CarMax (KMX) 10-Q27 Jun 222023 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	May 31, 2022	Jun. 23, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2022
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	2023
Document Fiscal Period Focus	Q1
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		159,165,992

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 9,311,621	$ 7,697,599
TOTAL COST OF SALES	8,436,230	6,773,090
GROSS PROFIT	875,391	924,509
CARMAX AUTO FINANCE INCOME	204,473	241,731
Selling, general and administrative expenses	656,740	554,069
Depreciation, Depletion and Amortization, Nonproduction	55,648	49,890
Interest expense	28,775	20,534
Other expense (income)	2,099	(25,577)
Earnings before income taxes	336,602	567,324
Income tax provision	84,337	130,568
NET EARNINGS	$ 252,265	$ 436,756
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	160,298	163,151
Diluted, shares	161,798	166,295
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.57	$ 2.68
Diluted (in dollars per share)	$ 1.56	$ 2.63
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 7,014,490	$ 6,157,344
TOTAL COST OF SALES	6,451,010	5,560,337
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	2,116,517	1,374,357
TOTAL COST OF SALES	1,924,850	1,188,513
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	180,614	165,898
TOTAL COST OF SALES	$ 60,370	$ 24,240
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100%	100%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	90.60%	88%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	9.40%	12%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	3.10%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	7.10%	7.20%
Depreciation and Amortization, Nonproduction
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	0.60%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.30%	0.30%
Other expense (income)
Percentage of Sales
Item as a percent of net sales and operating revenues	0%	(0.30%)
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	3.60%	7.40%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	0.90%	1.70%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	2.70%	5.70%
NET SALES AND OPERATING REVENUES \| Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	75.30%	80%
NET SALES AND OPERATING REVENUES \| Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	22.70%	17.90%
NET SALES AND OPERATING REVENUES \| Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	1.90%	2.20%
TOTAL COST OF SALES \| Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	69.30%	72.20%
TOTAL COST OF SALES \| Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	20.70%	15.40%
TOTAL COST OF SALES \| Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	0.30%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 252,265	$ 436,756
Other comprehensive income, net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	481	659
Net change in cash flow hedge unrecognized gains	51,833	2,278
Other comprehensive income (loss), net of taxes	52,314	2,937
TOTAL COMPREHENSIVE INCOME	$ 304,579	$ 439,693

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 95,313	$ 102,716
Restricted cash from collections on auto loans receivable	531,344	548,099
Accounts receivable, net	610,587	560,984
Inventory	4,691,085	5,124,569
Other current assets	189,638	212,922
TOTAL CURRENT ASSETS	6,117,967	6,549,290
Auto loans receivable, net of allowance for loan losses of $458,214 and $433,030 as of May 31, 2022 and February 28, 2022, respectively	15,672,605	15,289,701
Property and equipment, net of accumulated depreciation of $1,493,660 and $1,437,548 as of May 31, 2022 and February 28, 2022, respectively	3,258,614	3,209,068
Deferred Income Tax Assets, Net	91,305	120,931
Operating lease assets	533,355	537,357
Goodwill	141,258	141,258
Other assets	523,590	490,659
TOTAL ASSETS	26,338,694	26,338,264
CURRENT LIABILITIES:
Accounts payable	1,066,922	937,717
Accrued expenses and other current liabilities	489,619	533,271
Accrued income taxes	18,365	0
Current portion of operating lease liabilities	44,384	44,197
Current portion of long-term debt	111,517	11,203
Current portion of non-recourse notes payable	520,944	521,069
TOTAL CURRENT LIABILITIES	2,251,751	2,047,457
Long-term debt, excluding current portion	2,569,751	3,255,304
Non-recourse notes payable, excluding current portion	15,218,229	14,919,715
Operating lease liabilities, excluding current portion	519,818	523,269
Other liabilities	378,508	357,080
TOTAL LIABILITIES	20,938,057	21,102,825
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 159,613,860 and 161,053,983 shares issued and outstanding as of May 31, 2022 and February 28, 2022, respectively	79,807	80,527
Capital in excess of par value	1,678,172	1,677,268
Accumulated other comprehensive income (loss)	5,892	(46,422)
Retained earnings	3,636,766	3,524,066
TOTAL SHAREHOLDERS’ EQUITY	5,400,637	5,235,439
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 26,338,694	$ 26,338,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 458,214	$ 433,030
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,493,660	$ 1,437,548
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	159,613,860	161,053,983
Common stock, shares outstanding	159,613,680	161,053,983

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
OPERATING ACTIVITIES:
Net earnings	$ 252,265	$ 436,756
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	70,473	62,356
Share-based compensation expense	22,443	41,074
Provision for loan losses	57,840	(24,375)
Provision for cancellation reserves	31,719	34,128
Deferred income tax provision	11,561	24,751
Other	5,342	(21,037)
Net (increase) decrease in:
Accounts receivable, net	(49,603)	(174,149)
Inventory	433,484	(91,690)
Other current assets	73,315	(9,873)
Auto loans receivable, net	(440,744)	(644,850)
Other assets	(15,154)	(2,853)
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	105,445	315,784
Other liabilities	(27,434)	(57,905)
Net Cash Provided by (Used in) Operating Activities	530,952	(111,883)
INVESTING ACTIVITIES:
Capital expenditures	(94,808)	(59,145)
Proceeds from Sales of Business, Affiliate and Productive Assets	0	617
Purchases of investments	(4,380)	(4,701)
Sales and returns of investments	150	86
Net Cash Provided by (Used in) Investing Activities	(99,038)	(63,143)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term debt	1,043,100	388,600
Payments on long-term debt	(1,629,024)	(391,235)
Cash paid for debt issuance costs	(3,940)	(3,910)
Payments on finance lease obligations	(2,925)	(2,789)
Issuances of non-recourse notes payable	3,569,605	3,610,819
Payments on non-recourse notes payable	(3,272,242)	(3,014,131)
Repurchase and retirement of common stock	(162,974)	(133,838)
Equity issuances	3,443	21,589
Net Cash Provided by (Used in) Financing Activities	(454,957)	475,105
(Decrease) increase in cash, cash equivalents, and restricted cash	(23,043)	300,079
Cash, cash equivalents, and restricted cash at beginning of year	803,618	771,947
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	780,575	1,072,026
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	95,313	377,954
Restricted cash from collections on auto loans receivable	531,344	549,578
Restricted cash included in other assets	153,918	144,494
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 780,575	$ 1,072,026

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. 28, 2021		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, 2022	161,053,983	161,054,000
BALANCE at Feb. 28, 2022	$ 5,235,439	$ 80,527	1,677,268	3,524,066	(46,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	252,265			252,265
Other Comprehensive Income (Loss), Net of Tax	52,314				52,314
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	21,594		21,594
Stock Repurchased and Retired During Period, Shares		(1,644,000)
Stock Repurchased and Retired During Period, Value	(157,594)	$ (822)	(17,207)	(139,565)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		49,000
Stock Issued During Period, Value, Stock Options Exercised	3,442	$ 24	3,418
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		155,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (6,823)	$ 78	(6,901)
BALANCE, SHARES at May. 31, 2022	159,613,680	159,614,000
BALANCE at May. 31, 2022	$ 5,400,637	$ 79,807	$ 1,678,172	$ 3,636,766	$ 5,892

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	May 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Three Months Ended May 31 (In thousands) 2022 2021 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (2,457) $ 2,568 See Note 14 for supplemental cash flow information related to leases.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	3 Months Ended
	May 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2022 2021 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (2,457) $ 2,568

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Supplemental Cash Flow Elements [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ (2,457)	$ 2,568

Background

Background	3 Months Ended
Background	May 31, 2022
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 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 an integrated 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, 2022 (the “2022 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 2022 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 and the resulting adverse impacts to global economic conditions, as well as our operations, 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. Certain 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. Adopted in the Current Period In August 2020, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2020-06) related to the measurement and disclosure requirements for convertible instruments and contracts in an entity's own equity. The pronouncement simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement assessment for contracts in an entity's own equity. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. In July 2021, the FASB issued an accounting pronouncement (ASU 2021-05) related to accounting for sales-type leases with variable lease payments. This pronouncement is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not 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. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not 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	May 31, 2022
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 Original Equipment Manufacturer (“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 was included in other income in the consolidated statements of earnings for the second quarter of fiscal 2022. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: (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. Identifiable intangible assets were recognized at their estimated acquisition date fair values. The fair value of identifiable intangible assets was determined by using certain estimates and assumptions that are not observable in the market. The fair values of the trade name asset and the internally developed software asset were determined using the relief-from-royalty method, and the 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 estimated fair value and estimated remaining useful lives of identifiable intangible assets are as follows: (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	3 Months Ended
Revenue	May 31, 2022
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 May 31 (In millions) 2022 2021 Used vehicle sales $ 7,014.5 $ 6,157.3 Wholesale vehicle sales 2,116.5 1,374.4 Other sales and revenues: Extended protection plan revenues 116.5 134.2 Third-party finance income/(fees), net 3.4 (4.6) Advertising & subscription revenues (1) 34.4 — Service revenues 21.9 22.2 Other 4.4 14.1 Total other sales and revenues 180.6 165.9 Total net sales and operating revenues $ 9,311.6 $ 7,697.6 (1) Excludes intersegment sales and operating 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 May 31, 2022 and February 28, 2022, 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 Income/(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	3 Months Ended
CarMax Auto Finance	May 31, 2022
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 May 31 (In millions) 2022 % (1) 2021 % (1) Interest margin: Interest and fee income $ 346.7 8.8 $ 310.3 8.8 Interest expense (48.8) (1.2) (65.8) (1.9) Total interest margin 297.9 7.5 244.5 6.9 Provision for loan losses (57.8) (1.5) 24.4 0.7 Total interest margin after provision for loan losses 240.1 6.1 268.9 7.6 Direct expenses: Payroll and fringe benefit expense (14.7) (0.4) (12.6) (0.4) Depreciation and amortization (3.8) (0.1) (0.2) — Other direct expenses (17.1) (0.4) (14.4) (0.4) Total direct expenses (35.6) (0.9) (27.2) (0.8) CarMax Auto Finance income $ 204.5 5.2 $ 241.7 6.8 Total average managed receivables $ 15,817.0 $ 14,148.7

Auto Loan Receivables

Auto Loan Receivables	3 Months Ended
Auto Loan Receivables	May 31, 2022
Receivables [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 $15.76 billion as of May 31, 2022, and $15.47 billion as of February 28, 2022. See Note 10 for additional information on securitizations and 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 May 31 As of February 28 (In millions) 2022 2022 Asset-backed term funding $ 11,613.3 $ 11,653.8 Warehouse facilities 3,629.9 3,291.9 Overcollateralization (1) 565.1 489.1 Other managed receivables (2) 243.7 217.5 Total ending managed receivables 16,052.0 15,652.3 Accrued interest and fees 78.1 67.3 Other 0.7 3.1 Less: allowance for loan losses (458.2) (433.0) Auto loans receivable, net $ 15,672.6 $ 15,289.7 (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 utilize 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 May 31, 2022 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 1,192.3 $ 3,447.1 $ 1,584.2 $ 1,088.7 $ 463.0 $ 158.3 $ 7,933.6 49.4 B 869.9 2,495.0 1,139.0 743.6 393.8 183.0 5,824.3 36.3 C and other 240.7 823.7 440.2 255.9 131.0 75.5 1,967.0 12.3 Total core managed receivables 2,302.9 6,765.8 3,163.4 2,088.2 987.8 416.8 15,724.9 98.0 Other managed receivables (4) : C and other 81.2 161.6 21.3 30.6 21.1 11.3 327.1 2.0 Total ending managed receivables $ 2,384.1 $ 6,927.4 $ 3,184.7 $ 2,118.8 $ 1,008.9 $ 428.1 $ 16,052.0 100.0 As of February 28, 2022 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) Core managed receivables (3) : A $ 3,885.5 $ 1,788.3 $ 1,266.1 $ 574.1 $ 203.4 $ 32.3 $ 7,749.7 49.5 B 2,795.2 1,288.5 857.7 473.1 205.2 50.4 5,670.1 36.2 C and other 919.1 496.2 294.8 156.7 73.8 29.6 1,970.2 12.6 Total core managed receivables 7,599.8 3,573.0 2,418.6 1,203.9 482.4 112.3 15,390.0 98.3 Other managed receivables (4) : C and other 165.2 23.9 34.7 23.8 10.0 4.7 262.3 1.7 Total ending managed receivables $ 7,765.0 $ 3,596.9 $ 2,453.3 $ 1,227.7 $ 492.4 $ 117.0 $ 15,652.3 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF's Tier 1 originations. (4) Represents CAF's Tier 2 and Tier 3 originations. Allowance for Loan Losses. The allowance for loan losses at May 31, 2022 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 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 May 31, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (61.4) (6.8) (68.2) Recoveries 33.1 2.5 35.6 Provision for loan losses 41.2 16.6 57.8 Balance as of end of period $ 390.4 $ 67.8 $ 458.2 2.85 Three Months Ended May 31, 2021 (In millions) Core Other Total % (1) Balance as of beginning of period $ 379.4 $ 31.7 $ 411.1 2.97 Charge-offs (38.7) (3.1) (41.8) Recoveries 32.2 2.4 34.6 Provision for loan losses (24.8) 0.4 (24.4) Balance as of end of period $ 348.1 $ 31.4 $ 379.5 2.62 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. The allowance for loan losses increased $25.2 million from the prior quarter, primarily reflecting growth in receivables. During the quarter, the previously disclosed expansion of our Tier 2 and Tier 3 originations within CAF's portfolio resulted in a 5 basis point increase in the allowance as a percent of total ending managed receivables from the prior quarter. Loss performance was relatively consistent with the prior quarter. As a result, we determined that the quantitative loss rates should be kept consistent with the end of fiscal 2022. The allowance for loan losses as of May 31, 2022 reflects the historical loss performance experienced prior to the pandemic as well as increases for our Tier 3 expansion and growing Tier 2 portfolio. 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 May 31, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,901.3 $ 5,549.2 $ 1,692.5 $ 15,143.0 $ 256.7 $ 15,399.7 95.94 Delinquent loans: 31-60 days past due 21.6 175.6 162.8 360.0 40.9 400.9 2.50 61-90 days past due 8.1 79.5 91.4 179.0 23.9 202.9 1.26 Greater than 90 days past due 2.6 20.0 20.3 42.9 5.6 48.5 0.30 Total past due 32.3 275.1 274.5 581.9 70.4 652.3 4.06 Total ending managed receivables $ 7,933.6 $ 5,824.3 $ 1,967.0 $ 15,724.9 $ 327.1 $ 16,052.0 100.00 As of February 28, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,711.9 $ 5,401.3 $ 1,702.7 $ 14,815.9 $ 206.4 $ 15,022.3 95.98 Delinquent loans: 31-60 days past due 25.4 173.3 160.4 359.1 33.0 392.1 2.50 61-90 days past due 9.2 75.6 85.2 170.0 19.1 189.1 1.21 Greater than 90 days past due 3.2 19.9 21.9 45.0 3.8 48.8 0.31 Total past due 37.8 268.8 267.5 574.1 55.9 630.0 4.02 Total ending managed receivables $ 7,749.7 $ 5,670.1 $ 1,970.2 $ 15,390.0 $ 262.3 $ 15,652.3 100.00

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	3 Months Ended
Derivative Instruments And Hedging Activities	May 31, 2022
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 loans. 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 income (loss) (“AOCI”). 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 $26.2 million will be reclassified from AOCI as an increase 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 months ended May 31, 2022, we recognized income of $9.2 million in CAF income representing these changes in fair value. As of May 31, 2022 and February 28, 2022, we had interest rate swaps outstanding with a combined notional amount of $4.11 billion and $3.64 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of May 31, 2022 and February 28, 2022, we had interest rate swaps with a combined notional amount of $995.5 million and $578.3 million, respectively, outstanding that were not designated as cash flow hedges for accounting purposes. 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	3 Months Ended
Fair Value Measurements	May 31, 2022
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 May 31, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 687,599 $ — $ 687,599 Mutual fund investments 24,593 — 24,593 Derivative instruments designated as hedges — 70,215 70,215 Derivative instruments not designated as hedges — 18,546 18,546 Total assets at fair value $ 712,192 $ 88,761 $ 800,953 Percent of total assets at fair value 88.9 % 11.1 % 100.0 % Percent of total assets 2.7 % 0.3 % 3.0 % Liabilities: Derivative instruments designated as hedges $ — $ (1,518) $ (1,518) Total liabilities at fair value $ — $ (1,518) $ (1,518) Percent of total liabilities — % — % — % As of February 28, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 701,865 $ — $ 701,865 Mutual fund investments 24,022 — 24,022 Derivative instruments designated as hedges — 39,452 39,452 Derivative instruments not designated as hedges — 9,339 9,339 Total assets at fair value $ 725,887 $ 48,791 $ 774,678 Percent of total assets at fair value 93.7 % 6.3 % 100.0 % Percent of total assets 2.8 % 0.2 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (1,379) $ (1,379) Total liabilities at fair value $ — $ (1,379) $ (1,379) 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, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loans 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 May 31, 2022 and February 28, 2022, respectively, are as follows: (In thousands) As of May 31, 2022 As of February 28, 2022 Carrying value $ 500,000 $ 500,000 Fair value $ 491,085 $ 517,396

Cancellation Reserves

Cancellation Reserves	3 Months Ended
Cancellation Reserves	May 31, 2022
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 credit mix of the customer base. Cancellation Reserves Three Months Ended May 31 (In millions) 2022 2021 Balance as of beginning of period $ 144.7 $ 124.5 Cancellations (27.7) (20.2) Provision for future cancellations 31.7 34.1 Balance as of end of period $ 148.7 $ 138.4 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 May 31, 2022 and February 28, 2022, the current portion of cancellation reserves was $81.0 million and $78.7 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	May 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $25.4 million of gross unrecognized tax benefits as of May 31, 2022, and $24.8 million as of February 28, 2022. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2022.

Debt

Debt	3 Months Ended
Debt	May 31, 2022
Debt Disclosure [Abstract]
Debt	10. Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2022 2022 Revolving credit facility (2) June 2024 $ 660,500 $ 1,243,500 Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,388 699,352 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 522,414 524,766 Non-recourse notes payable Various dates through October 2028 15,764,161 15,466,799 Total debt 18,446,463 18,734,417 Less: current portion (632,461) (532,272) Less: unamortized debt issuance costs (26,022) (27,126) Long-term debt, net $ 17,787,980 $ 18,175,019 (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 $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes. We pay a commitment fee on the 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 May 31, 2022, the unused capacity of $1.34 billion was fully available to us. Term Loans. Borrowings under our $300 million and $700 million term loans are available for working capital and general corporate purposes. The interest rate on our term loans was 1.70% as of May 31, 2022, and the 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. The 3.86% senior note matures in April 2023 and is therefore classified as current. The remaining 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 do 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 October 2028, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable. Information on our funding vehicles of non-recourse notes payable as of May 31, 2022 are as follows: (In billions) Capacity Warehouse facilities: August 2022 expiration $ 2.30 December 2022 expiration 0.25 February 2023 expiration 2.85 Combined warehouse facility limit $ 5.40 Unused capacity $ 1.77 Non-recourse notes payable outstanding: Warehouse facilities $ 3.63 Asset-backed term funding transactions 12.13 Non-recourse notes payable $ 15.76 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 three months ended May 31, 2022 and 2021, we capitalized interest of $0.8 million and $1.9 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 May 31, 2022, 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	3 Months Ended
Stock and Stock-Based Incentive Plans	May 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program In April 2022, our board of directors (“board”) increased our share repurchase authorization by $2.0 billion. As of May 31, 2022, a total of $4.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.6 billion remained available for repurchase. Common Stock Repurchases Three Months Ended May 31 2022 2021 Number of shares repurchased (in thousands) 1,644.4 997.6 Average cost per share $ 95.83 $ 124.83 Available for repurchase, as of end of period (in millions) $ 2,616.9 $ 1,211.5 (B) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board. The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units. Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards. Nonemployee directors generally receive stock-settled deferred stock units. Excluding stock grants and stock-settled deferred stock units, all share-based compensation awards, including any associated dividend rights, are subject to forfeiture. Nonqualified Stock Options. Nonqualified stock options are awards that allow the recipient to purchase shares of our common stock at a fixed price. Stock options are granted at an exercise price equal to the fair market value of our common stock on the grant date. The stock options generally vest annually in equal amounts over four years. These options expire seven years after the date of the grant. Cash-Settled Restricted Stock Units. Also referred to as restricted stock units, or RSUs, these are awards that entitle the holder to a cash payment equal to the fair market value of a share of our common stock for each unit granted. For grants prior to fiscal 2021, conversion generally occurs at the end of a three-year vesting period. For RSUs granted during or after fiscal 2021, conversion generally occurs annually or in equal amounts over three years. However, the cash payment per RSU will not be greater than 200% or less than 75% of the fair market value of a share of our common stock on the grant date. The initial grant date fair values are based on the volume-weighted average prices or closing prices of our common stock on the grant dates. RSUs are liability-classified awards and do not have voting rights. Stock-Settled Market Stock Units. Also referred to as market stock units, or MSUs, these are restricted stock unit awards with market conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three-year vesting period. The conversion ratio is calculated by dividing the average closing price of our stock during the final 40 trading days of the three-year vesting period by our stock price on the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of MSUs granted to yield the number of shares awarded. The grant date fair values are determined using a Monte-Carlo simulation and are based on the expected market price of our common stock on the vesting date and the expected number of converted common shares. MSUs do not have voting rights. Other Share-Based Incentives Stock-Settled Performance Stock Units . Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three-year vesting period. For the fiscal 2020, fiscal 2022 and fiscal 2023 grants, the conversion ratio is based on the company reaching certain performance target levels set by the board of directors at the beginning of each one-year period, with the resulting quotients subject to meeting a minimum 25% threshold and capped at 200%. These quotients are then multiplied by the number of PSUs granted to yield the number of shares awarded. For the first-year and third-year periods of the fiscal 2020 awards and the first-year of the fiscal 2022 awards, these targets were based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies; the board certified performance adjustment factors of 117%, 200% and 200%, respectively. For the second-year period of the fiscal 2020 awards, the performance goals included quantitative and qualitative metrics including covenant compliance, market share and COVID-19 recovery; the board certified a performance adjustment factor of 100%. For the second-year period of the fiscal 2022 awards and the first-year period of the fiscal 2023 awards, the performance targets are based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies and market share. For the third-year period of the fiscal 2022 awards and the second- and third-year periods of the fiscal 2023 awards, the remaining awarded 48,658 PSUs do not qualify as grants under ASC 718 as mutual understanding of the target performance levels have not been set. The grant date fair values are based on the volume-weighted average prices or closing prices of our common stock on the grant dates. PSUs do not have voting rights. No PSUs were awarded in fiscal 2021. As of May 31, 2022, 43,364 granted units were outstanding at a weighted average grant date fair value per share of $109.02. Stock-Settled Deferred Stock Units . Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board of directors that are converted into one share of common stock for each unit granted. Conversion occurs at the end of the one-year vesting period unless the director has exercised the option to defer conversion until separation of service to the company. The grant date fair values are based on the volume-weighted average prices or closing prices of our common stock on the grant dates. DSUs have no voting rights. As of May 31, 2022, 69,288 units were outstanding at a weighted average grant date fair value of $92.82. Restricted Stock Awards . Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one- to three-year period from the date of the grant. The grant date fair values are based on the volume-weighted average prices or closing prices of our common stock on the grant dates. Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote. As of May 31, 2022, there were 24,171 shares outstanding at a grant date value of $119.96. (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2022 2021 Cost of sales $ 240 $ 1,729 CarMax Auto Finance income 708 1,708 Selling, general and administrative expenses 22,236 38,420 Share-based compensation expense, before income taxes $ 23,184 $ 41,857 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2022 2021 Nonqualified stock options $ 11,212 $ 11,821 Cash-settled restricted stock units (RSUs) 849 20,972 Stock-settled market stock units (MSUs) 5,347 4,845 Other share-based incentives: Stock-settled performance stock units (PSUs) 4,691 3,394 Restricted stock (RSAs) 344 42 Employee stock purchase plan 741 783 Total other share-based incentives $ 5,776 $ 4,219 Share-based compensation expense, before income taxes $ 23,184 $ 41,857 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2022 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 76.8 2.4 Stock-settled market stock units 24.5 1.8 Other share-based incentives: Stock-settled performance stock units 4.4 2.3 Restricted stock 1.4 1.0 Total other share-based incentives 5.8 2.0 Total $ 107.1 2.2 We recognize compensation expense for stock options, MSUs, PSUs, DSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award. The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with RSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the volume-weighted average price or closing price of our common stock on the last trading day of each reporting period. The total costs for matching contributions for our employee stock purchase plan are included in share-based compensation expense. There were no capitalized share-based compensation costs as of or for the three months ended May 31, 2022 or 2021. Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2022 5,796 $ 79.66 Options granted 1,264 $ 91.14 Options exercised (49) $ 70.25 Options forfeited or expired (39) $ 95.00 Outstanding as of May 31, 2022 6,972 $ 81.72 4.5 $ 155,771 Exercisable as of May 31, 2022 4,134 $ 72.55 3.5 $ 120,988 Stock Option Information Three Months Ended May 31 2022 2021 Options granted 1,263,797 917,455 Weighted average grant date fair value per share $ 33.32 $ 42.33 Cash received from options exercised (in millions) $ 3.4 $ 21.6 Intrinsic value of options exercised (in millions) $ 1.2 $ 28.0 Realized tax benefits (in millions) $ 0.3 $ 6.9 For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model. In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder. For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards. Assumptions Used to Estimate Option Values Three Months Ended May 31 2022 2021 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 38.7 % - 45.4 % 31.8 % - 37.0 % Weighted average expected volatility 39.4 % 36.2 % Risk-free interest rate (2) 0.4 % - 3.0 % — % - 1.3 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise. Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 1,163 $ 93.37 Stock units granted 660 $ 91.14 Stock units vested and converted (734) $ 85.33 Stock units cancelled (23) $ 98.56 Outstanding as of May 31, 2022 1,066 $ 97.42 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2022 2021 Stock units granted 660,085 361,115 Initial weighted average grant date fair value per share $ 91.14 $ 136.94 Payments (before payroll tax withholdings) upon vesting (in millions) $ 65.2 $ 89.8 Realized tax benefits (in millions) $ 15.9 $ 24.6 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2022 (In thousands) Minimum (1) Maximum (1) Fiscal 2024 $ 31,010 $ 82,692 Fiscal 2025 23,209 61,890 Fiscal 2026 12,724 33,930 Total expected cash settlements $ 66,943 $ 178,512 (1) Net of estimated forfeitures. Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 393 $ 112.17 Stock units granted 132 $ 126.59 Stock units vested and converted (119) $ 98.43 Stock units cancelled (5) $ 124.75 Outstanding as of May 31, 2022 401 $ 120.80 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2022 2021 Stock units granted 131,701 80,910 Weighted average grant date fair value per share $ 126.59 $ 178.31 Realized tax benefits (in millions) $ 3.0 $ 10.9

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
Net Earnings Per Share	May 31, 2022
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 May 31 (In thousands except per share data) 2022 2021 Net earnings $ 252,265 $ 436,756 Weighted average common shares outstanding 160,298 163,151 Dilutive potential common shares: Stock options 1,178 2,529 Stock-settled stock units and awards 322 615 Weighted average common shares and dilutive potential common shares 161,798 166,295 Basic net earnings per share $ 1.57 $ 2.68 Diluted net earnings per share $ 1.56 $ 2.63 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 May 31, 2022 and 2021, options to purchase 1,344,783 shares and 289,140 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	May 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss) By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Gains Income (Loss) Balance as of February 28, 2022 $ (73,001) $ 26,579 $ (46,422) Other comprehensive income before reclassifications — 52,055 52,055 Amounts reclassified from accumulated other comprehensive income (loss) 481 (222) 259 Other comprehensive income 481 51,833 52,314 Balance as of May 31, 2022 $ (72,520) $ 78,412 $ 5,892 Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Three Months Ended May 31 (In thousands) 2022 2021 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 265 $ 357 CarMax Auto Finance income 16 22 Selling, general and administrative expenses 355 489 Total amortization reclassifications recognized in net pension expense 636 868 Tax expense (155) (209) Amortization reclassifications recognized in net pension expense, net of tax 481 659 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 481 659 Cash Flow Hedges (Note 6): Changes in fair value 70,042 (2,006) Tax (expense) benefit (17,987) 528 Changes in fair value, net of tax 52,055 (1,478) Reclassifications to CarMax Auto Finance income (299) 5,098 Tax benefit (expense) 77 (1,342) Reclassification of hedge gains (losses), net of tax (222) 3,756 Net change in cash flow hedge unrecognized gains, net of tax 51,833 2,278 Total other comprehensive income, net of tax $ 52,314 $ 2,937 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 income (loss). The cumulative balances are net of deferred taxes of $3.9 million as of May 31, 2022 and $14.2 million as of February 28, 2022.

Leases (Notes)

Leases (Notes)	3 Months Ended
Leases (Notes)	May 31, 2022
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 do 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 May 31 (In thousands) 2022 2021 Operating lease cost (1) $ 23,020 $ 14,352 Finance lease cost: Depreciation of lease assets 3,494 3,142 Interest on lease liabilities 4,930 4,107 Total finance lease cost 8,424 7,249 Total lease cost $ 31,444 $ 21,601 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of May 31 As of February 28 (In thousands) Classification 2022 2022 Assets: Operating lease assets Operating lease assets $ 533,355 $ 537,357 Finance lease assets Property and equipment, net (1) 141,463 127,183 Total lease assets $ 674,818 $ 664,540 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 44,384 $ 44,197 Finance leases Accrued expenses and other current liabilities 12,327 10,290 Long-term: Operating leases Operating lease liabilities, excluding current portion 519,818 523,269 Finance leases Other liabilities 158,988 145,179 Total lease liabilities $ 735,517 $ 722,935 (1) Finance lease assets are recorded net of accumulated depreciation of $34.2 million as of May 31, 2022 and $30.7 million as of February 28, 2022. Lease term and discount rate information related to leases was as follows: As of May 31 As of February 28 Lease Term and Discount Rate 2022 2022 Weighted Average Remaining Lease Term (in years) Operating leases 17.11 17.31 Finance leases 11.58 12.42 Weighted Average Discount Rate Operating leases 4.80 % 4.80 % Finance leases 14.56 % 14.35 % Supplemental cash flow information related to leases was as follows: Three Months Ended May 31 (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,282 $ 13,911 Operating cash flows from finance leases $ 3,935 $ 2,699 Financing cash flows from finance leases $ 2,925 $ 2,788 Lease assets obtained in exchange for lease obligations: Operating leases $ 7,871 $ 30,078 Finance leases $ 17,776 $ 10,107 Maturities of lease liabilities were as follows: As of May 31, 2022 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2023, remaining $ 53,792 $ 22,854 Fiscal 2024 71,516 36,850 Fiscal 2025 71,070 33,815 Fiscal 2026 65,566 34,875 Fiscal 2027 58,694 30,639 Thereafter 572,583 195,344 Total lease payments 893,221 354,377 Less: interest (329,019) (183,062) Present value of lease liabilities $ 564,202 $ 171,315 (1) Lease payments exclude $28.8 million of legally binding minimum lease payments for leases signed but not yet commenced.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
Contingent Liabilities	May 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . 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 Private Attorneys General Act (“PAGA”) claims. 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. Bendure subsequently decided not to proceed with an individual or putative class claim, but rather filed and served a PAGA-only complaint in the Superior Court of California for the County of San Bernardino on December 7, 2021, based on the same allegations pled in the original complaint. CarMax filed a motion to compel arbitration. The Court has stayed all discovery until after it rules on CarMax’s motion to compel arbitration. 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. Walker filed his lawsuit on March 29, 2022. On June 15, 2022, the United States Supreme Court issued its decision in Viking Cruise v. Moriana , holding that an individual who signs an arbitration agreement cannot circumvent that agreement by filing a related PAGA claim in court. In light of this decision, CarMax intends to move to compel arbitration of the individual PAGA claims noted above and will seek to dismiss any representative PAGA claims. 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. 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 $26.6 million as of May 31, 2022, and $18.5 million as of February 28, 2022, and is included in accrued expenses and other current liabilities.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	May 31, 2022
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 May 31, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 9,277,236 $ 34,385 $ — $ 9,311,621 Intersegment sales and operating revenues — 7,742 (7,742) — Total sales and operating revenues $ 9,277,236 $ 42,127 $ (7,742) $ 9,311,621 Depreciation and amortization (1) $ 312 $ 3,074 $ — $ 3,386 Gross profit $ 849,290 $ 27,727 $ (1,626) $ 875,391 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 204,473 Selling, general and administrative expenses (656,740) Depreciation and amortization (2) (55,648) Interest expense (28,775) Other (expense) income (2,099) Earnings before income taxes $ 336,602 (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)	3 Months Ended
Background Basis of Accounting (Policies)	May 31, 2022
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 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 an integrated 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, 2022 (the “2022 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 2022 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 and the resulting adverse impacts to global economic conditions, as well as our operations, 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. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.

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	(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)	3 Months Ended
Revenue (Tables)	May 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended May 31 (In millions) 2022 2021 Used vehicle sales $ 7,014.5 $ 6,157.3 Wholesale vehicle sales 2,116.5 1,374.4 Other sales and revenues: Extended protection plan revenues 116.5 134.2 Third-party finance income/(fees), net 3.4 (4.6) Advertising & subscription revenues (1) 34.4 — Service revenues 21.9 22.2 Other 4.4 14.1 Total other sales and revenues 180.6 165.9 Total net sales and operating revenues $ 9,311.6 $ 7,697.6 (1) Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 17 for further details.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	3 Months Ended
CarMax Auto Finance (Tables)	May 31, 2022
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended May 31 (In millions) 2022 % (1) 2021 % (1) Interest margin: Interest and fee income $ 346.7 8.8 $ 310.3 8.8 Interest expense (48.8) (1.2) (65.8) (1.9) Total interest margin 297.9 7.5 244.5 6.9 Provision for loan losses (57.8) (1.5) 24.4 0.7 Total interest margin after provision for loan losses 240.1 6.1 268.9 7.6 Direct expenses: Payroll and fringe benefit expense (14.7) (0.4) (12.6) (0.4) Depreciation and amortization (3.8) (0.1) (0.2) — Other direct expenses (17.1) (0.4) (14.4) (0.4) Total direct expenses (35.6) (0.9) (27.2) (0.8) CarMax Auto Finance income $ 204.5 5.2 $ 241.7 6.8 Total average managed receivables $ 15,817.0 $ 14,148.7

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	3 Months Ended
Auto Loan Receivables (Tables)	May 31, 2022
Receivables [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of May 31 As of February 28 (In millions) 2022 2022 Asset-backed term funding $ 11,613.3 $ 11,653.8 Warehouse facilities 3,629.9 3,291.9 Overcollateralization (1) 565.1 489.1 Other managed receivables (2) 243.7 217.5 Total ending managed receivables 16,052.0 15,652.3 Accrued interest and fees 78.1 67.3 Other 0.7 3.1 Less: allowance for loan losses (458.2) (433.0) Auto loans receivable, net $ 15,672.6 $ 15,289.7 (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 May 31, 2022 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 1,192.3 $ 3,447.1 $ 1,584.2 $ 1,088.7 $ 463.0 $ 158.3 $ 7,933.6 49.4 B 869.9 2,495.0 1,139.0 743.6 393.8 183.0 5,824.3 36.3 C and other 240.7 823.7 440.2 255.9 131.0 75.5 1,967.0 12.3 Total core managed receivables 2,302.9 6,765.8 3,163.4 2,088.2 987.8 416.8 15,724.9 98.0 Other managed receivables (4) : C and other 81.2 161.6 21.3 30.6 21.1 11.3 327.1 2.0 Total ending managed receivables $ 2,384.1 $ 6,927.4 $ 3,184.7 $ 2,118.8 $ 1,008.9 $ 428.1 $ 16,052.0 100.0 As of February 28, 2022 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) Core managed receivables (3) : A $ 3,885.5 $ 1,788.3 $ 1,266.1 $ 574.1 $ 203.4 $ 32.3 $ 7,749.7 49.5 B 2,795.2 1,288.5 857.7 473.1 205.2 50.4 5,670.1 36.2 C and other 919.1 496.2 294.8 156.7 73.8 29.6 1,970.2 12.6 Total core managed receivables 7,599.8 3,573.0 2,418.6 1,203.9 482.4 112.3 15,390.0 98.3 Other managed receivables (4) : C and other 165.2 23.9 34.7 23.8 10.0 4.7 262.3 1.7 Total ending managed receivables $ 7,765.0 $ 3,596.9 $ 2,453.3 $ 1,227.7 $ 492.4 $ 117.0 $ 15,652.3 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF's Tier 1 originations. (4) Represents CAF's Tier 2 and Tier 3 originations.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended May 31, 2022 (In millions) Core Other Total % (1) Balance as of beginning of period $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (61.4) (6.8) (68.2) Recoveries 33.1 2.5 35.6 Provision for loan losses 41.2 16.6 57.8 Balance as of end of period $ 390.4 $ 67.8 $ 458.2 2.85 Three Months Ended May 31, 2021 (In millions) Core Other Total % (1) Balance as of beginning of period $ 379.4 $ 31.7 $ 411.1 2.97 Charge-offs (38.7) (3.1) (41.8) Recoveries 32.2 2.4 34.6 Provision for loan losses (24.8) 0.4 (24.4) Balance as of end of period $ 348.1 $ 31.4 $ 379.5 2.62 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle.
Past Due Receivables	Past Due Receivables As of May 31, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,901.3 $ 5,549.2 $ 1,692.5 $ 15,143.0 $ 256.7 $ 15,399.7 95.94 Delinquent loans: 31-60 days past due 21.6 175.6 162.8 360.0 40.9 400.9 2.50 61-90 days past due 8.1 79.5 91.4 179.0 23.9 202.9 1.26 Greater than 90 days past due 2.6 20.0 20.3 42.9 5.6 48.5 0.30 Total past due 32.3 275.1 274.5 581.9 70.4 652.3 4.06 Total ending managed receivables $ 7,933.6 $ 5,824.3 $ 1,967.0 $ 15,724.9 $ 327.1 $ 16,052.0 100.00 As of February 28, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,711.9 $ 5,401.3 $ 1,702.7 $ 14,815.9 $ 206.4 $ 15,022.3 95.98 Delinquent loans: 31-60 days past due 25.4 173.3 160.4 359.1 33.0 392.1 2.50 61-90 days past due 9.2 75.6 85.2 170.0 19.1 189.1 1.21 Greater than 90 days past due 3.2 19.9 21.9 45.0 3.8 48.8 0.31 Total past due 37.8 268.8 267.5 574.1 55.9 630.0 4.02 Total ending managed receivables $ 7,749.7 $ 5,670.1 $ 1,970.2 $ 15,390.0 $ 262.3 $ 15,652.3 100.00

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	May 31, 2022
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 May 31, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 687,599 $ — $ 687,599 Mutual fund investments 24,593 — 24,593 Derivative instruments designated as hedges — 70,215 70,215 Derivative instruments not designated as hedges — 18,546 18,546 Total assets at fair value $ 712,192 $ 88,761 $ 800,953 Percent of total assets at fair value 88.9 % 11.1 % 100.0 % Percent of total assets 2.7 % 0.3 % 3.0 % Liabilities: Derivative instruments designated as hedges $ — $ (1,518) $ (1,518) Total liabilities at fair value $ — $ (1,518) $ (1,518) Percent of total liabilities — % — % — % As of February 28, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 701,865 $ — $ 701,865 Mutual fund investments 24,022 — 24,022 Derivative instruments designated as hedges — 39,452 39,452 Derivative instruments not designated as hedges — 9,339 9,339 Total assets at fair value $ 725,887 $ 48,791 $ 774,678 Percent of total assets at fair value 93.7 % 6.3 % 100.0 % Percent of total assets 2.8 % 0.2 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (1,379) $ (1,379) Total liabilities at fair value $ — $ (1,379) $ (1,379) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of May 31, 2022 As of February 28, 2022 Carrying value $ 500,000 $ 500,000 Fair value $ 491,085 $ 517,396

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	3 Months Ended
Cancellation Reserves (Tables)	May 31, 2022
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended May 31 (In millions) 2022 2021 Balance as of beginning of period $ 144.7 $ 124.5 Cancellations (27.7) (20.2) Provision for future cancellations 31.7 34.1 Balance as of end of period $ 148.7 $ 138.4

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	May 31, 2022
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2022 2022 Revolving credit facility (2) June 2024 $ 660,500 $ 1,243,500 Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,388 699,352 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 522,414 524,766 Non-recourse notes payable Various dates through October 2028 15,764,161 15,466,799 Total debt 18,446,463 18,734,417 Less: current portion (632,461) (532,272) Less: unamortized debt issuance costs (26,022) (27,126) Long-term debt, net $ 17,787,980 $ 18,175,019 (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: August 2022 expiration $ 2.30 December 2022 expiration 0.25 February 2023 expiration 2.85 Combined warehouse facility limit $ 5.40 Unused capacity $ 1.77 Non-recourse notes payable outstanding: Warehouse facilities $ 3.63 Asset-backed term funding transactions 12.13 Non-recourse notes payable $ 15.76

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	3 Months Ended
Stock and Stock-Based Incentive Plans (Tables)	May 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended May 31 2022 2021 Number of shares repurchased (in thousands) 1,644.4 997.6 Average cost per share $ 95.83 $ 124.83 Available for repurchase, as of end of period (in millions) $ 2,616.9 $ 1,211.5
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2022 2021 Cost of sales $ 240 $ 1,729 CarMax Auto Finance income 708 1,708 Selling, general and administrative expenses 22,236 38,420 Share-based compensation expense, before income taxes $ 23,184 $ 41,857
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2022 2021 Nonqualified stock options $ 11,212 $ 11,821 Cash-settled restricted stock units (RSUs) 849 20,972 Stock-settled market stock units (MSUs) 5,347 4,845 Other share-based incentives: Stock-settled performance stock units (PSUs) 4,691 3,394 Restricted stock (RSAs) 344 42 Employee stock purchase plan 741 783 Total other share-based incentives $ 5,776 $ 4,219 Share-based compensation expense, before income taxes $ 23,184 $ 41,857 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2022 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 76.8 2.4 Stock-settled market stock units 24.5 1.8 Other share-based incentives: Stock-settled performance stock units 4.4 2.3 Restricted stock 1.4 1.0 Total other share-based incentives 5.8 2.0 Total $ 107.1 2.2
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2022 5,796 $ 79.66 Options granted 1,264 $ 91.14 Options exercised (49) $ 70.25 Options forfeited or expired (39) $ 95.00 Outstanding as of May 31, 2022 6,972 $ 81.72 4.5 $ 155,771 Exercisable as of May 31, 2022 4,134 $ 72.55 3.5 $ 120,988 Stock Option Information Three Months Ended May 31 2022 2021 Options granted 1,263,797 917,455 Weighted average grant date fair value per share $ 33.32 $ 42.33 Cash received from options exercised (in millions) $ 3.4 $ 21.6 Intrinsic value of options exercised (in millions) $ 1.2 $ 28.0 Realized tax benefits (in millions) $ 0.3 $ 6.9
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Assumptions Used to Estimate Option Values Three Months Ended May 31 2022 2021 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 38.7 % - 45.4 % 31.8 % - 37.0 % Weighted average expected volatility 39.4 % 36.2 % Risk-free interest rate (2) 0.4 % - 3.0 % — % - 1.3 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise.
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 1,163 $ 93.37 Stock units granted 660 $ 91.14 Stock units vested and converted (734) $ 85.33 Stock units cancelled (23) $ 98.56 Outstanding as of May 31, 2022 1,066 $ 97.42 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2022 2021 Stock units granted 660,085 361,115 Initial weighted average grant date fair value per share $ 91.14 $ 136.94 Payments (before payroll tax withholdings) upon vesting (in millions) $ 65.2 $ 89.8 Realized tax benefits (in millions) $ 15.9 $ 24.6 Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 393 $ 112.17 Stock units granted 132 $ 126.59 Stock units vested and converted (119) $ 98.43 Stock units cancelled (5) $ 124.75 Outstanding as of May 31, 2022 401 $ 120.80 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2022 2021 Stock units granted 131,701 80,910 Weighted average grant date fair value per share $ 126.59 $ 178.31 Realized tax benefits (in millions) $ 3.0 $ 10.9
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2022 (In thousands) Minimum (1) Maximum (1) Fiscal 2024 $ 31,010 $ 82,692 Fiscal 2025 23,209 61,890 Fiscal 2026 12,724 33,930 Total expected cash settlements $ 66,943 $ 178,512 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
Net Earnings Per Share (Tables)	May 31, 2022
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2022 2021 Net earnings $ 252,265 $ 436,756 Weighted average common shares outstanding 160,298 163,151 Dilutive potential common shares: Stock options 1,178 2,529 Stock-settled stock units and awards 322 615 Weighted average common shares and dilutive potential common shares 161,798 166,295 Basic net earnings per share $ 1.57 $ 2.68 Diluted net earnings per share $ 1.56 $ 2.63

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	May 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Income (Loss) By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Comprehensive (In thousands, net of income taxes) Losses Gains Income (Loss) Balance as of February 28, 2022 $ (73,001) $ 26,579 $ (46,422) Other comprehensive income before reclassifications — 52,055 52,055 Amounts reclassified from accumulated other comprehensive income (loss) 481 (222) 259 Other comprehensive income 481 51,833 52,314 Balance as of May 31, 2022 $ (72,520) $ 78,412 $ 5,892
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Three Months Ended May 31 (In thousands) 2022 2021 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 265 $ 357 CarMax Auto Finance income 16 22 Selling, general and administrative expenses 355 489 Total amortization reclassifications recognized in net pension expense 636 868 Tax expense (155) (209) Amortization reclassifications recognized in net pension expense, net of tax 481 659 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 481 659 Cash Flow Hedges (Note 6): Changes in fair value 70,042 (2,006) Tax (expense) benefit (17,987) 528 Changes in fair value, net of tax 52,055 (1,478) Reclassifications to CarMax Auto Finance income (299) 5,098 Tax benefit (expense) 77 (1,342) Reclassification of hedge gains (losses), net of tax (222) 3,756 Net change in cash flow hedge unrecognized gains, net of tax 51,833 2,278 Total other comprehensive income, net of tax $ 52,314 $ 2,937

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	May 31, 2022
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended May 31 (In thousands) 2022 2021 Operating lease cost (1) $ 23,020 $ 14,352 Finance lease cost: Depreciation of lease assets 3,494 3,142 Interest on lease liabilities 4,930 4,107 Total finance lease cost 8,424 7,249 Total lease cost $ 31,444 $ 21,601 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of May 31 As of February 28 (In thousands) Classification 2022 2022 Assets: Operating lease assets Operating lease assets $ 533,355 $ 537,357 Finance lease assets Property and equipment, net (1) 141,463 127,183 Total lease assets $ 674,818 $ 664,540 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 44,384 $ 44,197 Finance leases Accrued expenses and other current liabilities 12,327 10,290 Long-term: Operating leases Operating lease liabilities, excluding current portion 519,818 523,269 Finance leases Other liabilities 158,988 145,179 Total lease liabilities $ 735,517 $ 722,935 (1) Finance lease assets are recorded net of accumulated depreciation of $34.2 million as of May 31, 2022 and $30.7 million as of February 28, 2022.
Other Lease Disclosures [Table Text Block]	As of May 31 As of February 28 Lease Term and Discount Rate 2022 2022 Weighted Average Remaining Lease Term (in years) Operating leases 17.11 17.31 Finance leases 11.58 12.42 Weighted Average Discount Rate Operating leases 4.80 % 4.80 % Finance leases 14.56 % 14.35 % Three Months Ended May 31 (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,282 $ 13,911 Operating cash flows from finance leases $ 3,935 $ 2,699 Financing cash flows from finance leases $ 2,925 $ 2,788 Lease assets obtained in exchange for lease obligations: Operating leases $ 7,871 $ 30,078 Finance leases $ 17,776 $ 10,107
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of May 31, 2022 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2023, remaining $ 53,792 $ 22,854 Fiscal 2024 71,516 36,850 Fiscal 2025 71,070 33,815 Fiscal 2026 65,566 34,875 Fiscal 2027 58,694 30,639 Thereafter 572,583 195,344 Total lease payments 893,221 354,377 Less: interest (329,019) (183,062) Present value of lease liabilities $ 564,202 $ 171,315 (1) Lease payments exclude $28.8 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	May 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended May 31, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 9,277,236 $ 34,385 $ — $ 9,311,621 Intersegment sales and operating revenues — 7,742 (7,742) — Total sales and operating revenues $ 9,277,236 $ 42,127 $ (7,742) $ 9,311,621 Depreciation and amortization (1) $ 312 $ 3,074 $ — $ 3,386 Gross profit $ 849,290 $ 27,727 $ (1,626) $ 875,391 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 204,473 Selling, general and administrative expenses (656,740) Depreciation and amortization (2) (55,648) Interest expense (28,775) Other (expense) income (2,099) Earnings before income taxes $ 336,602 (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)	3 Months Ended
Background (Narrative) (Details)	May 31, 2022 segment
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, 2021 USD ($) 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, 2021 USD ($)
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	May 31, 2022	Feb. 28, 2022
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	$ 141,258
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	218,000
Operating lease assets		533,355	537,357
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		$ 44,384	$ 44,197
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, 2021 USD ($)
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
Revenue (Details) - USD ($) $ in Millions	May 31, 2022	May 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 9,311.6	$ 7,697.6
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,014.5	6,157.3
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,116.5	1,374.4
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	116.5	134.2
Third-party finance income/(fees), net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3.4	(4.6)
Advertising & subscription revenues [Domain]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34.4	0
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21.9	22.2
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4.4	14.1
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 180.6	$ 165.9

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
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
	May 31, 2022	May 31, 2021
Auto Finance Income [Line Items]
Interest and fee income	$ 346,700	$ 310,300
Interest expense	(48,800)	(65,800)
Total interest margin	297,900	244,500
Provision for loan losses	(57,800)	24,400
Total interest margin after provision for loan losses	240,100	268,900
Payroll and fringe benefit expense	(14,700)	(12,600)
Other Depreciation and Amortization	(3,800)	(200)
Other direct expenses	(17,100)	(14,400)
Total direct expenses	(35,600)	(27,200)
CarMax Auto Finance income	204,473	241,731
Total average managed receivables	$ 15,817,000	$ 14,148,700
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.80%	8.80%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.20%)	(1.90%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.50%	6.90%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.50%)	0.70%
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.10%	7.60%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.40%)
Other Depreciation and Amortization
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.10%)	0%
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(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%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.20%	6.80%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022	May 31, 2021	Feb. 28, 2021
Non-recourse Notes Payable	$ 15,764,161	$ 15,466,799
Financing Receivable, before Allowance for Credit Loss	16,052,000	15,652,300
Interest Receivable	78,100	67,300
Other	700	3,100
Financing Receivable, Allowance for Credit Loss	458,214	433,030	$ 379,500	$ 411,100
Financing Receivable, after Allowance for Credit Loss	15,672,605	15,289,701
Asset-backed term funding
Financing Receivable, before Allowance for Credit Loss	11,613,300	11,653,800
Warehouse facilities
Financing Receivable, before Allowance for Credit Loss	3,629,900	3,291,900
Overcollateralization
Financing Receivable, before Allowance for Credit Loss	565,100	489,100
Other managed receivables
Financing Receivable, before Allowance for Credit Loss	$ 243,700	$ 217,500

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,384.1	$ 7,765
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,927.4	3,596.9
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,184.7	2,453.3
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,118.8	1,227.7
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,008.9	492.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	428.1	117
Financing Receivable, before Allowance for Credit Loss	$ 16,052	$ 15,652.3
Total ending managed receivables as percentage by major credit grade	100%	100%
Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,302.9	$ 7,599.8
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,765.8	3,573
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,163.4	2,418.6
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,088.2	1,203.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	987.8	482.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	416.8	112.3
Financing Receivable, before Allowance for Credit Loss	$ 15,724.9	$ 15,390
Total ending managed receivables as percentage by major credit grade	98%	98.30%
Credit Grade A \| Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 1,192.3	$ 3,885.5
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,447.1	1,788.3
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,584.2	1,266.1
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,088.7	574.1
Financing Receivable, Originated Four Years before Latest Fiscal Year	463	203.4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	158.3	32.3
Financing Receivable, before Allowance for Credit Loss	$ 7,933.6	$ 7,749.7
Total ending managed receivables as percentage by major credit grade	49.40%	49.50%
Credit Grade B \| Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 869.9	$ 2,795.2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,495	1,288.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,139	857.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	743.6	473.1
Financing Receivable, Originated Four Years before Latest Fiscal Year	393.8	205.2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	183	50.4
Financing Receivable, before Allowance for Credit Loss	$ 5,824.3	$ 5,670.1
Total ending managed receivables as percentage by major credit grade	36.30%	36.20%
Credit Grade C And Other \| Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 240.7	$ 919.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	823.7	496.2
Financing Receivable, Originated Two Years before Latest Fiscal Year	440.2	294.8
Financing Receivable, Originated Three Years before Latest Fiscal Year	255.9	156.7
Financing Receivable, Originated Four Years before Latest Fiscal Year	131	73.8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	75.5	29.6
Financing Receivable, before Allowance for Credit Loss	$ 1,967	$ 1,970.2
Total ending managed receivables as percentage by major credit grade	12.30%	12.60%
Credit Grade C And Other \| Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 81.2	$ 165.2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	161.6	23.9
Financing Receivable, Originated Two Years before Latest Fiscal Year	21.3	34.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	30.6	23.8
Financing Receivable, Originated Four Years before Latest Fiscal Year	21.1	10
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	11.3	4.7
Financing Receivable, before Allowance for Credit Loss	$ 327.1	$ 262.3
Total ending managed receivables as percentage by major credit grade	2%	1.70%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022	Feb. 28, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 458,214	$ 379,500	$ 433,030	$ 411,100
Financing Receivable, Allowance for Credit Loss, Writeoff	(68,200)	(41,800)
Financing Receivable, Allowance for Credit Loss, Recovery	35,600	34,600
Provision for loan losses	57,800	$ (24,400)
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 25,200
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Line Items]
Item as percent of total ending managed receivables	2.85%	2.62%	2.77%	2.97%
Core managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 390,400	$ 348,100	$ 377,500	$ 379,400
Financing Receivable, Allowance for Credit Loss, Writeoff	(61,400)	(38,700)
Financing Receivable, Allowance for Credit Loss, Recovery	33,100	32,200
Provision for loan losses	41,200	(24,800)
Other managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	67,800	31,400	$ 55,500	$ 31,700
Financing Receivable, Allowance for Credit Loss, Writeoff	(6,800)	(3,100)
Financing Receivable, Allowance for Credit Loss, Recovery	2,500	2,400
Provision for loan losses	$ 16,600	$ 400

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 15,399.7	$ 15,022.3
Past due receivables as a percentage of total ending managed receivables	4.06%	4.02%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 652.3	$ 630
Financing Receivable, before Allowance for Credit Loss	$ 16,052	$ 15,652.3
Item As A Percent Of Total Ending Managed Receivables	100%	100%
One to Thirty Days Past Due
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	95.94%	95.98%
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	2.50%	2.50%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 400.9	$ 392.1
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	1.26%	1.21%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 202.9	$ 189.1
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.30%	0.31%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 48.5	$ 48.8
Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	15,143	14,815.9
Financing Receivable, before Allowance for Credit Loss, Noncurrent	581.9	574.1
Financing Receivable, before Allowance for Credit Loss	15,724.9	15,390
Core managed receivables \| Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	360	359.1
Core managed receivables \| Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	179	170
Core managed receivables \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	42.9	45
Core managed receivables \| Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	7,901.3	7,711.9
Financing Receivable, before Allowance for Credit Loss, Noncurrent	32.3	37.8
Financing Receivable, before Allowance for Credit Loss	7,933.6	7,749.7
Core managed receivables \| 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	21.6	25.4
Core managed receivables \| 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	8.1	9.2
Core managed receivables \| Credit Grade A \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	2.6	3.2
Core managed receivables \| Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	5,549.2	5,401.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	275.1	268.8
Financing Receivable, before Allowance for Credit Loss	5,824.3	5,670.1
Core managed receivables \| 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	175.6	173.3
Core managed receivables \| 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	79.5	75.6
Core managed receivables \| Credit Grade B \| Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	20	19.9
Core managed receivables \| Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,692.5	1,702.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent	274.5	267.5
Financing Receivable, before Allowance for Credit Loss	1,967	1,970.2
Core managed receivables \| 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	162.8	160.4
Core managed receivables \| 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	91.4	85.2
Core managed receivables \| 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	20.3	21.9
Other managed receivables \| Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	256.7	206.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent	70.4	55.9
Financing Receivable, before Allowance for Credit Loss	327.1	262.3
Other managed receivables \| 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	40.9	33
Other managed receivables \| 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	23.9	19.1
Other managed receivables \| 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	$ 5.6	$ 3.8

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	May 31, 2022	Feb. 28, 2022
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months	$ 26.2
Derivative, Notional Amount	4,110	$ 3,640
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	9.2
Derivative, Notional Amount	$ 995.5	$ 578.3

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 687,599	$ 701,865
Mutual fund investments	24,593	24,022
Total assets at fair value	$ 800,953	$ 774,678
Percent of total assets at fair value	100%	100%
Percent of total assets	3%	2.90%
Total liabilities at fair value	$ (1,518)	$ (1,379)
Percent of total liabilities	0%	0%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 687,599	$ 701,865
Mutual fund investments	24,593	24,022
Total assets at fair value	$ 712,192	$ 725,887
Percent of total assets at fair value	88.90%	93.70%
Percent of total assets	2.70%	2.80%
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0%	0%
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	$ 88,761	$ 48,791
Percent of total assets at fair value	11.10%	6.30%
Percent of total assets	0.30%	0.20%
Total liabilities at fair value	$ (1,518)	$ (1,379)
Percent of total liabilities	0%	0%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 70,215	$ 39,452
Liabilities: Derivative instruments	(1,518)	(1,379)
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	70,215	39,452
Liabilities: Derivative instruments	(1,518)	(1,379)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	18,546	9,339
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	$ 18,546	$ 9,339

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	May 31, 2022	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 491,085	$ 517,396

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 81	$ 78.7

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2022	May 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 144.7	$ 124.5
Cancellations	(27.7)	(20.2)
Provision for future cancellations	31.7	34.1
Balance as of end of period	$ 148.7	$ 138.4

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 25.4	$ 24.8

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Long-term Debt	$ 17,787,980	$ 18,175,019
Financing Obligations	522,414	524,766
Non-recourse Notes Payable	15,764,161	15,466,799
Total debt	18,446,463	18,734,417
Less: current portion	(632,461)	(532,272)
Unamortized Debt Issuance Expense	(26,022)	(27,126)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	660,500	1,243,500
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	$ 699,388	$ 699,352

Debt (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 15,764,161	$ 15,466,799
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	250,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,850,000
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	5,400,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,770,000
Non-recourse Notes Payable	3,630,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-recourse Notes Payable	$ 12,130,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021	Feb. 28, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 17,787,980		$ 18,175,019
Capitalized interest	800	$ 1,900
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	2,000,000
Unused capacity	1,340,000
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

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	May 31, 2022	May 31, 2021
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 4,000
Available for repurchase, as of end of period	2,616.9
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Available for repurchase, as of end of period	$ 2,600	$ 1,211.5
Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	43,364
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 109.02
Deferred Stock Units [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	69,288
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 92.82
Restricted Stock [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	24,171
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 119.96
PSU Grants - Performance Target Not Set [Member] \| Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	48,658

Stock and Stock-Based Incenti_4

Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2022	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for repurchase, as of end of period	$ 2,616.9
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	1,644,400	997,600
Average Cost Per Share	$ 95.83	$ 124.83
Available for repurchase, as of end of period	$ 2,600	$ 1,211.5

Stock and Stock-Based Incenti_5

Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 23,184	$ 41,857
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	240	1,729
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	708	1,708
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 22,236	$ 38,420

Stock and Stock-Based Incenti_6

Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 23,184	$ 41,857
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 107,100
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 11,212	11,821
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	849	20,972
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	5,347	4,845
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 24,500
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 days
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 4,691	3,394
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4,400
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 344	42
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,400
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 741	783
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	5,776	$ 4,219
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 5,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 76,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Stock Option Activity) (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 81.72		$ 79.66
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 120,988
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	6,972,000		5,796,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(49,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(39,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,263,797	917,455
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 91.14
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	70.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 155,771
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	4,134,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 72.55
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 33.32	$ 42.33
Proceeds from Stock Options Exercised	$ 3,400	$ 21,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	1,200	28,000
Share-based Payment Arrangement, Tax Benefit	$ 300	$ 6,900

Stock and Stock-Based Incenti_8

Stock and Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)	3 Months Ended
	May 31, 2022	May 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years 7 months 6 days	4 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	38.70%	31.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	45.40%	37%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	39.40%	36.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.40%	0%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	3%	1.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years 7 months 6 days	4 years 7 months 6 days

Stock and Stock-Based Incenti_9

Stock and Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022
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	1,066,000		1,163,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 97.42		$ 93.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	660,085	361,115
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 91.14	$ 136.94
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(734,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 85.33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(23,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 98.56
Share-based Compensation Arrangement by Share-based Payment Award, Payments Upon Vesting	$ 65.2	$ 89.8
Share-based Payment Arrangement, Tax Benefit	$ 15.9	$ 24.6

Stock and Stock-Based Incent_10

Stock and Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	May 31, 2022 USD ($)
Maximum
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, Expected Cash Payouts Upon Vesting	$ 178,512
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Next Fiscal Year	82,692
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Two Years	61,890
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Three Years	33,930
Minimum
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, Expected Cash Payouts Upon Vesting	66,943
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Next Fiscal Year	31,010
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Two Years	23,209
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Expected Cash Payouts Upon Vesting In Three Years	$ 12,724

Stock and Stock-Based Incent_11

Stock and Stock-Based Incentive Plans (Stock-Settled Activity (Details) - Stock-settled market stock units (MSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022
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, Grants in Period	131,701	80,910
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 126.59	$ 178.31
Share-based Payment Arrangement, Tax Benefit	$ 3	$ 10.9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	401,000		393,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 120.80		$ 112.17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(119,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 98.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(5,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 124.75

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
	May 31, 2022	May 31, 2021
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 252,265	$ 436,756
Weighted average common shares outstanding, shares	160,298	163,151
Weighted average common shares and dilutive potential common shares, shares	161,798	166,295
Basic net earnings per share (in dollars per share)	$ 1.57	$ 2.68
Diluted net earnings per share (in dollars per share)	$ 1.56	$ 2.63
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,178	2,529
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	322	615

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
Net Earnings Per Share (Narrative) (Details) - shares	May 31, 2022	May 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	1,344,783	289,140

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ (46,422)
Other comprehensive income before reclassifications	52,055
Amounts reclassified from accumulated other comprehensive income (loss)	259
Other comprehensive income (loss), net of taxes	52,314	$ 2,937
Ending balance	5,892
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(73,001)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	481
Other comprehensive income (loss), net of taxes	481
Ending balance	(72,520)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	26,579
Other comprehensive income before reclassifications	52,055
Amounts reclassified from accumulated other comprehensive income (loss)	(222)
Other comprehensive income (loss), net of taxes	51,833
Ending balance	$ 78,412

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Total amortization reclassifications recognized in net pension expense	$ 636	$ 868
Tax expense	(155)	(209)
Amortization reclassifications recognized in net pension expense, net of tax	481	659
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	481	659
Changes in fair value	70,042	(2,006)
Tax (expense) benefit	(17,987)	528
Changes in fair value, net of tax	52,055	(1,478)
Reclassifications to CarMax Auto Finance income	(299)	5,098
Tax benefit (expense)	77	(1,342)
Reclassification of hedge gains (losses), net of tax	(222)	3,756
Net change in cash flow hedge unrecognized losses, net of tax	51,833	2,278
Total other comprehensive income, net of tax	52,314	2,937
Cost of sales
Total amortization reclassifications recognized in net pension expense	265	357
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	16	22
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 355	$ 489

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 3.9	$ 14.2

Leases Narrative (Details)

Leases Narrative (Details)	3 Months Ended
Leases Narrative (Details)	May 31, 2022
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
	May 31, 2022	May 31, 2021
Leases [Abstract]
Operating Lease, Cost	$ 23,020	$ 14,352
Finance Lease, Right-of-Use Asset, Amortization	3,494	3,142
Finance Lease, Interest Expense	4,930	4,107
Finance Lease, Cost	8,424	7,249
Lease, Cost	$ 31,444	$ 21,601

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022
Leases [Abstract]
Operating lease assets	$ 533,355	$ 537,357
Finance Lease, Right-of-Use Asset	141,463	127,183
Total lease assets	674,818	664,540
Current portion of operating lease liabilities	44,384	44,197
Finance Lease, Liability, Current	12,327	10,290
Operating lease liabilities, excluding current portion	519,818	523,269
Finance Lease, Liability, Noncurrent	158,988	145,179
Total lease liabilities	735,517	722,935
Finance Lease Accumulated Depreciation	$ 34,200	$ 30,700

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	May 31, 2022 Rate	Feb. 28, 2022 Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	17 years 1 month 9 days	17 years 3 months 21 days
Finance Lease, Weighted Average Remaining Lease Term	11 years 6 months 29 days	12 years 5 months 1 day
Operating Lease, Weighted Average Discount Rate, Percent	4.80%	4.80%
Finance Lease, Weighted Average Discount Rate, Percent	14.56%	14.35%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2022	May 31, 2021
Leases [Abstract]
Operating Lease, Payments	$ 22,282	$ 13,911
Finance Lease, Interest Payment on Liability	3,935	2,699
Finance Lease, Principal Payments	2,925	2,788
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	7,871	30,078
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 17,776	$ 10,107

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	May 31, 2022 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 53,792
Lessee, Operating Lease, Liability, Payments, Due Year Two	71,516
Lessee, Operating Lease, Liability, Payments, Due Year Three	71,070
Lessee, Operating Lease, Liability, Payments, Due Year Four	65,566
Lessee, Operating Lease, Liability, Payments, Due Year Five	58,694
Lessee, Operating Lease, Liability, Payments, Due after Year Five	572,583
Lessee, Operating Lease, Liability, Payments, Due	893,221
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(329,019)
Operating Lease, Liability	564,202
Finance Lease, Liability, Payments, Remainder of Fiscal Year	22,854
Finance Lease, Liability, Payments, Due Year Two	36,850
Finance Lease, Liability, Payments, Due Year Three	33,815
Finance Lease, Liability, Payments, Due Year Four	34,875
Finance Lease, Liability, Payments, Due Year Five	30,639
Finance Lease, Liability, Payments, Due after Year Five	195,344
Finance Lease, Liability, Payment, Due	354,377
Finance Lease, Liability, Undiscounted Excess Amount	(183,062)
Finance Lease, Liability	171,315
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 53,792

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	May 31, 2022	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 26.6	$ 18.5

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 9,311,621	$ 7,697,599
Depreciation and amortization	70,473	62,356
Gross Profit	875,391	924,509
CARMAX AUTO FINANCE INCOME	204,473	241,731
Selling, General and Administrative Expense	(656,740)	(554,069)
Depreciation, Depletion and Amortization, Nonproduction	(55,648)	(49,890)
Interest expense	(28,775)	(20,534)
Other expense (income)	(2,099)	25,577
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	336,602	$ 567,324
TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	3,386
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	(7,742)
Gross Profit	(1,626)
CarMax Sales Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	9,277,236
Gross Profit	849,290
CarMax Sales Operations \| TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	312
CarMax Sales Operations \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	9,277,236
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	34,385
Gross Profit	27,727
Other Segments \| TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	3,074
Other Segments \| Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	7,742
Other Segments \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 42,127