021 expiration $ 0.18 February 2022 expiration 2.35 August 2022 expiration 2.30 Combined warehouse facility limit $ 4.83 Unused capacity $ 1.67 Non-recourse notes payable outstanding: Warehouse facilities $ 3.16 Asset-backed term funding transactions 12.26 Non-recourse notes payable $ 15.42 We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions. At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs. See Note 5 for additional information on the related auto loans receivable. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. For the nine months ended November 30, 2021 and 2020, we capitalized interest of $5.0 million and $2.1 million, respectively. Financial Covenants. The credit facility, term loans and senior note agreements contain representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain financing obligations. The agreements governing our non-recourse funding vehicles contain representations and warranties, financial covenants and performance triggers. As of November 30, 2021, we were in compliance with all financial covenants and our non-recourse funding vehicles were in compliance with the related performance triggers.

Stock and Stock-Based Incentive

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans	9 Months Ended
	Nov. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of November 30, 2021, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $876.2 million remained available for repurchase. Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2021 2020 2021 2020 Number of shares repurchased (in thousands) 851.1 1,175.8 3,602.8 1,691.3 Average cost per share $ 135.52 $ 92.90 $ 127.65 $ 88.65 Available for repurchase, as of end of period (in millions) $ 876.2 $ 1,402.4 $ 876.2 $ 1,402.4 (B) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2021 2020 2021 2020 Cost of sales $ 1,896 $ 11 $ 5,719 $ 3,202 CarMax Auto Finance income 1,560 938 4,749 3,750 Selling, general and administrative expenses 33,328 10,728 100,453 68,680 Share-based compensation expense, before income taxes $ 36,784 $ 11,677 $ 110,921 $ 75,632 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2021 2020 2021 2020 Nonqualified stock options $ 7,846 $ 6,630 $ 27,375 $ 25,237 Cash-settled restricted stock units (RSUs) 23,836 1,210 62,398 33,784 Stock-settled market stock units (MSUs) 3,171 3,161 11,260 12,516 Other share-based incentives: Stock-settled performance stock units (PSUs) 964 112 5,334 378 Restricted stock (RSAs) 365 39 670 106 Stock-settled deferred stock units (DSUs) — — 1,925 1,925 Employee stock purchase plan 602 525 1,959 1,686 Total other share-based incentives $ 1,931 $ 676 $ 9,888 $ 4,095 Share-based compensation expense, before income taxes $ 36,784 $ 11,677 $ 110,921 $ 75,632 (C) Stock Incentive Plan Information Share/Unit Activity Nine Months Ended November 30, 2021 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2021 6,266 520 84 1,606 Granted 922 82 89 377 Exercised or vested and converted (1,249) (197) (2) (715) Cancelled (78) (11) (2) (78) Outstanding as of November 30, 2021 5,861 394 169 1,190 Weighted average grant date fair value per share/unit: Granted $ 42.31 $ 178.16 $ 132.96 $ 136.48 Ending outstanding $ 23.75 $ 112.21 $ 108.30 $ 93.44 As of November 30, 2021 Unrecognized compensation (in millions) $ 54.4 $ 17.5 $ 4.8

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
Net Earnings Per Share	Nov. 30, 2021
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method. Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2021 2020 2021 2020 Net earnings $ 269,438 $ 235,300 $ 991,461 $ 536,974 Weighted average common shares outstanding 162,006 163,732 162,710 163,278 Dilutive potential common shares: Stock options 2,373 1,636 2,391 1,341 Stock-settled stock units and awards 494 405 505 357 Weighted average common shares and dilutive potential common shares 164,873 165,773 165,606 164,976 Basic net earnings per share $ 1.66 $ 1.44 $ 6.09 $ 3.29 Diluted net earnings per share $ 1.63 $ 1.42 $ 5.99 $ 3.25 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended November 30, 2021 and 2020, options to purchase 776,853 shares and 115,509 shares of common stock, respectively, were not included. For the nine months ended November 30, 2021 and 2020, options to purchase 701,970 shares and 2,158,503 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
Accumulated Other Comprehensive Loss	Nov. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Losses Loss Balance as of February 28, 2021 $ (92,662) $ (26,029) $ (118,691) Other comprehensive income before reclassifications — 6,386 6,386 Amounts reclassified from accumulated other comprehensive loss 1,976 10,028 12,004 Other comprehensive income 1,976 16,414 18,390 Balance as of November 30, 2021 $ (90,686) $ (9,615) $ (100,301) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2021 2020 2021 2020 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 367 $ 402 $ 1,083 $ 1,212 CarMax Auto Finance income 21 27 64 83 Selling, general and administrative expenses 481 530 1,458 1,583 Total amortization reclassifications recognized in net pension expense 869 959 2,605 2,878 Tax expense (210) (232) (629) (695) Amortization reclassifications recognized in net pension expense, net of tax 659 727 1,976 2,183 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 659 727 1,976 2,183 Cash Flow Hedges (Note 6): Changes in fair value 11,339 2,877 8,668 (21,906) Tax (expense) benefit (2,985) (761) (2,282) 5,793 Changes in fair value, net of tax 8,354 2,116 6,386 (16,113) Reclassifications to CarMax Auto Finance income 4,111 6,334 13,610 15,060 Tax expense (1,082) (1,675) (3,582) (3,983) Reclassification of hedge losses, net of tax 3,029 4,659 10,028 11,077 Net change in cash flow hedge unrecognized losses, net of tax 11,383 6,775 16,414 (5,036) Total other comprehensive income (loss), net of tax $ 12,042 $ 7,502 $ 18,390 $ (2,853) Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive loss. The cumulative balances are net of deferred taxes of $32.2 million as of November 30, 2021 and $38.7 million as of February 28, 2021.

Leases (Notes)

Leases (Notes)	9 Months Ended
Leases (Notes)	Nov. 30, 2021
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Leases Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that did not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 10. The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise that option. ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities. Our lease agreements do not contain any material residual value guarantees or material restricted covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2021 2020 2021 2020 Operating lease cost (1) $ 20,581 $ 14,340 $ 53,631 $ 43,075 Finance lease cost: Depreciation of lease assets 3,383 2,149 9,784 5,523 Interest on lease liabilities 4,257 2,680 12,531 7,328 Total finance lease cost 7,640 4,829 22,315 12,851 Total lease cost $ 28,221 $ 19,169 $ 75,946 $ 55,926 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of November 30 As of February 28 (In thousands) Classification 2021 2021 Assets: Operating lease assets Operating lease assets $ 543,645 $ 431,652 Finance lease assets Property and equipment, net (1) 123,347 109,665 Total lease assets $ 666,992 $ 541,317 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 43,151 $ 30,953 Finance leases Accrued expenses and other current liabilities 9,696 9,422 Long-term: Operating leases Operating lease liabilities, excluding current portion 529,821 423,618 Finance leases Other liabilities 140,215 120,094 Total lease liabilities $ 722,883 $ 584,087 (1) Finance lease assets are recorded net of accumulated depreciation of $27.3 million as of November 30, 2021 and $17.5 million as of February 28, 2021. Lease term and discount rate information related to leases was as follows: As of November 30 As of February 28 Lease Term and Discount Rate 2021 2021 Weighted Average Remaining Lease Term (in years) Operating leases 17.45 19.37 Finance leases 12.78 13.56 Weighted Average Discount Rate Operating leases 4.80 % 5.36 % Finance leases 14.48 % 15.09 % Supplemental cash flow information related to leases was as follows: Nine Months Ended November 30 (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51,527 $ 42,711 Operating cash flows from finance leases $ 8,086 $ 5,972 Financing cash flows from finance leases $ 8,822 $ 4,871 Lease assets obtained in exchange for lease obligations: Operating leases $ 45,491 $ 13,650 Finance leases $ 24,772 $ 30,596 Maturities of lease liabilities were as follows: As of November 30, 2021 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2022, remaining $ 17,382 $ 6,142 Fiscal 2023 69,570 25,633 Fiscal 2024 69,053 30,569 Fiscal 2025 68,544 27,316 Fiscal 2026 63,015 27,925 Thereafter 626,442 212,443 Total lease payments 914,006 330,028 Less: interest (341,034) (180,117) Present value of lease liabilities $ 572,972 $ 149,911 (1) Lease payments exclude $13.4 million of legally binding minimum lease payments for leases signed but not yet commenced.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . On October 31, 2017, Joshua Sabanovich v. CarMax Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of Stanislaus asserting wage and hour claims with respect to CarMax sales consultants and non-exempt employees in California. The asserted claims include failure to pay minimum wage; provide meal periods and rest breaks; pay statutory/contractual wages; reimburse for work-related expenses and provide accurate itemized wage statements; unfair competition; and Private Attorneys General Act (“PAGA”) claims. The Sabanovich lawsuit seeks unspecified damages, restitution, statutory penalties, interest, cost and attorneys’ fees. Based upon our evaluation of information currently available, we believe that the ultimate resolution of the Sabanovich lawsuit will not have a material adverse effect on our financial condition, results of operations or cash flows. CarMax entities are defendants in three proceedings asserting wage and hour claims with respect to non-exempt CarMax employees in California. The asserted claims include failure to provide meal periods and rest breaks; pay statutory or contractual wages; reimburse for work-related expenses; and PAGA claims. Two of these claims have been filed in court, whereas one has yet to be filed in court. On July 9, 2021, Daniel Bendure v. CarMax Auto Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of San Bernardino. The Bendure lawsuit seeks civil penalties for violation of the Labor Code, attorneys’ fees, costs, restitution of unpaid wages, interest, injunctive and equitable relief, general damages, and special damages. On August 12, 2021, Jordon Miller v. CarMax Auto Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of Riverside. The Miller lawsuit also seeks civil penalties for violation of the Labor Code, attorneys’ fees, costs, restitution of unpaid wages, interest, injunctive and equitable relief, general damages, and special damages. On August 3, 2021, Charles Walker filed a notice with the California Labor Workforce Development Agency, which is a prerequisite to filing a PAGA action in court. To date, Walker has not yet filed a lawsuit. We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in these matters. The company was a class member in a consolidated and settled class action lawsuit (In re: Takata Airbag Product Liability Litigation (U.S. District Court, Southern District of Florida)) against Toyota, Mazda, Subaru, BMW, Honda, Nissan and Ford related to the economic loss associated with defective Takata airbags installed as original equipment in certain model vehicles from model years 2000-2018. On April 15, 2020, CarMax received $40.3 million in net recoveries from the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlement funds. CarMax remains a class member for the Ford settlement fund. We are unable to make a reasonable estimate of the amount or range of gain that could result from CarMax’s participation in the Ford settlement fund. The company is a class member in a consolidated and settled class action lawsuit (In re: General Motors Ignition Switch Litigation (U.S. District Court, Southern District of New York)) against General Motors related to the economic loss associated with certain model vehicles previously subject to recall for ignition switches, electronic power steering, and side impact airbags, for model years 1997-2014. On November 30, 2021, CarMax received $22.6 million in net recoveries from the GM settlement fund. We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows. Other Matters. In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease. Additionally, in accordance with the terms of agreements entered into for the sale of properties, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements. We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements. As part of our customer service strategy, we guarantee the used vehicles we retail with a 90-day/4,000 mile limited warranty. A vehicle in need of repair within this period will be repaired free of charge. As a result, each vehicle sold has an implied liability associated with it. Accordingly, based on historical trends, we record a provision for estimated future repairs during the guarantee period for each vehicle sold. The liability for this guarantee was $19.3 million as of November 30, 2021, and $15.2 million as of February 28, 2021, and is included in accrued expenses and other current liabilities.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Nov. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure	Segment Information We operate in two reportable segments: CarMax Sales Operations and CAF. Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. We also have a non-reportable operating segment related to our recently acquired Edmunds business, which is reflected as “Other” in the segment tables below. Revenue generated by Edmunds primarily represents advertising and subscription revenues as discussed in Note 3. Edmunds also generates intersegment revenue as a result of transactions between Edmunds and CarMax Sales Operations, which represent arm’s length transactions at prevailing market prices. Such amounts are eliminated in consolidation. The performance of our CarMax Sales Operations segment is reviewed by our chief operating decision maker at the gross profit level, the components of which are presented in the tables below. Required segment information related to our CAF segment is presented in Note 4. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented. Segment Information Three Months Ended November 30, 2021 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 8,494,437 $ 33,322 $ — $ 8,527,759 Intersegment sales and operating revenues — 7,973 (7,973) — Total sales and operating revenues $ 8,494,437 $ 41,295 $ (7,973) $ 8,527,759 Depreciation and amortization (1) $ 226 $ 2,489 $ — $ 2,715 Gross profit $ 809,998 $ 28,275 $ (1,713) $ 836,560 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 165,968 Selling, general and administrative expenses (575,930) Depreciation and amortization (2) (54,428) Interest expense (24,303) Other income (expense) 8,094 Earnings before income taxes $ 355,961 Nine Months Ended November 30, 2021 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 24,145,847 $ 67,870 $ — $ 24,213,717 Intersegment sales and operating revenues — 14,981 (14,981) — Total sales and operating revenues $ 24,145,847 $ 82,851 $ (14,981) $ 24,213,717 Depreciation and amortization (1) $ 526 $ 4,698 $ — $ 5,224 Gross profit $ 2,522,595 $ 57,348 $ (3,390) $ 2,576,553 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 607,732 Selling, general and administrative expenses (1,704,285) Depreciation and amortization (2) (157,107) Interest expense (67,247) Other income (expense) 35,453 Earnings before income taxes $ 1,291,099 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Background Basis of Accounting

Background Basis of Accounting (Policies)	9 Months Ended
Background Basis of Accounting (Policies)	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest and most profitable retailer of used vehicles. We operate in two reportable segments: CarMax Sales Operations and CarMax Auto Finance (“CAF”). Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 17 for additional information on our reportable segments and Note 2 for additional information regarding our acquisition of Edmunds. We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or a seamless combination of both. Customers can choose to complete the car-buying experience in-person at one of our stores; or buy the car online and receive delivery through express pickup, available nationwide, or home delivery, available to most customers. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
Basis of Presentation	Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2021 (the “2021 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2021 Annual Report.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic continues to have an adverse impact on global economic conditions and may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, downward adjustments to investments in equity securities, asset impairment charges, the effectiveness of the company’s hedging instruments, deferred tax valuation allowances, cancellation reserves, actuarial losses on our retirement benefit plans and discount rate assumptions. Depreciation and amortization previously included in selling, general, and administrative expenses is now separately presented on the consolidated statements of earnings. Prior period amounts have been reclassified to conform to the current period’s presentation. Depreciation and amortization related to other areas of our business, including cost of sales and CAF, is included in its respective line item on the consolidated statements of earnings. Certain other prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.
Recent Accounting Pronouncements	In October 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2021-08) related to accounting for acquired revenue contracts with customers in a business combination. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2023, and we do not expect it to have a material effect on our consolidated financial statements. In November 2021, the FASB issued an accounting pronouncement (ASU 2021-10) related to government assistance disclosures. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. The update is effective for annual periods beginning after December 15, 2021. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2022, and we do not expect it to have a material effect on our consolidated financial statements.

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	Jun. 01, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of purchase consideration	(In thousands) Total cash consideration for outstanding shares $ 251,047 Fair value of common stock (1) 90,571 Fair value of preexisting relationship 60,200 Total $ 401,818 (1) Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021).
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(In thousands) Fair Value Cash $ 9,484 Accounts receivable, net 33,719 Other current assets 2,397 Property and equipment, net 20,741 Goodwill (1) 141,258 Intangible assets 218,000 Operating lease assets 97,250 Other assets 191 Total assets acquired 523,040 Accounts payable 5,063 Accrued expenses and other current liabilities 11,277 Current portion of operating lease liabilities 12,795 Deferred income taxes (1) 3,823 Operating lease liabilities, excluding current portion 88,264 Total liabilities assumed 121,222 Net assets acquired $ 401,818
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Preliminary (In thousands) Useful Life (Years) Fair Value Trade name Indefinite $ 31,900 Internally developed software 7 52,900 Customer relationships 17 133,200 Identifiable intangible assets $ 218,000

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 2020 2021 2020 Used vehicle sales $ 6,435.6 $ 4,209.7 $ 18,697.3 $ 11,385.2 Wholesale vehicle sales 1,922.3 828.4 4,998.2 1,990.3 Other sales and revenues: Extended protection plan revenues 106.6 101.7 353.8 294.5 Third-party finance fees, net 1.6 (10.6) (0.3) (36.7) Advertising & subscription revenues (1) 33.3 — 67.9 — Service revenues 19.7 24.6 62.9 70.6 Other 8.7 31.1 33.9 82.0 Total other sales and revenues 169.9 146.8 518.2 410.4 Total net sales and operating revenues $ 8,527.8 $ 5,184.9 $ 24,213.7 $ 13,785.9 (1) Excludes intersegment revenues that have been eliminated in consolidation. See Note 17 for further details.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	9 Months Ended
CarMax Auto Finance (Tables)	Nov. 30, 2021
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 % (1) 2020 % (1) 2021 % (1) 2020 % (1) Interest margin: Interest and fee income $ 330.0 8.6 $ 288.5 8.5 $ 964.4 8.7 $ 851.1 8.5 Interest expense (53.6) (1.4) (77.1) (2.3) (180.0) (1.6) (243.0) (2.4) Total interest margin 276.4 7.2 211.4 6.3 784.4 7.1 608.1 6.1 Provision for loan losses (76.2) (2.0) (8.2) (0.2) (87.3) (0.8) (156.1) (1.6) Total interest margin after provision for loan losses 200.2 5.2 203.2 6.0 697.1 6.3 452.0 4.5 Total other expense — — — — — — (2.2) — Direct expenses: Payroll and fringe benefit expense (12.7) (0.3) (11.6) (0.3) (37.7) (0.3) (34.2) (0.3) Depreciation and amortization (2.4) (0.1) (0.2) — (2.8) — (0.6) — Other direct expenses (19.2) (0.5) (15.0) (0.4) (48.9) (0.4) (40.4) (0.4) Total direct expenses (34.3) (0.9) (26.8) (0.8) (89.4) (0.8) (75.2) (0.7) CarMax Auto Finance income $ 166.0 4.3 $ 176.4 5.2 $ 607.7 5.5 $ 374.6 3.7 Total average managed receivables $ 15,288.8 $ 13,517.5 $ 14,706.9 $ 13,381.6

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	9 Months Ended
Auto Loan Receivables (Tables)	Nov. 30, 2021
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of November 30 As of February 28 (In millions) 2021 2021 Asset-backed term funding $ 11,725.4 $ 11,008.3 Warehouse facilities 3,155.9 2,314.1 Overcollateralization (1) 479.2 345.2 Other managed receivables (2) 163.5 179.6 Total ending managed receivables 15,524.0 13,847.2 Accrued interest and fees 73.7 57.4 Other (4.0) (3.7) Less: allowance for loan losses (426.5) (411.1) Auto loans receivable, net $ 15,167.2 $ 13,489.8 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of November 30, 2021 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) A $ 3,172.3 $ 1,999.2 $ 1,454.6 $ 693.7 $ 275.2 $ 57.6 $ 7,652.6 49.3 B 2,306.4 1,446.1 977.3 556.2 260.0 80.4 5,626.4 36.2 C and other 922.4 583.2 374.8 210.4 103.9 50.3 2,245.0 14.5 Total ending managed receivables $ 6,401.1 $ 4,028.5 $ 2,806.7 $ 1,460.3 $ 639.1 $ 188.3 $ 15,524.0 100.0 As of February 28, 2021 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,782.0 $ 2,146.5 $ 1,146.7 $ 568.9 $ 199.6 $ 30.4 $ 6,874.1 49.6 B 1,993.6 1,424.5 870.1 476.0 195.5 49.2 5,008.9 36.2 C and other 786.1 541.6 320.4 182.0 99.8 34.3 1,964.2 14.2 Total ending managed receivables $ 5,561.7 $ 4,112.6 $ 2,337.2 $ 1,226.9 $ 494.9 $ 113.9 $ 13,847.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 % (1) 2020 % (1) 2021 % (1) 2020 % (1) Balance as of beginning of period $ 398.1 2.66 $ 432.5 3.23 $ 411.1 2.97 $ 157.8 1.16 Adoption of CECL — — — 202.0 Adjusted balance as of beginning of period 398.1 2.66 432.5 3.23 411.1 2.97 359.8 2.64 Charge-offs (68.2) (49.9) (153.7) (174.5) Recoveries (2) 20.4 40.8 81.8 90.2 Provision for loan losses 76.2 8.2 87.3 156.1 Balance as of end of period (3) $ 426.5 2.75 $ 431.6 3.17 $ 426.5 2.75 $ 431.6 3.17 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. (3) The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables; $40.8 million and $31.8 million of the total allowance relates to the outstanding CAF Tier 3 loan balances as of November 30, 2021 and February 28, 2021, respectively.
Past Due Receivables	Past Due Receivables As of November 30, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 7,617.6 $ 5,373.2 $ 1,938.8 $ 14,929.6 96.17 Delinquent loans: 31-60 days past due 23.0 160.4 179.7 363.1 2.34 61-90 days past due 9.2 74.5 102.3 186.0 1.20 Greater than 90 days past due 2.8 18.3 24.2 45.3 0.29 Total past due 35.0 253.2 306.2 594.4 3.83 Total ending managed receivables $ 7,652.6 $ 5,626.4 $ 2,245.0 $ 15,524.0 100.00 As of February 28, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,847.2 $ 4,840.3 $ 1,767.2 $ 13,454.7 97.17 Delinquent loans: 31-60 days past due 17.3 108.9 120.0 246.2 1.78 61-90 days past due 7.0 48.4 64.5 119.9 0.86 Greater than 90 days past due 2.6 11.3 12.5 26.4 0.19 Total past due 26.9 168.6 197.0 392.5 2.83 Total ending managed receivables $ 6,874.1 $ 5,008.9 $ 1,964.2 $ 13,847.2 100.00

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Schedule Of Items Measured At Fair Value On A Recurring Basis	Items Measured at Fair Value on a Recurring Basis As of November 30, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 705,326 $ — $ 705,326 Mutual fund investments 25,650 — 25,650 Derivative instruments designated as hedges — 10,566 10,566 Derivative instruments not designated as hedges — 3,671 3,671 Total assets at fair value $ 730,976 $ 14,237 $ 745,213 Percent of total assets at fair value 98.1 % 1.9 % 100.0 % Percent of total assets 2.9 % 0.1 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (4,561) $ (4,561) Total liabilities at fair value $ — $ (4,561) $ (4,561) Percent of total liabilities — % — % — % As of February 28, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 685,585 $ — $ 685,585 Mutual fund investments 24,049 — 24,049 Derivative instruments designated as hedges — 4,061 4,061 Derivative instruments not designated as hedges — 501 501 Total assets at fair value $ 709,634 $ 4,562 $ 714,196 Percent of total assets at fair value 99.4 % 0.6 % 100.0 % Percent of total assets 3.3 % — % 3.3 % Liabilities: Derivative instruments designated as hedges $ — $ (6,024) $ (6,024) Total liabilities at fair value $ — $ (6,024) $ (6,024) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of November 30, 2021 As of February 28, 2021 Carrying value $ 500,000 $ 500,000 Fair value $ 542,176 $ 556,993

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	9 Months Ended
Cancellation Reserves (Tables)	Nov. 30, 2021
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2021 2020 2021 2020 Balance as of beginning of period $ 144.3 $ 122.6 $ 124.5 $ 117.9 Cancellations (25.2) (17.4) (68.3) (48.3) Provision for future cancellations 28.7 17.9 91.6 53.5 Balance as of end of period $ 147.8 $ 123.1 $ 147.8 $ 123.1

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Nov. 30, 2021
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2021 2021 Revolving credit facility (2) June 2024 $ 588,100 $ — Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,318 — 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 527,260 533,578 Non-recourse notes payable Various dates through August 2028 15,416,457 13,764,808 Total debt 18,031,135 15,098,386 Less: current portion (546,035) (452,579) Less: unamortized debt issuance costs (26,236) (25,888) Long-term debt, net $ 17,458,864 $ 14,619,919 (1) Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually. (2) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), or the successor benchmark rate, the federal funds rate, or the prime rate, depending on the type of borrowing.
Schedule of Funding Vehicles [Table Text Block]	(In billions) Capacity Warehouse facilities: December 2021 expiration $ 0.18 February 2022 expiration 2.35 August 2022 expiration 2.30 Combined warehouse facility limit $ 4.83 Unused capacity $ 1.67 Non-recourse notes payable outstanding: Warehouse facilities $ 3.16 Asset-backed term funding transactions 12.26 Non-recourse notes payable $ 15.42

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	9 Months Ended
Stock and Stock-Based Incentive Plans (Tables)	Nov. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2021 2020 2021 2020 Number of shares repurchased (in thousands) 851.1 1,175.8 3,602.8 1,691.3 Average cost per share $ 135.52 $ 92.90 $ 127.65 $ 88.65 Available for repurchase, as of end of period (in millions) $ 876.2 $ 1,402.4 $ 876.2 $ 1,402.4
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2021 2020 2021 2020 Cost of sales $ 1,896 $ 11 $ 5,719 $ 3,202 CarMax Auto Finance income 1,560 938 4,749 3,750 Selling, general and administrative expenses 33,328 10,728 100,453 68,680 Share-based compensation expense, before income taxes $ 36,784 $ 11,677 $ 110,921 $ 75,632
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2021 2020 2021 2020 Nonqualified stock options $ 7,846 $ 6,630 $ 27,375 $ 25,237 Cash-settled restricted stock units (RSUs) 23,836 1,210 62,398 33,784 Stock-settled market stock units (MSUs) 3,171 3,161 11,260 12,516 Other share-based incentives: Stock-settled performance stock units (PSUs) 964 112 5,334 378 Restricted stock (RSAs) 365 39 670 106 Stock-settled deferred stock units (DSUs) — — 1,925 1,925 Employee stock purchase plan 602 525 1,959 1,686 Total other share-based incentives $ 1,931 $ 676 $ 9,888 $ 4,095 Share-based compensation expense, before income taxes $ 36,784 $ 11,677 $ 110,921 $ 75,632
Share-based Payment Arrangement, Activity	Share/Unit Activity Nine Months Ended November 30, 2021 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2021 6,266 520 84 1,606 Granted 922 82 89 377 Exercised or vested and converted (1,249) (197) (2) (715) Cancelled (78) (11) (2) (78) Outstanding as of November 30, 2021 5,861 394 169 1,190 Weighted average grant date fair value per share/unit: Granted $ 42.31 $ 178.16 $ 132.96 $ 136.48 Ending outstanding $ 23.75 $ 112.21 $ 108.30 $ 93.44 As of November 30, 2021 Unrecognized compensation (in millions) $ 54.4 $ 17.5 $ 4.8

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
Net Earnings Per Share (Tables)	Nov. 30, 2021
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2021 2020 2021 2020 Net earnings $ 269,438 $ 235,300 $ 991,461 $ 536,974 Weighted average common shares outstanding 162,006 163,732 162,710 163,278 Dilutive potential common shares: Stock options 2,373 1,636 2,391 1,341 Stock-settled stock units and awards 494 405 505 357 Weighted average common shares and dilutive potential common shares 164,873 165,773 165,606 164,976 Basic net earnings per share $ 1.66 $ 1.44 $ 6.09 $ 3.29 Diluted net earnings per share $ 1.63 $ 1.42 $ 5.99 $ 3.25

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Nov. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Loss By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Losses Loss Balance as of February 28, 2021 $ (92,662) $ (26,029) $ (118,691) Other comprehensive income before reclassifications — 6,386 6,386 Amounts reclassified from accumulated other comprehensive loss 1,976 10,028 12,004 Other comprehensive income 1,976 16,414 18,390 Balance as of November 30, 2021 $ (90,686) $ (9,615) $ (100,301)
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2021 2020 2021 2020 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 367 $ 402 $ 1,083 $ 1,212 CarMax Auto Finance income 21 27 64 83 Selling, general and administrative expenses 481 530 1,458 1,583 Total amortization reclassifications recognized in net pension expense 869 959 2,605 2,878 Tax expense (210) (232) (629) (695) Amortization reclassifications recognized in net pension expense, net of tax 659 727 1,976 2,183 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 659 727 1,976 2,183 Cash Flow Hedges (Note 6): Changes in fair value 11,339 2,877 8,668 (21,906) Tax (expense) benefit (2,985) (761) (2,282) 5,793 Changes in fair value, net of tax 8,354 2,116 6,386 (16,113) Reclassifications to CarMax Auto Finance income 4,111 6,334 13,610 15,060 Tax expense (1,082) (1,675) (3,582) (3,983) Reclassification of hedge losses, net of tax 3,029 4,659 10,028 11,077 Net change in cash flow hedge unrecognized losses, net of tax 11,383 6,775 16,414 (5,036) Total other comprehensive income (loss), net of tax $ 12,042 $ 7,502 $ 18,390 $ (2,853)

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Nov. 30, 2021
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2021 2020 2021 2020 Operating lease cost (1) $ 20,581 $ 14,340 $ 53,631 $ 43,075 Finance lease cost: Depreciation of lease assets 3,383 2,149 9,784 5,523 Interest on lease liabilities 4,257 2,680 12,531 7,328 Total finance lease cost 7,640 4,829 22,315 12,851 Total lease cost $ 28,221 $ 19,169 $ 75,946 $ 55,926 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of November 30 As of February 28 (In thousands) Classification 2021 2021 Assets: Operating lease assets Operating lease assets $ 543,645 $ 431,652 Finance lease assets Property and equipment, net (1) 123,347 109,665 Total lease assets $ 666,992 $ 541,317 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 43,151 $ 30,953 Finance leases Accrued expenses and other current liabilities 9,696 9,422 Long-term: Operating leases Operating lease liabilities, excluding current portion 529,821 423,618 Finance leases Other liabilities 140,215 120,094 Total lease liabilities $ 722,883 $ 584,087 (1) Finance lease assets are recorded net of accumulated depreciation of $27.3 million as of November 30, 2021 and $17.5 million as of February 28, 2021.
Other Lease Disclosures [Table Text Block]	As of November 30 As of February 28 Lease Term and Discount Rate 2021 2021 Weighted Average Remaining Lease Term (in years) Operating leases 17.45 19.37 Finance leases 12.78 13.56 Weighted Average Discount Rate Operating leases 4.80 % 5.36 % Finance leases 14.48 % 15.09 % Nine Months Ended November 30 (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51,527 $ 42,711 Operating cash flows from finance leases $ 8,086 $ 5,972 Financing cash flows from finance leases $ 8,822 $ 4,871 Lease assets obtained in exchange for lease obligations: Operating leases $ 45,491 $ 13,650 Finance leases $ 24,772 $ 30,596
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of November 30, 2021 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2022, remaining $ 17,382 $ 6,142 Fiscal 2023 69,570 25,633 Fiscal 2024 69,053 30,569 Fiscal 2025 68,544 27,316 Fiscal 2026 63,015 27,925 Thereafter 626,442 212,443 Total lease payments 914,006 330,028 Less: interest (341,034) (180,117) Present value of lease liabilities $ 572,972 $ 149,911 (1) Lease payments exclude $13.4 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended	9 Months Ended
Segment Reporting (Tables)	Nov. 30, 2021	Nov. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended November 30, 2021 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 8,494,437 $ 33,322 $ — $ 8,527,759 Intersegment sales and operating revenues — 7,973 (7,973) — Total sales and operating revenues $ 8,494,437 $ 41,295 $ (7,973) $ 8,527,759 Depreciation and amortization (1) $ 226 $ 2,489 $ — $ 2,715 Gross profit $ 809,998 $ 28,275 $ (1,713) $ 836,560 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 165,968 Selling, general and administrative expenses (575,930) Depreciation and amortization (2) (54,428) Interest expense (24,303) Other income (expense) 8,094 Earnings before income taxes $ 355,961	Nine Months Ended November 30, 2021 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 24,145,847 $ 67,870 $ — $ 24,213,717 Intersegment sales and operating revenues — 14,981 (14,981) — Total sales and operating revenues $ 24,145,847 $ 82,851 $ (14,981) $ 24,213,717 Depreciation and amortization (1) $ 526 $ 4,698 $ — $ 5,224 Gross profit $ 2,522,595 $ 57,348 $ (3,390) $ 2,576,553 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 607,732 Selling, general and administrative expenses (1,704,285) Depreciation and amortization (2) (157,107) Interest expense (67,247) Other income (expense) 35,453 Earnings before income taxes $ 1,291,099 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Background (Narrative) (Details

Background (Narrative) (Details)	9 Months Ended
Background (Narrative) (Details)	Nov. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions (Narrative) (Details) $ in Millions	Jun. 01, 2021USD ($)shares
Business Combination and Asset Acquisition [Abstract]
Business Acquisition, Transaction Costs	$ 8
Stock Issued During Period, Shares, Acquisitions \| shares	776,097
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 8.7

Business Combinations and Ass_4

Business Combinations and Asset Acquisitions (Schedule of Purchase Consideration) (Details) - Edmunds $ in Thousands	Jun. 01, 2021USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 401,818
Business Combination, Consideration Transferred	251,047
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	90,571
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 60,200

Business Combinations and Ass_5

Business Combinations and Asset Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 01, 2021	Nov. 30, 2021	Feb. 28, 2021
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 9,484
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	33,719
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	2,397
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	20,741
Goodwill		$ 141,258	$ 653
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	218,000
Operating lease assets		543,645	431,652
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	191
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	523,040
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	5,063
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	11,277
Current portion of operating lease liabilities		$ 43,151	$ 30,953
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	3,823
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	88,264
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	121,222
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	401,818
Goodwill, Purchase Accounting Adjustments	8,400
Edmunds
Business Acquisition [Line Items]
Goodwill	141,258
Operating lease assets	97,250
Current portion of operating lease liabilities	$ 12,795

Business Combinations and Ass_6

Business Combinations and Asset Acquisitions (Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination(Details) $ in Thousands	Jun. 01, 2021USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 218,000
Internally developed software
Acquired Indefinite-lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Finite-lived Intangible Assets Acquired	$ 52,900
Customer Relationships
Acquired Indefinite-lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	17 years
Finite-lived Intangible Assets Acquired	$ 133,200
Trade Names
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Trade Names	$ 31,900

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 8,527.8	$ 5,184.9	$ 24,213.7	$ 13,785.9
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,435.6	4,209.7	18,697.3	11,385.2
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,922.3	828.4	4,998.2	1,990.3
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	106.6	101.7	353.8	294.5
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1.6	(10.6)	(0.3)	(36.7)
Advertising & subscription revenues [Domain]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33.3	0	67.9	0
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	19.7	24.6	62.9	70.6
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8.7	31.1	33.9	82
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 169.9	$ 146.8	$ 518.2	$ 410.4

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Revenue from Contract with Customer [Abstract]
Receivables, Long-term Contracts or Programs	$ 0	$ 0

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Auto Finance Income [Line Items]
Interest and fee income	$ 330,000	$ 288,500	$ 964,400	$ 851,100
Interest expense	(53,600)	(77,100)	(180,000)	(243,000)
Total interest margin	276,400	211,400	784,400	608,100
Provision for loan losses	(76,200)	(8,200)	(87,300)	(156,100)
Total interest margin after provision for loan losses	200,200	203,200	697,100	452,000
Total other expense	0	0	0	(2,200)
Payroll and fringe benefit expense	(12,700)	(11,600)	(37,700)	(34,200)
Other Depreciation and Amortization	(2,400)	(200)	(2,800)	(600)
Other direct expenses	(19,200)	(15,000)	(48,900)	(40,400)
Total direct expenses	(34,300)	(26,800)	(89,400)	(75,200)
CarMax Auto Finance income	165,968	176,445	607,732	374,590
Total average managed receivables	$ 15,288,800	$ 13,517,500	$ 14,706,900	$ 13,381,600
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.60%	8.50%	8.70%	8.50%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.40%)	(2.30%)	(1.60%)	(2.40%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.20%	6.30%	7.10%	6.10%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(2.00%)	(0.20%)	(0.80%)	(1.60%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.20%	6.00%	6.30%	4.50%
Total other expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.00%	0.00%	0.00%	0.00%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.30%)	(0.30%)	(0.30%)	(0.30%)
Other Depreciation and Amortization
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.10%)	0.00%	0.00%	0.00%
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.50%)	(0.40%)	(0.40%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.90%)	(0.80%)	(0.80%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.30%	5.20%	5.50%	3.70%

Auto Loan Receivables Auto Loan

Auto Loan Receivables Auto Loan Receivables (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2021	Feb. 28, 2021
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-Recourse Debt	$ 15,416,457	$ 13,764,808
Allowance for Loan and Lease Losses, Period Increase (Decrease)	$ 15,400

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Aug. 31, 2021	Feb. 28, 2021	Nov. 30, 2020	Aug. 31, 2020	Mar. 01, 2020	Feb. 29, 2020
Total ending managed receivables	$ 15,524,000		$ 13,847,200
Accrued interest and fees	73,700		57,400
Other	(4,000)		(3,700)
Less: allowance for loan losses	(426,507)	$ (398,100)	(411,150)	$ (431,600)	$ (432,500)	$ (359,800)	$ (157,800)
Auto loans receivable, net	15,167,170		13,489,819
Asset-backed term funding
Total ending managed receivables	11,725,400		11,008,300
Warehouse facilities
Total ending managed receivables	3,155,900		2,314,100
Overcollateralization
Total ending managed receivables	479,200		345,200
Other managed receivables
Total ending managed receivables	$ 163,500		$ 179,600

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 6,401.1	$ 5,561.7
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	4,028.5	4,112.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,806.7	2,337.2
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,460.3	1,226.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	639.1	494.9
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	188.3	113.9
Total ending managed receivables	$ 15,524	$ 13,847.2
Total ending managed receivables as percentage by major credit grade	100.00%	100.00%
Credit Grade A
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 3,172.3	$ 2,782
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,999.2	2,146.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,454.6	1,146.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	693.7	568.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	275.2	199.6
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	57.6	30.4
Total ending managed receivables	$ 7,652.6	$ 6,874.1
Total ending managed receivables as percentage by major credit grade	49.30%	49.60%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,306.4	$ 1,993.6
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,446.1	1,424.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	977.3	870.1
Financing Receivable, Originated Three Years before Latest Fiscal Year	556.2	476
Financing Receivable, Originated Four Years before Latest Fiscal Year	260	195.5
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	80.4	49.2
Total ending managed receivables	$ 5,626.4	$ 5,008.9
Total ending managed receivables as percentage by major credit grade	36.20%	36.20%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 922.4	$ 786.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	583.2	541.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	374.8	320.4
Financing Receivable, Originated Three Years before Latest Fiscal Year	210.4	182
Financing Receivable, Originated Four Years before Latest Fiscal Year	103.9	99.8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	50.3	34.3
Total ending managed receivables	$ 2,245	$ 1,964.2
Total ending managed receivables as percentage by major credit grade	14.50%	14.20%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	Aug. 31, 2021	Feb. 28, 2021	Aug. 31, 2020	Mar. 01, 2020	Feb. 29, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 398,100	$ 432,500	$ 411,150	$ 157,800
Financing Receivable, Allowance for Credit Loss	426,507	431,600	426,507	431,600	$ 398,100	$ 411,150	$ 432,500	$ 359,800	$ 157,800
Charge-offs	(68,200)	(49,900)	(153,700)	(174,500)
Recoveries (2)	20,400	40,800	81,800	90,200
Provision for loan losses	76,200	8,200	87,300	156,100
Balance as of end of period (3)	426,507	$ 431,600	426,507	$ 431,600
Tier III
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period			31,800
Financing Receivable, Allowance for Credit Loss	40,800		40,800			$ 31,800
Balance as of end of period (3)	$ 40,800		$ 40,800
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Item as percent of total ending managed receivables	2.75%	3.17%	2.75%	3.17%	2.66%	2.97%	3.23%	2.64%	1.16%
Accounting Standards Update 2016-13 [Member] \| Financing Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 0	$ 0	$ 0
Financing Receivable, Allowance for Credit Loss					$ 0	$ 0	$ 0	$ 202,000

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 14,929.6	$ 13,454.7
Total ending managed receivables	$ 15,524	$ 13,847.2
Past due receivables as a percentage of total ending managed receivables	3.83%	2.83%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 594.4	$ 392.5
Total ending managed receivables, percent
Financing Receivable, Past Due [Line Items]
Item as percent of total ending managed receivables	100.00%	100.00%
Financial Asset, Current
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	96.17%	97.17%
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	2.34%	1.78%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 363.1	$ 246.2
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	1.20%	0.86%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 186	$ 119.9
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.29%	0.19%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 45.3	$ 26.4
Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	7,617.6	6,847.2
Total ending managed receivables	7,652.6	6,874.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent	35	26.9
Credit Grade A \| Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	23	17.3
Credit Grade A \| Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	9.2	7
Credit Grade A \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	2.8	2.6
Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	5,373.2	4,840.3
Total ending managed receivables	5,626.4	5,008.9
Financing Receivable, before Allowance for Credit Loss, Noncurrent	253.2	168.6
Credit Grade B \| Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	160.4	108.9
Credit Grade B \| Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	74.5	48.4
Credit Grade B \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	18.3	11.3
Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,938.8	1,767.2
Total ending managed receivables	2,245	1,964.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent	306.2	197
Credit Grade C And Other \| Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	179.7	120
Credit Grade C And Other \| Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	102.3	64.5
Credit Grade C And Other \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 24.2	$ 12.5

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 30, 2021	Nov. 30, 2021	Feb. 28, 2021
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months		$ 9
Derivative, Notional Amount	$ 4,030	4,030	$ 2,430
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	3.4	3.2
Derivative, Notional Amount	$ 644.2	$ 644.2	$ 255.2

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 705,326	$ 685,585
Mutual fund investments	25,650	24,049
Total assets at fair value	$ 745,213	$ 714,196
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	2.90%	3.30%
Total liabilities at fair value	$ (4,561)	$ (6,024)
Percent of total liabilities	0.00%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 705,326	$ 685,585
Mutual fund investments	25,650	24,049
Total assets at fair value	$ 730,976	$ 709,634
Percent of total assets at fair value	98.10%	99.40%
Percent of total assets	2.90%	3.30%
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0.00%	0.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 0	$ 0
Mutual fund investments	0	0
Total assets at fair value	$ 14,237	$ 4,562
Percent of total assets at fair value	1.90%	0.60%
Percent of total assets	0.10%	0.00%
Total liabilities at fair value	$ (4,561)	$ (6,024)
Percent of total liabilities	0.00%	0.00%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 10,566	$ 4,061
Liabilities: Derivative instruments	(4,561)	(6,024)
Designated As Hedging Instrument \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Liabilities: Derivative instruments	0	0
Designated As Hedging Instrument \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	10,566	4,061
Liabilities: Derivative instruments	(4,561)	(6,024)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,671	501
Not Designated as Hedging Instrument [Member] \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Not Designated as Hedging Instrument [Member] \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 3,671	$ 501

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 542,176	$ 556,993

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 79.8	$ 58.7

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 144.3	$ 122.6	$ 124.5	$ 117.9
Cancellations	(25.2)	(17.4)	(68.3)	(48.3)
Provision for future cancellations	28.7	17.9	91.6	53.5
Balance as of end of period	$ 147.8	$ 123.1	$ 147.8	$ 123.1

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 29.5	$ 29

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Long-term Debt	$ 17,458,864	$ 14,619,919
Financing Obligations	527,260	533,578
Non-Recourse Debt	15,416,457	13,764,808
Total debt	18,031,135	15,098,386
Less: current portion	(546,035)	(452,579)
Unamortized Debt Issuance Expense	(26,236)	(25,888)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	588,100	0
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000	300,000
3.86% senior notes dues 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	100,000	100,000
4.17% senior notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
4.27% senior notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
October 2021 Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 699,318	$ 0

Debt (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Non-Recourse Debt	$ 15,416,457	$ 13,764,808
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	180,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,350,000
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,300,000
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	4,830,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,670,000
Non-Recourse Debt	3,160,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-Recourse Debt	$ 12,260,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Dec. 29, 2021	Oct. 15, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Outstanding Balance	$ 17,458,864				$ 14,619,919
Non-recourse notes payable	15,416,457				$ 13,764,808
Capitalized interest	5,000	$ 2,100
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,450,000		$ 2,000,000
Unused capacity	861,900
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding Balance	300,000
Senior Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 500,000
Financing obligation \| Minimum
Debt Instrument [Line Items]
Initial lease terms, in years	15 years
Financing obligation \| Maximum
Debt Instrument [Line Items]
Initial lease terms, in years	20 years
October 2021 Term Loan
Debt Instrument [Line Items]
Outstanding Balance	$ 700,000			$ 700,000

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Narrative) (Details) - Share Repurchase Program - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 2,000
Available for repurchase, as of end of period	$ 876.2	$ 1,402.4

Stock and Stock-Based Incenti_4

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	851,100	1,175,800	3,602,800	1,691,300
Average Cost Per Share	$ 135.52	$ 92.90	$ 127.65	$ 88.65
Available for repurchase, as of end of period	$ 876.2	$ 1,402.4	$ 876.2	$ 1,402.4

Stock and Stock-Based Incenti_5

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 36,784	$ 11,677	$ 110,921	$ 75,632
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,896	11	5,719	3,202
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,560	938	4,749	3,750
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 33,328	$ 10,728	$ 100,453	$ 68,680

Stock and Stock-Based Incenti_6

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 36,784	$ 11,677	$ 110,921	$ 75,632
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	7,846	6,630	27,375	25,237
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	23,836	1,210	62,398	33,784
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,171	3,161	11,260	12,516
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	964	112	5,334	378
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	365	39	670	106
Stock-settled deferred stock units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	0	1,925	1,925
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	602	525	1,959	1,686
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 1,931	$ 676	$ 9,888	$ 4,095

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Share-Based Arrangement Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Nov. 30, 2021	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,861,000	6,266,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	922,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,249,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(78,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 42.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 23.75
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 54.4
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	394,000	520,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	82,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(197,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(11,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 178.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 112.21
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.5
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	169,000	84,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	89,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(2,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(2,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 132.96
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 108.30
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4.8
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,190,000	1,606,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	377,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(715,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(78,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 136.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 93.44

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2021	Nov. 30, 2020
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 269,438	$ 285,267	$ 436,756	$ 235,300	$ 296,696	$ 4,978	$ 991,461	$ 536,974
Weighted average common shares outstanding, shares	162,006			163,732			162,710	163,278
Weighted average common shares and dilutive potential common shares, shares	164,873			165,773			165,606	164,976
Basic net earnings per share (in dollars per share)	$ 1.66			$ 1.44			$ 6.09	$ 3.29
Diluted net earnings per share (in dollars per share)	$ 1.63			$ 1.42			$ 5.99	$ 3.25
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	2,373			1,636			2,391	1,341
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	494			405			505	357

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
Net Earnings Per Share (Narrative) (Details) - shares	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	776,853	115,509	701,970	2,158,503

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2021	Nov. 30, 2020
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (118,691)				$ (118,691)
Other comprehensive income before reclassifications							6,386
Amounts reclassified from accumulated other comprehensive loss							12,004
Other comprehensive income (loss), net of taxes	$ 12,042	$ 3,411	2,937	$ 7,502	$ 4,979	$ (15,334)	18,390	$ (2,853)
Ending balance	(100,301)						(100,301)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(92,662)				(92,662)
Other comprehensive income before reclassifications							0
Amounts reclassified from accumulated other comprehensive loss							1,976
Other comprehensive income (loss), net of taxes							1,976
Ending balance	(90,686)						(90,686)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (26,029)				(26,029)
Other comprehensive income before reclassifications							6,386
Amounts reclassified from accumulated other comprehensive loss							10,028
Other comprehensive income (loss), net of taxes							16,414
Ending balance	$ (9,615)						$ (9,615)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Total amortization reclassifications recognized in net pension expense	$ 869	$ 959	$ 2,605	$ 2,878
Tax expense	(210)	(232)	(629)	(695)
Amortization reclassifications recognized in net pension expense, net of tax	659	727	1,976	2,183
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	659	727	1,976	2,183
Changes in fair value	11,339	2,877	8,668	(21,906)
Tax (expense) benefit	(2,985)	(761)	(2,282)	5,793
Changes in fair value, net of tax	8,354	2,116	6,386	(16,113)
Reclassifications to CarMax Auto Finance income	4,111	6,334	13,610	15,060
Tax expense	(1,082)	(1,675)	(3,582)	(3,983)
Reclassification of hedge losses, net of tax	3,029	4,659	10,028	11,077
Net change in cash flow hedge unrecognized losses, net of tax	11,383	6,775	16,414	(5,036)
Total other comprehensive income (loss), net of tax	12,042	7,502	18,390	(2,853)
Cost of sales
Total amortization reclassifications recognized in net pension expense	367	402	1,083	1,212
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	21	27	64	83
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 481	$ 530	$ 1,458	$ 1,583

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 32.2	$ 38.7

Leases Narrative (Details)

Leases Narrative (Details)	9 Months Ended
Leases Narrative (Details)	Nov. 30, 2021
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Real Estate Lease Term	5 years
Equipment Lease Term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	20 years
Real Estate Lease Term	20 years
Equipment Lease Term	8 years

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Operating Lease, Cost	$ 20,581	$ 14,340	$ 53,631	$ 43,075
Finance Lease, Right-of-Use Asset, Amortization	3,383	2,149	9,784	5,523
Finance Lease, Interest Expense	4,257	2,680	12,531	7,328
Finance Lease, Cost	7,640	4,829	22,315	12,851
Lease, Cost	$ 28,221	$ 19,169	$ 75,946	$ 55,926

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021
Leases [Abstract]
Operating lease assets	$ 543,645	$ 431,652
Finance Lease, Right-of-Use Asset	123,347	109,665
Total lease assets	666,992	541,317
Current portion of operating lease liabilities	43,151	30,953
Finance Lease, Liability, Current	9,696	9,422
Operating lease liabilities, excluding current portion	529,821	423,618
Finance Lease, Liability, Noncurrent	140,215	120,094
Total lease liabilities	722,883	584,087
Finance Lease Accumulated Depreciation	$ 27,300	$ 17,500

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	Nov. 30, 2021Rate	Feb. 28, 2021Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	17 years 5 months 12 days	19 years 4 months 13 days
Finance Lease, Weighted Average Remaining Lease Term	12 years 9 months 10 days	13 years 6 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent	4.80%	5.36%
Finance Lease, Weighted Average Discount Rate, Percent	14.48%	15.09%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Operating Lease, Payments	$ 51,527	$ 42,711
Finance Lease, Interest Payment on Liability	8,086	5,972
Finance Lease, Principal Payments	8,822	4,871
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	45,491	13,650
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 24,772	$ 30,596

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Nov. 30, 2021USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 17,382
Lessee, Operating Lease, Liability, Payments, Due Year Two	69,570
Lessee, Operating Lease, Liability, Payments, Due Year Three	69,053
Lessee, Operating Lease, Liability, Payments, Due Year Four	68,544
Lessee, Operating Lease, Liability, Payments, Due Year Five	63,015
Lessee, Operating Lease, Liability, Payments, Due after Year Five	626,442
Lessee, Operating Lease, Liability, Payments, Due	914,006
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(341,034)
Operating Lease, Liability	572,972
Finance Lease, Liability, Payments, Remainder of Fiscal Year	6,142
Finance Lease, Liability, Payments, Due Year Two	25,633
Finance Lease, Liability, Payments, Due Year Three	30,569
Finance Lease, Liability, Payments, Due Year Four	27,316
Finance Lease, Liability, Payments, Due Year Five	27,925
Finance Lease, Liability, Payments, Due after Year Five	212,443
Finance Lease, Liability, Payment, Due	330,028
Finance Lease, Liability, Undiscounted Excess Amount	(180,117)
Finance Lease, Liability	149,911
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	17,382
Minimum lease payments, leases not commenced	$ 13,400

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
Contingent Liabilities (Details) - USD ($) $ in Millions	Nov. 30, 2021	Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]
Former Gain Contingency, Recognized in Current Period	$ 40.3
Liability associated with guarantee	19.3	$ 15.2
Proceeds from Legal Settlements	$ 22.6

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 8,527,759	$ 5,184,944	$ 24,213,717	$ 13,785,892
Depreciation and amortization			200,819	180,495
Gross Profit	836,560	631,430	2,576,553	1,737,756
CARMAX AUTO FINANCE INCOME	165,968	176,445	607,732	374,590
Selling, General and Administrative Expense	(575,930)	(430,781)	(1,704,285)	(1,197,595)
Depreciation, Depletion and Amortization, Nonproduction	(54,428)	(48,016)	(157,107)	(145,126)
Interest expense	(24,303)	(19,462)	(67,247)	(65,889)
Other (income) expense	8,094	887	35,453	(728)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	355,961	$ 310,503	1,291,099	$ 703,008
TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	2,715		5,224
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	(7,973)		(14,981)
Gross Profit	(1,713)		(3,390)
CarMax Sales Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	8,494,437		24,145,847
Gross Profit	809,998		2,522,595
CarMax Sales Operations \| TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	226		526
CarMax Sales Operations \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	8,494,437		24,145,847
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	33,322		67,870
Gross Profit	28,275		57,348
Other Segments \| TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	2,489		4,698
Other Segments \| Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	7,973		14,981
Other Segments \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 41,295		$ 82,851