CarMax (KMX) 10-Q 8 Oct 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 31, 2015	Sep. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	CARMAX INC
Entity Central Index Key	1,170,010
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--02-29
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		202,634,839

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Revenue, Net [Abstract]
Used vehicle sales	$ 3,150,220	$ 2,920,165	$ 6,442,878	$ 5,980,506
New vehicle sales	60,493	69,944	120,541	139,733
Wholesale vehicle sales	591,774	530,270	1,168,399	1,075,515
Other sales and revenues	82,426	78,815	167,983	153,636
NET SALES AND OPERATING REVENUES	3,884,913	3,599,194	7,899,801	7,349,390
Cost of sales	3,363,543	3,135,855	6,834,637	6,384,320
GROSS PROFIT	521,370	463,339	1,065,164	965,070
CARMAX AUTO FINANCE INCOME	98,279	92,574	207,387	187,189
Selling, general and administrative expenses	330,784	297,638	680,563	611,084
Interest expense	7,450	7,351	14,553	14,952
Other expense	1,593	283	1,634	560
Earnings before income taxes	279,822	250,641	575,801	525,663
Income tax provision	107,594	96,123	221,599	201,492
NET EARNINGS	$ 172,228	$ 154,518	$ 354,202	$ 324,171
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	207,249	218,180	207,969	219,224
Diluted, shares	209,648	221,070	210,645	222,351
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.83	$ 0.71	$ 1.70	$ 1.48
Diluted (in dollars per share)	$ 0.82	$ 0.70	$ 1.68	$ 1.46
Used vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	81.10%	81.10%	81.60%	81.40%
New vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	1.60%	1.90%	1.50%	1.90%
Wholesale vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	15.20%	14.70%	14.80%	14.60%
Other sales and revenues, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.10%	2.20%	2.10%	2.10%
NET SALES AND OPERATING REVENUES, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%	100.00%	100.00%
Cost of sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	86.60%	87.10%	86.50%	86.90%
GROSS PROFIT, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	13.40%	12.90%	13.50%	13.10%
CARMAX AUTO FINANCE INCOME, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.50%	2.60%	2.60%	2.50%
Selling, general and administrative expenses, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	8.50%	8.30%	8.60%	8.30%
Interest expense, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	0.20%	0.20%	0.20%	0.20%
Other expense, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	0.00%	0.00%	0.00%	0.00%
Earnings before income taxes, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	7.20%	7.00%	7.30%	7.20%
Income tax provision, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.80%	2.70%	2.80%	2.70%
NET EARNINGS, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	4.40%	4.30%	4.50%	4.40%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 172,228	$ 154,518	$ 354,202	$ 324,171
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	339	213	645	426
Net change in cash flow hedge unrecognized losses	(30)	1,096	(1,403)	1,378
Other comprehensive income (loss), net of taxes	309	1,309	(758)	1,804
TOTAL COMPREHENSIVE INCOME	$ 172,537	$ 155,827	$ 353,444	$ 325,975

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 100,477	$ 27,606
Restricted cash from collections on auto loan receivables	335,075	294,122
Accounts receivable, net	100,832	137,690
Inventory	1,911,549	2,086,874
Deferred income taxes	10,333	8,100
Other current assets	45,459	44,646
TOTAL CURRENT ASSETS	2,503,725	2,599,038
Auto loan receivables, net	9,116,512	8,435,504
Property and equipment, net	2,016,520	1,862,538
Deferred income taxes	166,669	167,638
Other assets	149,139	133,483
TOTAL ASSETS	13,952,565	13,198,201
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	453,864	454,810
Accrued expenses and other current liabilities	226,371	250,307
Accrued income taxes	1,169	1,554
Short-term debt	2,122	785
Current portion of long-term debt	0	10,000
Current portion of finance and capital lease obligations	21,584	21,554
Current portion of non-recourse notes payable	296,867	258,163
TOTAL CURRENT LIABILITIES	1,001,977	997,173
Long-term debt, excluding current portion	300,000	300,000
Finance and capital lease obligations, excluding current portion	357,825	306,284
Non-recourse notes payable, excluding current portion	8,856,227	8,212,466
Other liabilities	225,552	225,493
TOTAL LIABILITIES	10,741,581	10,041,416
Commitments and contingent liabilities	0	0
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 204,930,606 and 208,869,688 shares issued and outstanding as of August 31, 2015 and February 28, 2015, respectively	102,465	104,435
Capital in excess of par value	1,161,678	1,123,520
Accumulated other comprehensive loss	(66,149)	(65,391)
Retained earnings	2,012,990	1,994,221
TOTAL SHAREHOLDERS’ EQUITY	3,210,984	3,156,785
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 13,952,565	$ 13,198,201

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2015	Feb. 28, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	204,930,606	208,869,688
Common stock, shares outstanding	204,930,606	208,869,688

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
OPERATING ACTIVITIES:
Net earnings	$ 354,202	$ 324,171
Adjustments to reconcile net earnings to net cash used in operating activities
Depreciation and amortization	65,188	55,766
Share-based compensation expense	33,506	37,778
Provision for loan losses	39,244	36,208
Provision for cancellation reserves	42,459	38,463
Deferred income tax benefit	(738)	(6,530)
Loss on disposition of assets and other	1,810	917
Net decrease (increase) in:
Accounts receivable, net	36,858	(28,936)
Inventory	175,325	(67,531)
Other current assets	(1,923)	(11,706)
Auto loan receivables, net	(720,252)	(732,628)
Other assets	371	(313)
Net decrease in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(58,705)	(36,052)
Other liabilities	(52,089)	(46,226)
NET CASH USED IN OPERATING ACTIVITIES	(84,744)	(436,619)
INVESTING ACTIVITIES:
Capital expenditures	(145,727)	(135,293)
Proceeds from sales of assets	1,419	5,829
Increase in restricted cash from collections on auto loan receivables	(40,953)	(37,769)
Increase in restricted cash in reserve accounts	(5,484)	(6,640)
Release of restricted cash from reserve accounts	1,643	1,634
Purchases of money market securities, net	(6,126)	(8,753)
Purchases of trading securities	(4,355)	(3,107)
Sales of trading securities	101	306
NET CASH USED IN INVESTING ACTIVITIES	(199,482)	(183,793)
FINANCING ACTIVITIES:
Increase in short-term debt, net	1,337	1,647
Proceeds from revolving line of credit and long-term debt	20,000	0
Payments on revolving line of credit and long-term debt	(30,000)	0
Cash paid for debt issuance costs	(2,981)	0
Payments on finance and capital lease obligations	(9,741)	(8,712)
Issuances of non-recourse notes payable	5,106,805	3,803,000
Payments on non-recourse notes payable	(4,424,340)	(3,142,735)
Repurchase and retirement of common stock	(369,210)	(380,149)
Equity issuances	37,157	44,270
Excess tax benefits from share-based payment arrangements	28,070	29,790
NET CASH PROVIDED BY FINANCING ACTIVITIES	357,097	347,111
Increase (decrease) in cash and cash equivalents	72,871	(273,301)
Cash and cash equivalents at beginning of year	27,606	627,901
CASH AND CASH EQUIVALENTS AT END OF PERIOD	100,477	354,600
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	19,992	15,029
Cash paid for income taxes	197,379	191,401
Non-cash investing and financing activities:
Increase in accrued capital expenditures	9,198	18,173
Increase in finance and capital lease obligations	$ 61,312	$ 5,297

Background

Background	6 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the largest retailer of used vehicles in the United States. 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 vehicle financing through CarMax stores. We seek to deliver an unrivaled customer experience by offering a broad selection of high quality used vehicles and related products and services at low, no-haggle prices using a customer-friendly sales process in an attractive, modern sales facility. We provide customers with a full range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of vehicle purchases through CAF and third-party financing providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESP”) 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 wholesale auctions. At select locations we also sell new vehicles under franchise agreements.

Accounting Policies

Accounting Policies	6 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies 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. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2015 . 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. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. Cash and Cash Equivalents. Cash equivalents of $74.1 million as of August 31, 2015 , and $48,000 as of February 28, 2015 , consisted of highly liquid investments with original maturities of three months or less. Restricted Cash from Collections on Auto Loan Receivables. Cash equivalents totaling $335.1 million as of August 31, 2015 , and $294.1 million as of February 28, 2015 , consisted of collections of principal, interest and fee payments on securitized auto loan receivables that are restricted for payment to the securitization investors pursuant to the applicable securitization agreements. Securitizations. We maintain a revolving securitization program composed of two warehouse facilities (“warehouse facilities”) that we use to fund auto loan receivables originated by CAF until we elect to fund them through a term securitization or alternative funding arrangement. We sell the auto loan receivables to one of two wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors. These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the securitized receivables. We typically use term securitizations to provide long-term funding for most of the auto loan receivables initially securitized through the warehouse facilities. In these transactions, a pool of auto loan receivables is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. We are required to evaluate term securitization trusts for consolidation. In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant. Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them. We recognize transfers of auto loan receivables into the warehouse facilities and term securitizations (“securitization vehicles”) as secured borrowings, which result in recording the auto loan receivables and the related non-recourse notes payable on our consolidated balance sheets. The securitized receivables can only be used as collateral to settle obligations of the securitization vehicles. The securitization vehicles and investors have no recourse to our assets beyond the securitized receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loan receivables. We have not provided financial or other support to the securitization vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the securitization vehicles. See Notes 4 and 10 for additional information on auto loan receivables and non-recourse notes payable. Auto Loan Receivables, Net. Auto loan receivables include amounts due from customers related to retail vehicle sales financed through CAF. The receivables are presented net of an allowance for estimated loan losses. The allowance for loan losses represents an estimate of the amount of net losses inherent in our portfolio of managed receivables as of the applicable reporting date and anticipated to occur during the following 12 months. The allowance is primarily based on the credit quality of the underlying receivables, historical loss trends and forecasted forward loss curves. We also take into account recent trends in delinquencies, losses, recovery rates and the economic environment. The provision for loan losses is the periodic expense of maintaining an adequate allowance. 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. See Note 4 for additional information on auto loan receivables. Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loan receivables is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge‑off. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income. Property and Equipment. Property and equipment is stated at cost less accumulated depreciation and amortization of $876.3 million and $822.7 million as of August 31, 2015 and February 28, 2015 , respectively. Other Assets. Other assets includes amounts classified as restricted cash on deposit in reserve accounts and restricted investments. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors. In the event that the cash generated by the securitized receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash on deposit in reserve accounts is invested in money market securities and was $46.6 million as of August 31, 2015 , and $42.7 million as of February 28, 2015 . Restricted investments includes money market securities primarily held to satisfy certain insurance program requirements, as well as mutual funds held in a rabbi trust established to fund informally our executive deferred compensation plan. Restricted investments totaled $63.2 million as of August 31, 2015 , and $52.4 million as of February 28, 2015 . Revenue Recognition. We recognize revenue when the earnings process is complete, generally either at the time of sale to a customer or upon delivery to a customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 5‑day, money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. We also sell ESPs and GAP products on behalf of unrelated third parties, who are the primary obligors, to customers who purchase a vehicle. The ESPs we currently offer on all used vehicles provide coverage of up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize commission revenue at the time of sale, net of a reserve for estimated contract cancellations. Periodically, we may receive additional commissions based upon the level of underwriting profits of the third parties who administer the products. These additional commissions are recognized as revenue when received. 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 commissions 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 7 for additional information on cancellation reserves. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by 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. 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. Derivative Instruments and Hedging Activities. We enter into derivative instruments to manage exposures that arise from business activities and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates. We recognize the derivatives at fair value as either current assets or current liabilities on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting. See Note 5 for additional information on derivative instruments and hedging activities. Recent Accounting Pronouncements. Effective in Future Periods . In July 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (FASB ASU 2015-11) which simplifies the subsequent measurement of inventory by replacing the lower of cost or market test with a lower of cost or net realizable value (“NRV”) test. NRV is calculated as the estimated selling price less reasonably predictable costs of completion, disposal and transportation. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, and prospective adoption is required. We will adopt this pronouncement for our fiscal year beginning March 1, 2017. We are still evaluating the effects of this pronouncement on our consolidated financial statements, but do not expect any such impacts to be material. In August 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-14), which deferred the effective date of FASB ASU 2014-09, Revenue from Contracts with Customers , for all entities by one year. As a result, that accounting standard is now effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Based on this amendment, we will adopt FASB ASU 2014-09 for our fiscal year beginning March 1, 2018. In August 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-15) related to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. We will consider this clarification in conjunction with our adoption of FASB ASU 2015-03, which will occur for our fiscal year beginning March 1, 2016, and do not expect it to have a material impact on our consolidated financial statements.

CarMax Auto Finance

CarMax Auto Finance	6 Months Ended
	Aug. 31, 2015
CarMax Auto Finance Income [Abstract]
CarMax Auto Finance	CarMax Auto Finance CAF provides financing to qualified retail customers purchasing vehicles at CarMax stores. 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 loan receivables 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 to fund loans originated by CAF, as discussed in Note 2. CAF income primarily reflects the interest and fee income generated by the auto loan receivables 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 such as human resources, administrative services, marketing, information systems, accounting, legal, treasury and executive payroll. In addition, except for auto loan receivables, which are disclosed in Note 4, 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 August 31 Six Months Ended August 31 (In millions) 2015 % (1) 2014 % (1) 2015 % (1) 2014 % (1) Interest margin: Interest and fee income $ 169.8 7.6 $ 150.7 7.8 $ 334.6 7.6 $ 297.6 7.9 Interest expense (30.8 ) (1.4 ) (23.9 ) (1.2 ) (58.8 ) (1.3 ) (47.0 ) (1.2 ) Total interest margin 139.0 6.2 126.8 6.6 275.8 6.2 250.6 6.6 Provision for loan losses (25.6 ) (1.1 ) (20.4 ) (1.1 ) (39.2 ) (0.9 ) (36.2 ) (1.0 ) Total interest margin after provision for loan losses 113.4 5.1 106.4 5.5 236.6 5.4 214.4 5.7 Total other expense (0.1 ) — — — (0.1 ) — — — Direct expenses: Payroll and fringe benefit expense (7.1 ) (0.3 ) (6.3 ) (0.3 ) (13.9 ) (0.3 ) (12.5 ) (0.3 ) Other direct expenses (7.9 ) (0.4 ) (7.5 ) (0.4 ) (15.2 ) (0.4 ) (14.7 ) (0.4 ) Total direct expenses (15.0 ) (0.7 ) (13.8 ) (0.7 ) (29.1 ) (0.7 ) (27.2 ) (0.7 ) CarMax Auto Finance income $ 98.3 4.4 $ 92.6 4.8 $ 207.4 4.7 $ 187.2 5.0 Total average managed receivables $ 8,993.9 $ 7,724.5 $ 8,829.3 $ 7,557.3 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables

Auto Loan Receivables	6 Months Ended
	Aug. 31, 2015
Loans Receivable, Net [Abstract]
Auto Loan Receivables	Auto Loan Receivables Auto loan receivables include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses. We generally use warehouse facilities to fund auto loan receivables originated by CAF until we elect to fund them through a term securitization or alternative funding arrangement. The majority of the auto loan receivables serve as collateral for the related non-recourse notes payable of $9.15 billion as of August 31, 2015 and $8.47 billion as of February 28, 2015 . See Notes 2 and 10 for additional information on securitizations and non-recourse notes payable. Auto Loan Receivables, Net As of August 31 As of February 28 (In millions) 2015 2015 Warehouse facilities $ 1,243.0 $ 986.0 Term securitizations 7,613.2 7,226.5 Other receivables (1) 307.8 246.2 Total ending managed receivables 9,164.0 8,458.7 Accrued interest and fees 36.9 31.2 Other 3.4 27.3 Less allowance for loan losses (87.8 ) (81.7 ) Auto loan receivables, net $ 9,116.5 $ 8,435.5 (1) Other receivables includes receivables not funded through the warehouse facilities or term securitizations. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models rely on the customers’ credit history and certain application information to evaluate and rank their risk. We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers assigned a grade of “A” are determined to have the highest probability of repayment, and 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. CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loan receivables 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 August 31 As of February 28 (In millions) 2015 (1) % (2) 2015 (1) % (2) A $ 4,447.3 48.5 $ 4,135.6 48.9 B 3,291.4 35.9 3,055.3 36.1 C and other 1,425.3 15.6 1,267.8 15.0 Total ending managed receivables $ 9,164.0 100.0 $ 8,458.7 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. Allowance for Loan Losses Three Months Ended August 31 Six Months Ended August 31 (In millions) 2015 % (1) 2014 % (1) 2015 % (1) 2014 % (1) Balance as of beginning of period $ 83.7 0.94 $ 75.4 1.00 $ 81.7 0.97 $ 69.9 0.97 Charge-offs (42.5 ) (36.9 ) (76.8 ) (68.9 ) Recoveries 21.0 18.9 43.7 40.6 Provision for loan losses 25.6 20.4 39.2 36.2 Balance as of end of period $ 87.8 0.96 $ 77.8 0.99 $ 87.8 0.96 $ 77.8 0.99 (1) Percent of total ending managed receivables. The allowance for loan losses represents an estimate of the amount of net losses inherent in our portfolio of managed receivables as of the applicable reporting date and anticipated to occur during the following 12 months. The allowance is primarily based on the credit quality of the underlying receivables, historical loss trends and forecasted forward loss curves. We also take into account recent trends in delinquencies and losses, recovery rates and the economic environment. The provision for loan losses is the periodic expense of maintaining an adequate allowance. Past Due Receivables As of August 31 As of February 28 (In millions) 2015 % (1) 2015 % (1) Total ending managed receivables $ 9,164.0 100.0 $ 8,458.7 100.0 Delinquent loans: 31-60 days past due $ 180.9 2.0 $ 152.1 1.8 61-90 days past due 72.3 0.8 52.5 0.6 Greater than 90 days past due 21.6 0.2 16.8 0.2 Total past due $ 274.8 3.0 $ 221.4 2.6 (1) Percent of total ending managed receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	6 Months Ended
	Aug. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives. We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to future issuances of fixed-rate debt and existing issuances of floating-rate 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. 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 loan receivables, and (ii) exposure to variable interest rates associated with our term loan, as further discussed in Note 10. We do not anticipate significant market risk from derivatives as they are predominantly used to match funding costs to the use of the funding. However, disruptions in the credit or interest rate markets could impact the effectiveness of our hedging strategies. Credit risk is the exposure to nonperformance of another party to an agreement. We mitigate credit risk on our derivative transactions by dealing with highly rated bank counterparties. Designated Cash Flow Hedges – Securitizations. Our objectives in using interest rate derivatives in conjunction with our securitization program are to add stability to CAF’s interest expense, to manage our exposure to interest rate movements and to better match funding costs to the interest received on the receivables being securitized. To accomplish these objectives, we primarily use interest rate swaps that involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. These interest rate swaps are hedges of forecasted interest payments in anticipation of permanent funding in the term securitization market. For these derivatives, the effective portion of changes in the fair value is initially recorded in accumulated other comprehensive loss (“AOCL”). These 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 fixed-rate debt. During the next 12 months, we estimate that an additional $6.0 million will be reclassified from AOCL as a decrease to CAF income. In addition, we have issued floating rate notes in connection with our term securitizations. To manage our exposure to interest rate movements, we have entered into interest rate swaps that involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the estimated life of the note. The effective portion of the change in fair value for these derivatives is recorded in AOCL. Any ineffective portion of these derivatives is recognized directly in CAF income. Designated Cash Flow Hedge – Other Debt. Our objective in using an interest rate derivative for our term loan is to manage our exposure to interest rate movements. To accomplish this objective, we use an interest rate swap that involves the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments during the life of the loan without exchange of the underlying notional amount. The effective portion of the change in fair value for this derivative is recorded in AOCL. Any ineffective portion of the change in fair value is recognized in current income. As of August 31, 2015 and February 28, 2015 , we had interest rate swaps outstanding with a combined notional amount of $2.0 billion and $1.40 billion , respectively, that were designated as cash flow hedges of interest rate risk. Fair Values of Derivative Instruments As of August 31, 2015 As of February 28, 2015 (In thousands) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate swaps (1) $ 91 $ — $ 1,201 $ — Interest rate swaps (2) — (3,482 ) — (1,064 ) Total $ 91 $ (3,482 ) $ 1,201 $ (1,064 ) (1) Reported in other current assets on the consolidated balance sheets. (2) Reported in accounts payable on the consolidated balance sheets. Effect of Derivative Instruments on Comprehensive Income Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Derivatives designated as accounting hedges: Loss recognized in AOCL (1) $ (1,955 ) $ (271 ) $ (6,271 ) $ (2,069 ) Loss reclassified from AOCL into CAF income (1) $ (1,907 ) $ (2,076 ) $ (3,958 ) $ (4,339 ) Loss recognized in CAF Income (2) $ (102 ) $ — $ (102 ) $ — (1) Represents the effective portion. (2) Represents the ineffective portion.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 31, 2015
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 loan receivables or other assets. They consist of highly liquid investments with original maturities of three months or less. We use quoted market prices for identical assets to measure fair value. Therefore, all money market securities are classified as Level 1. Mutual Fund Investments. Mutual fund investments consist of publicly traded mutual funds that primarily include diversified investments in large-, mid- and small-cap domestic and international companies. The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan. We use quoted active market prices for identical assets to measure fair value. Therefore, all mutual fund investments are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets or accounts payable. As described in Note 5, as part of our risk management strategy, we utilize derivative instruments to manage 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 loan receivables as well as to manage exposure to variable interest rates on our term loan. 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 August 31, 2015 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 505,039 $ — $ 505,039 Mutual fund investments 13,847 — 13,847 Derivative instruments — 91 91 Total assets at fair value $ 518,886 $ 91 $ 518,977 Percent of total assets at fair value 100.0 % — % 100.0 % Percent of total assets 3.7 % — % 3.7 % Liabilities: Derivative instruments $ — $ (3,482 ) $ (3,482 ) Total liabilities at fair value $ — $ (3,482 ) $ (3,482 ) Percent of total liabilities — % — % — % As of February 28, 2015 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 380,100 $ — $ 380,100 Mutual fund investments 9,242 — 9,242 Derivative instruments — 1,201 1,201 Total assets at fair value $ 389,342 $ 1,201 $ 390,543 Percent of total assets at fair value 99.7 % 0.3 % 100.0 % Percent of total assets 2.9 % — % 3.0 % Liabilities: Derivative instruments $ — $ (1,064 ) $ (1,064 ) Total liabilities at fair value $ — $ (1,064 ) $ (1,064 ) Percent of total liabilities — % — % — % There were no transfers between Levels 1 and 2 for the three and six months ended August 31, 2015 .

Cancellation Reserves

Cancellation Reserves	6 Months Ended
	Aug. 31, 2015
Cancellation Reserves [Abstract]
Cancellation Reserves	Cancellation Reserves We recognize commission revenue for EPP products at the time of sale, net of a reserve 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 August 31 Six Months Ended August 31 (In millions) 2015 2014 2015 2014 Balance as of beginning of period $ 100.3 $ 81.1 $ 94.4 $ 72.5 Cancellations (14.4 ) (12.5 ) (28.8 ) (25.0 ) Provision for future cancellations 22.2 17.4 42.5 38.5 Balance as of end of period $ 108.1 $ 86.0 $ 108.1 $ 86.0 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 August 31, 2015 and February 28, 2015 , the current portion of cancellation reserves was $52.1 million and $44.8 million , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $27.1 million of gross unrecognized tax benefits as of August 31, 2015 , and $25.0 million as of February 28, 2015 . There were no significant changes to the gross unrecognized tax benefits as reported for the year ended February 28, 2015 , as all activity was related to positions taken on tax returns filed or intended to be filed in the current fiscal year.

Retirement Plans

Retirement Plans	6 Months Ended
	Aug. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Retirement Plans	Retirement Plans Effective December 31, 2008, we froze both of our noncontributory defined benefit plans: our pension plan (the “pension plan”) and our unfunded, nonqualified plan (the “restoration plan”), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. No additional benefits have accrued under these plans since that date. In connection with benefits earned prior to December 31, 2008, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans. We use a fiscal year end measurement date for both the pension plan and the restoration plan. Components of Net Pension Expense Three Months Ended August 31 Pension Plan Restoration Plan Total (In thousands) 2015 2014 2015 2014 2015 2014 Interest cost $ 2,168 $ 2,008 $ 108 $ 113 $ 2,276 $ 2,121 Expected return on plan assets (2,464 ) (2,247 ) — — (2,464 ) (2,247 ) Recognized actuarial loss 534 340 6 — 540 340 Net pension expense $ 238 $ 101 $ 114 $ 113 $ 352 $ 214 Six Months Ended August 31 Pension Plan Restoration Plan Total (In thousands) 2015 2014 2015 2014 2015 2014 Interest cost $ 4,336 $ 4,016 $ 216 $ 226 $ 4,552 $ 4,242 Expected return on plan assets (4,929 ) (4,514 ) — — (4,929 ) (4,514 ) Recognized actuarial loss 1,017 680 12 — 1,029 680 Net pension expense $ 424 $ 182 $ 228 $ 226 $ 652 $ 408 We made no contributions to the pension plan during the six months ended August 31, 2015 , and do not anticipate making any contributions during the remainder of fiscal 2016 . The expected long-term rate of return on plan assets for the pension plan was 7.75% as of February 28, 2015 .

Debt

Debt	6 Months Ended
	Aug. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt As of August 31 As of February 28 (In thousands) 2015 2015 Short-term revolving credit facility $ 2,122 $ 785 Current portion of long-term debt — 10,000 Current portion of finance and capital lease obligations 21,584 21,554 Current portion of non-recourse notes payable 296,867 258,163 Total current debt 320,573 290,502 Long-term debt 300,000 300,000 Finance and capital lease obligations, excluding current portion 357,825 306,284 Non-recourse notes payable, excluding current portion 8,856,227 8,212,466 Total debt, excluding current portion 9,514,052 8,818,750 Total debt $ 9,834,625 $ 9,109,252 Revolving Credit Facility. During the second quarter of fiscal 2016 , we entered into a new five -year, $1.2 billion unsecured revolving credit facility (the “credit facility”) with various financial institutions that expires in August 2020 . The new credit facility replaced our $1.0 billion credit facility that was scheduled to expire in August 2016 . Borrowings under the credit facility are available for working capital and general corporate purposes. Borrowings accrue interest at variable rates based on LIBOR, the federal funds rate, or the prime rate, depending on the type of borrowing, and 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 with expected repayments within the next fiscal year presented as a component of current portion of long-term debt. As of August 31, 2015 , the unused capacity of $1,197.9 million was fully available to us. Term Loan. During the second quarter of fiscal 2016 , we extended the maturity of our $300 million term loan from November 2017 to August 2020 . The term loan accrues interest at variable rates based on the LIBOR rate, the federal funds rate, or the prime rate. As of August 31, 2015 , $300 million remained outstanding and no repayments are scheduled to be made within the next 12 months. Borrowings under the term loan are available for working capital and general corporate purposes. We have entered into an interest rate derivative contract to manage our exposure to variable interest rates associated with this term loan. Finance and Capital Lease Obligations. Finance and capital lease obligations relate primarily to stores subject to sale-leaseback transactions that did not qualify for sale accounting, and therefore, are accounted for as financings. The leases were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. Payments on the leases are recognized as interest expense and a reduction of the obligations. We have not entered into any new sale-leaseback transactions since fiscal 2009. During fiscal 2016 , finance lease obligations were increased by $61.3 million related to leases that were modified or extended beyond the original lease term. Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loan receivables funded through term securitizations and our warehouse facilities. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the securitized auto loan receivables. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. As of August 31, 2015 , $7.91 billion of non-recourse notes payable was outstanding related to term securitizations. These notes payable accrue interest predominantly at fixed rates and have scheduled maturities through March 2022 , but may mature earlier, depending upon the repayment rate of the underlying auto loan receivables. As of August 31, 2015 , $1.24 billion of non-recourse notes payable was outstanding related to our warehouse facilities. During the second quarter of fiscal 2016, we increased the combined limit of our warehouse facilities by $200 million to $2.5 billion . As of August 31, 2015 , the unused warehouse capacity totaled $1.26 billion . Of the combined warehouse facility limit, $1.5 billion will expire in February 2016 and $1.0 billion will expire in August 2016 . 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 Notes 2 and 4 for additional information on the related securitized auto loan receivables. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. We capitalized interest of $5.6 million in the first six months of fiscal 2016 ; no interest was capitalized in the first six months of fiscal 2015 . Financial Covenants. The credit facility and term loan agreements contain representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain of the sale-leaseback transactions. Our securitization agreements contain representations and warranties, financial covenants and performance triggers. As of August 31, 2015 , we were in compliance with all financial covenants and our securitized receivables were in compliance with the related performance triggers.

Stock And Stock-Based Incentive

Stock And Stock-Based Incentive Plans	6 Months Ended
	Aug. 31, 2015
Share-based Compensation [Abstract]
Stock And Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program In fiscal 2013, our board of directors authorized the repurchase of up to $800 million of our common stock which was exhausted in fiscal 2015. In fiscal 2015, our board of directors authorized the repurchase of up to an additional $3 billion of our common stock of which $1 billion was exhausted during the quarter ended August 31, 2015, and $2 billion expires on December 31, 2016 . Common Stock Repurchases Three Months Ended Six Months Ended August 31 August 31 2015 2014 2015 2014 Number of shares repurchased (in thousands) 3,878.4 4,024.8 5,655.3 7,866.7 Average cost per share $ 64.40 $ 49.92 $ 65.37 $ 47.68 Available for repurchase, as of end of period (in millions) $ 1,999.6 $ 907.0 $ 1,999.6 $ 907.0 (B) Stock Incentive Plans We maintain long-term incentive plans for management, key employees and the nonemployee members of our board of directors. 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 stock-settled performance stock units. Nonemployee directors receive awards of nonqualified stock options, stock grants and/or restricted stock awards. Excluding stock grants, 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 periods of one to four years . These options expire no later than ten years after the date of the grant. Cash-Settled Restricted Stock Units. Also referred to as restricted stock units, or RSUs, these are restricted stock unit 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. Conversion generally occurs at the end of a three -year vesting period. 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. RSUs are liability 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. MSUs do not have voting rights. 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. The conversion ratio is based on the company reaching certain target levels set by the board of directors for cumulative three-year earnings before interest and taxes at the end of the three-year vesting period, with the resulting quotient subject to meeting a minimum 25% threshold and capped at 200% . This quotient is then multiplied by the number of PSUs granted to yield the number of shares awarded. PSUs do not have voting rights. Restricted Stock Awards . Restricted stock awards (RSAs) are awards of our common stock that are subject to specified restrictions that generally lapse after a one year period from date of grant. Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote. (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Cost of sales $ 17 $ 1,247 $ 1,065 $ 1,574 CarMax Auto Finance income 441 961 598 1,637 Selling, general and administrative expenses 9,977 20,493 32,550 35,209 Share-based compensation expense, before income taxes $ 10,435 $ 22,701 $ 34,213 $ 38,420 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Nonqualified stock options $ 5,590 $ 6,887 $ 14,270 $ 15,007 Cash-settled restricted stock units 525 11,074 11,398 14,221 Stock-settled market stock units 2,641 3,472 5,537 7,593 Stock-settled performance stock units 344 — 1,238 — Employee stock purchase plan 338 311 707 642 Restricted stock awards to non-employee directors 997 957 1,063 957 Share-based compensation expense, before income taxes $ 10,435 $ 22,701 $ 34,213 $ 38,420 We recognize compensation expense for stock options, MSUs, PSUs 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 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 six months ended August 31, 2015 or 2014 . 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, 2015 7,645 $ 35.59 Options granted 1,389 $ 73.70 Options exercised (1,296 ) $ 28.68 Options cancelled (1 ) $ 13.19 Outstanding as of August 31, 2015 7,737 $ 43.60 4.5 $ 152,314 Exercisable as of August 31, 2015 3,824 $ 33.63 3.5 $ 104,680 During the six months ended August 31, 2015 and 2014 , we granted nonqualified options to purchase 1,388,661 and 2,003,238 shares of common stock, respectively. The total cash received as a result of stock option exercises for the six months ended August 31, 2015 and 2014 , was $37.2 million and $44.3 million , respectively. We settle stock option exercises with authorized but unissued shares of our common stock. The total intrinsic value of options exercised for the six months ended August 31, 2015 and 2014 , was $57.0 million and $85.9 million , respectively. We realized related tax benefits of $22.8 million and $34.6 million during the six months ended August 31, 2015 and 2014 , respectively. Outstanding Stock Options As of August 31, 2015 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Remaining Average Average (Shares in thousands) Number of Contractual Exercise Number of Exercise Range of Exercise Prices Shares Life (Years) Price Shares Price $ 11.43 - $ 14.49 244 0.6 $ 11.81 244 $ 11.81 $ 19.98 - $ 31.76 2,078 3.2 $ 30.22 1,639 $ 29.84 $ 32.69 - $ 42.68 2,104 3.9 $ 39.24 1,430 $ 37.61 $ 44.96 - $ 49.25 1,916 5.6 $ 45.05 511 $ 45.05 $ 67.82 - $ 73.76 1,395 6.6 $ 73.68 — — Total 7,737 4.5 $ 43.60 3,824 $ 33.63 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. The weighted average fair value per share at the date of grant for options granted during the six months ended August 31, 2015 and 2014 , was $20.60 and $13.21 , respectively. The unrecognized compensation costs related to nonvested options totaled $45.3 million as of August 31, 2015 . These costs are expected to be recognized on a straight-line basis over a weighted average period of 2.5 years . Assumptions Used to Estimate Option Values Six Months Ended August 31 2015 2014 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 25.8 % — 31.0 % 25.2 % — 32.7 % Weighted average expected volatility 30.6 % 31.9 % Risk-free interest rate (2) 0.00 % — 2.1 % 0.03 % — 2.7 % Expected term (in years) (3) 4.7 4.7 (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, 2015 1,530 $ 39.81 Stock units granted 418 $ 73.76 Stock units vested and converted (516 ) $ 31.88 Stock units cancelled (52 ) $ 49.05 Outstanding as of August 31, 2015 1,380 $ 52.72 During the six months ended August 31, 2015 and 2014 , we granted 418,281 and 587,511 RSUs, respectively. The initial fair market value per RSU at the date of grant for the RSUs granted during the six months ended August 31, 2015 and 2014 , was $73.76 and $44.96 , respectively. The RSUs are cash-settled upon vesting. During the six months ended August 31, 2015 and 2014 , we paid $32.8 million and $21.2 million , respectively (before payroll tax withholdings), to RSU holders upon the vesting of RSUs. We realized tax benefits of $13.1 million and $8.6 million during the six months ended August 31, 2015 and 2014 , respectively. Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of August 31, 2015 (In thousands) Minimum (1) Maximum (1) Fiscal 2017 $ 13,909 $ 37,090 Fiscal 2018 16,093 42,914 Fiscal 2019 18,983 50,622 Total expected cash settlements $ 48,985 $ 130,626 (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, 2015 774 $ 48.30 Stock units granted 107 $ 90.36 Stock units vested and converted (327 ) $ 40.91 Stock units cancelled — $ — Outstanding as of August 31, 2015 554 $ 60.77 During the six months ended August 31, 2015 and 2014 , we granted 106,963 and 245,190 MSUs, respectively. The weighted average fair value per MSU at the date of grant during the six months ended August 31, 2015 and 2014 , was $90.36 and $55.37 , respectively. The fair values were determined using a Monte-Carlo simulation and were based on the expected market price of our common stock on the vesting date and the expected number of converted common shares. We realized related tax benefits of $16.6 million and $7.4 million for the six months ended August 31, 2015 and 2014 , respectively, from the vesting of market stock units. The unrecognized compensation costs related to nonvested MSUs totaled $16.7 million as of August 31, 2015 . These costs are expected to be recognized on a straight-line basis over a weighted average period of 1.4 years . Stock-Settled Performance Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 — $ — Stock units granted 66 $ 72.58 Stock units vested — $ — Stock units cancelled — $ — Outstanding as of August 31, 2015 66 $ 72.58 During the six months ended August 31, 2015 , we granted 66,446 PSUs. No PSUs were granted in fiscal 2015. The weighted average fair value per PSU at the date of grant for PSUs granted during the six months ended August 31, 2015 , was $72.58 . The fair value was the fair market value of a share of common stock on the date of the grant. The unrecognized compensation costs related to nonvested PSUs totaled $3.6 million as of August 31, 2015 . These costs are expected to be recognized on a straight-line basis over a weighted average period of 2.6 years . Restricted Stock Awards Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 23 $ 51.18 Restricted stock granted 19 $ 68.16 Restricted stock vested (23 ) $ 51.18 Restricted stock cancelled — — Outstanding as of August 31, 2015 19 $ 68.16 During the six months ended August 31, 2015 and 2014 , we granted 19,070 and 22,860 shares of RSAs, respectively. The fair value per RSA at the grant date for RSAs granted during the six months ended August 31, 2015 and 2014 , was $68.16 and $51.18 , respectively. We realized related tax benefits of $0.6 million for the six months ended August 31, 2015 . No shares vested during fiscal 2015. The unrecognized compensation costs related to nonvested RSAs totaled $0.3 million as of August 31, 2015 . These costs are expected to be recognized on a straight-line basis over a weighted average period of 0.8 years .

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Aug. 31, 2015
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 Six Months Ended August 31 August 31 (In thousands except per share data) 2015 2014 2015 2014 Net earnings $ 172,228 $ 154,518 $ 354,202 $ 324,171 Weighted average common shares outstanding 207,249 218,180 207,969 219,224 Dilutive potential common shares: Stock options 1,848 2,269 2,003 2,520 Stock-settled stock units and awards 551 621 673 607 Weighted average common shares and dilutive potential common shares 209,648 221,070 210,645 222,351 Basic net earnings per share $ 0.83 $ 0.71 $ 1.70 $ 1.48 Diluted net earnings per share $ 0.82 $ 0.70 $ 1.68 $ 1.46 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 August 31, 2015 and 2014 , options to purchase 1,390,869 shares and 2,885,903 shares of common stock, respectively, were not included. For the six months ended August 31, 2015 and 2014 , weighted average options to purchase 1,101,612 shares and 2,586,357 shares, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Aug. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss by Component Total Net Accumulated Unrecognized Net Other Actuarial Unrecognized Comprehensive (In thousands, net of income taxes) Losses Hedge Losses Loss Balance as of February 28, 2015 $ (59,220 ) $ (6,171 ) $ (65,391 ) Other comprehensive loss before reclassifications — (3,804 ) (3,804 ) Amounts reclassified from accumulated other comprehensive loss 645 2,401 3,046 Other comprehensive income (loss) 645 (1,403 ) (758 ) Balance as of August 31, 2015 $ (58,575 ) $ (7,574 ) $ (66,149 ) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended August 31 Six Months Ended August 31 (In thousands) 2015 2014 2015 2014 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 221 $ 138 $ 416 $ 276 CarMax Auto Finance income 13 8 24 15 Selling, general and administrative expenses 306 194 589 389 Total amortization reclassifications recognized in net pension expense 540 340 1,029 680 Tax expense (201 ) (127 ) (384 ) (254 ) Amortization reclassifications recognized in net pension expense, net of tax 339 213 645 426 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 339 213 645 426 Cash Flow Hedges (Note 5): Effective portion of changes in fair value (1,955 ) (271 ) (6,271 ) (2,069 ) Tax benefit 769 107 2,467 814 Effective portion of changes in fair value, net of tax (1,186 ) (164 ) (3,804 ) (1,255 ) Reclassifications to CarMax Auto Finance income 1,907 2,076 3,958 4,339 Tax expense (751 ) (816 ) (1,557 ) (1,706 ) Reclassification of hedge losses, net of tax 1,156 1,260 2,401 2,633 Net change in cash flow hedge unrecognized losses, net of tax (30 ) 1,096 (1,403 ) 1,378 Total other comprehensive income (loss), net of tax $ 309 $ 1,309 $ (758 ) $ 1,804 Changes in the funded status of our retirement plans and the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive loss. The cumulative balances are net of deferred taxes of $39.6 million as of August 31, 2015 , and $39.0 million as of February 28, 2015 .

Contingent Liabilities

Contingent Liabilities	6 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . On April 2, 2008, Mr. John Fowler filed a putative class action lawsuit against CarMax Auto Superstores California, LLC and CarMax Auto Superstores West Coast, Inc. in the Superior Court of California, County of Los Angeles. Subsequently, two other lawsuits, Leena Areso et al. v. CarMax Auto Superstores California, LLC and Justin Weaver v. CarMax Auto Superstores California, LLC , were consolidated as part of the Fowler case. The allegations in the consolidated case involved: (1) failure to provide meal and rest breaks or compensation in lieu thereof; (2) failure to pay wages of terminated or resigned employees related to meal and rest breaks and overtime; (3) failure to pay overtime; (4) failure to comply with itemized employee wage statement provisions; (5) unfair competition; and (6) California’s Labor Code Private Attorney General Act. The putative class consisted of sales consultants, sales managers, and other hourly employees who worked for the company in California from April 2, 2004, to the present. On May 12, 2009, the court dismissed all of the class claims with respect to the sales manager putative class. On June 16, 2009, the court dismissed all claims related to the failure to comply with the itemized employee wage statement provisions. The court also granted CarMax’s motion for summary adjudication with regard to CarMax’s alleged failure to pay overtime to the sales consultant putative class. The claims currently remaining in the lawsuit regarding the sales consultant putative class are: (1) failure to provide meal and rest breaks or compensation in lieu thereof; (2) failure to pay wages of terminated or resigned employees related to meal and rest breaks; (3) unfair competition; and (4) California’s Labor Code Private Attorney General Act. On November 21, 2011, the court granted CarMax’s motion to compel the plaintiffs’ remaining claims into arbitration on an individual basis. The plaintiffs appealed the court’s ruling and on March 26, 2013, the California Court of Appeal reversed the trial court's order granting CarMax's motion to compel arbitration. On October 8, 2013, CarMax filed a petition for a writ of certiorari seeking review in the United States Supreme Court. On February 24, 2014, the United States Supreme Court granted CarMax's petition for certiorari, vacated the California Court of Appeal decision and remanded the case to the California Court of Appeal for further consideration. The California Court of Appeal determined that the plaintiffs’ Labor Code Private Attorney General Act claim is not subject to arbitration, but the remaining claims are subject to arbitration on an individual basis. CarMax appealed this decision with respect to the Private Attorney General Act claim on March 9, 2015 by filing a petition for review with the California Supreme Court. On April 22, 2015, the California Supreme Court denied the petition for review. On August 20, 2015, CarMax filed a petition for a writ of certiorari seeking review in the United States Supreme Court. The Fowler lawsuit seeks compensatory and special damages, wages, interest, civil and statutory penalties, restitution, injunctive relief and the recovery of attorneys’ fees. We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in this matter. 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 at least a 30-day 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 $5.6 million as of August 31, 2015 , and $6.2 million as of February 28, 2015 , and is included in accrued expenses and other current liabilities.

Accounting Policies (Policy)

Accounting Policies (Policy)	6 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
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. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2015 .
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. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.
Cash And Cash Equivalents	Cash and Cash Equivalents. Cash equivalents of $74.1 million as of August 31, 2015 , and $48,000 as of February 28, 2015 , consisted of highly liquid investments with original maturities of three months or less.
Restricted Cash from Collections on Auto Loan Receivables	Restricted Cash from Collections on Auto Loan Receivables. Cash equivalents totaling $335.1 million as of August 31, 2015 , and $294.1 million as of February 28, 2015 , consisted of collections of principal, interest and fee payments on securitized auto loan receivables that are restricted for payment to the securitization investors pursuant to the applicable securitization agreements.
Securitizations	Securitizations. We maintain a revolving securitization program composed of two warehouse facilities (“warehouse facilities”) that we use to fund auto loan receivables originated by CAF until we elect to fund them through a term securitization or alternative funding arrangement. We sell the auto loan receivables to one of two wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors. These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the securitized receivables. We typically use term securitizations to provide long-term funding for most of the auto loan receivables initially securitized through the warehouse facilities. In these transactions, a pool of auto loan receivables is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. We are required to evaluate term securitization trusts for consolidation. In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant. Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them. We recognize transfers of auto loan receivables into the warehouse facilities and term securitizations (“securitization vehicles”) as secured borrowings, which result in recording the auto loan receivables and the related non-recourse notes payable on our consolidated balance sheets. The securitized receivables can only be used as collateral to settle obligations of the securitization vehicles. The securitization vehicles and investors have no recourse to our assets beyond the securitized receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loan receivables. We have not provided financial or other support to the securitization vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the securitization vehicles. See Notes 4 and 10 for additional information on auto loan receivables and non-recourse notes payable.
Auto Loan Receivables, Net	Auto Loan Receivables, Net. Auto loan receivables include amounts due from customers related to retail vehicle sales financed through CAF. The receivables are presented net of an allowance for estimated loan losses. The allowance for loan losses represents an estimate of the amount of net losses inherent in our portfolio of managed receivables as of the applicable reporting date and anticipated to occur during the following 12 months. The allowance is primarily based on the credit quality of the underlying receivables, historical loss trends and forecasted forward loss curves. We also take into account recent trends in delinquencies, losses, recovery rates and the economic environment. The provision for loan losses is the periodic expense of maintaining an adequate allowance. 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. See Note 4 for additional information on auto loan receivables. Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loan receivables is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge‑off. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income.
Property And Equipment	Property and Equipment. Property and equipment is stated at cost less accumulated depreciation and amortization of $876.3 million and $822.7 million as of August 31, 2015 and February 28, 2015 , respectively.
Other Assets	Other Assets. Other assets includes amounts classified as restricted cash on deposit in reserve accounts and restricted investments. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors. In the event that the cash generated by the securitized receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash on deposit in reserve accounts is invested in money market securities and was $46.6 million as of August 31, 2015 , and $42.7 million as of February 28, 2015 . Restricted investments includes money market securities primarily held to satisfy certain insurance program requirements, as well as mutual funds held in a rabbi trust established to fund informally our executive deferred compensation plan. Restricted investments totaled $63.2 million as of August 31, 2015 , and $52.4 million as of February 28, 2015 .
Revenue Recognition	Revenue Recognition. We recognize revenue when the earnings process is complete, generally either at the time of sale to a customer or upon delivery to a customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 5‑day, money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. We also sell ESPs and GAP products on behalf of unrelated third parties, who are the primary obligors, to customers who purchase a vehicle. The ESPs we currently offer on all used vehicles provide coverage of up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize commission revenue at the time of sale, net of a reserve for estimated contract cancellations. Periodically, we may receive additional commissions based upon the level of underwriting profits of the third parties who administer the products. These additional commissions are recognized as revenue when received. 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 commissions 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 7 for additional information on cancellation reserves. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by 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. 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.
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities. We enter into derivative instruments to manage exposures that arise from business activities and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates. We recognize the derivatives at fair value as either current assets or current liabilities on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting. See Note 5 for additional information on derivative instruments and hedging activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. Effective in Future Periods . In July 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (FASB ASU 2015-11) which simplifies the subsequent measurement of inventory by replacing the lower of cost or market test with a lower of cost or net realizable value (“NRV”) test. NRV is calculated as the estimated selling price less reasonably predictable costs of completion, disposal and transportation. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, and prospective adoption is required. We will adopt this pronouncement for our fiscal year beginning March 1, 2017. We are still evaluating the effects of this pronouncement on our consolidated financial statements, but do not expect any such impacts to be material. In August 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-14), which deferred the effective date of FASB ASU 2014-09, Revenue from Contracts with Customers , for all entities by one year. As a result, that accounting standard is now effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Based on this amendment, we will adopt FASB ASU 2014-09 for our fiscal year beginning March 1, 2018. In August 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-15) related to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. We will consider this clarification in conjunction with our adoption of FASB ASU 2015-03, which will occur for our fiscal year beginning March 1, 2016, and do not expect it to have a material impact on our consolidated financial statements.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	6 Months Ended
	Aug. 31, 2015
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended August 31 Six Months Ended August 31 (In millions) 2015 % (1) 2014 % (1) 2015 % (1) 2014 % (1) Interest margin: Interest and fee income $ 169.8 7.6 $ 150.7 7.8 $ 334.6 7.6 $ 297.6 7.9 Interest expense (30.8 ) (1.4 ) (23.9 ) (1.2 ) (58.8 ) (1.3 ) (47.0 ) (1.2 ) Total interest margin 139.0 6.2 126.8 6.6 275.8 6.2 250.6 6.6 Provision for loan losses (25.6 ) (1.1 ) (20.4 ) (1.1 ) (39.2 ) (0.9 ) (36.2 ) (1.0 ) Total interest margin after provision for loan losses 113.4 5.1 106.4 5.5 236.6 5.4 214.4 5.7 Total other expense (0.1 ) — — — (0.1 ) — — — Direct expenses: Payroll and fringe benefit expense (7.1 ) (0.3 ) (6.3 ) (0.3 ) (13.9 ) (0.3 ) (12.5 ) (0.3 ) Other direct expenses (7.9 ) (0.4 ) (7.5 ) (0.4 ) (15.2 ) (0.4 ) (14.7 ) (0.4 ) Total direct expenses (15.0 ) (0.7 ) (13.8 ) (0.7 ) (29.1 ) (0.7 ) (27.2 ) (0.7 ) CarMax Auto Finance income $ 98.3 4.4 $ 92.6 4.8 $ 207.4 4.7 $ 187.2 5.0 Total average managed receivables $ 8,993.9 $ 7,724.5 $ 8,829.3 $ 7,557.3 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	6 Months Ended
	Aug. 31, 2015
Loans Receivable, Net [Abstract]
Auto Loan Receivables, Net	Auto Loan Receivables, Net As of August 31 As of February 28 (In millions) 2015 2015 Warehouse facilities $ 1,243.0 $ 986.0 Term securitizations 7,613.2 7,226.5 Other receivables (1) 307.8 246.2 Total ending managed receivables 9,164.0 8,458.7 Accrued interest and fees 36.9 31.2 Other 3.4 27.3 Less allowance for loan losses (87.8 ) (81.7 ) Auto loan receivables, net $ 9,116.5 $ 8,435.5 (1) Other receivables includes receivables not funded through the warehouse facilities or term securitizations.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of August 31 As of February 28 (In millions) 2015 (1) % (2) 2015 (1) % (2) A $ 4,447.3 48.5 $ 4,135.6 48.9 B 3,291.4 35.9 3,055.3 36.1 C and other 1,425.3 15.6 1,267.8 15.0 Total ending managed receivables $ 9,164.0 100.0 $ 8,458.7 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended August 31 Six Months Ended August 31 (In millions) 2015 % (1) 2014 % (1) 2015 % (1) 2014 % (1) Balance as of beginning of period $ 83.7 0.94 $ 75.4 1.00 $ 81.7 0.97 $ 69.9 0.97 Charge-offs (42.5 ) (36.9 ) (76.8 ) (68.9 ) Recoveries 21.0 18.9 43.7 40.6 Provision for loan losses 25.6 20.4 39.2 36.2 Balance as of end of period $ 87.8 0.96 $ 77.8 0.99 $ 87.8 0.96 $ 77.8 0.99 (1) Percent of total ending managed receivables.
Past Due Receivables	Past Due Receivables As of August 31 As of February 28 (In millions) 2015 % (1) 2015 % (1) Total ending managed receivables $ 9,164.0 100.0 $ 8,458.7 100.0 Delinquent loans: 31-60 days past due $ 180.9 2.0 $ 152.1 1.8 61-90 days past due 72.3 0.8 52.5 0.6 Greater than 90 days past due 21.6 0.2 16.8 0.2 Total past due $ 274.8 3.0 $ 221.4 2.6 (1) Percent of total ending managed receivables.

Derivative Instruments And He24

Derivative Instruments And Hedging Activities (Tables)	6 Months Ended
	Aug. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values Of Derivative Instruments On The Consolidated Balance Sheets	Fair Values of Derivative Instruments As of August 31, 2015 As of February 28, 2015 (In thousands) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate swaps (1) $ 91 $ — $ 1,201 $ — Interest rate swaps (2) — (3,482 ) — (1,064 ) Total $ 91 $ (3,482 ) $ 1,201 $ (1,064 ) (1) Reported in other current assets on the consolidated balance sheets. (2) Reported in accounts payable on the consolidated balance sheets.
Schedule Of Effect Of Derivative Instruments On Comprehensive Income	Effect of Derivative Instruments on Comprehensive Income Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Derivatives designated as accounting hedges: Loss recognized in AOCL (1) $ (1,955 ) $ (271 ) $ (6,271 ) $ (2,069 ) Loss reclassified from AOCL into CAF income (1) $ (1,907 ) $ (2,076 ) $ (3,958 ) $ (4,339 ) Loss recognized in CAF Income (2) $ (102 ) $ — $ (102 ) $ — (1) Represents the effective portion. (2) Represents the ineffective portion.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 31, 2015
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 August 31, 2015 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 505,039 $ — $ 505,039 Mutual fund investments 13,847 — 13,847 Derivative instruments — 91 91 Total assets at fair value $ 518,886 $ 91 $ 518,977 Percent of total assets at fair value 100.0 % — % 100.0 % Percent of total assets 3.7 % — % 3.7 % Liabilities: Derivative instruments $ — $ (3,482 ) $ (3,482 ) Total liabilities at fair value $ — $ (3,482 ) $ (3,482 ) Percent of total liabilities — % — % — % As of February 28, 2015 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 380,100 $ — $ 380,100 Mutual fund investments 9,242 — 9,242 Derivative instruments — 1,201 1,201 Total assets at fair value $ 389,342 $ 1,201 $ 390,543 Percent of total assets at fair value 99.7 % 0.3 % 100.0 % Percent of total assets 2.9 % — % 3.0 % Liabilities: Derivative instruments $ — $ (1,064 ) $ (1,064 ) Total liabilities at fair value $ — $ (1,064 ) $ (1,064 ) Percent of total liabilities — % — % — %

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	6 Months Ended
	Aug. 31, 2015
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended August 31 Six Months Ended August 31 (In millions) 2015 2014 2015 2014 Balance as of beginning of period $ 100.3 $ 81.1 $ 94.4 $ 72.5 Cancellations (14.4 ) (12.5 ) (28.8 ) (25.0 ) Provision for future cancellations 22.2 17.4 42.5 38.5 Balance as of end of period $ 108.1 $ 86.0 $ 108.1 $ 86.0

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Aug. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components Of Net Pension Expense	Components of Net Pension Expense Three Months Ended August 31 Pension Plan Restoration Plan Total (In thousands) 2015 2014 2015 2014 2015 2014 Interest cost $ 2,168 $ 2,008 $ 108 $ 113 $ 2,276 $ 2,121 Expected return on plan assets (2,464 ) (2,247 ) — — (2,464 ) (2,247 ) Recognized actuarial loss 534 340 6 — 540 340 Net pension expense $ 238 $ 101 $ 114 $ 113 $ 352 $ 214 Six Months Ended August 31 Pension Plan Restoration Plan Total (In thousands) 2015 2014 2015 2014 2015 2014 Interest cost $ 4,336 $ 4,016 $ 216 $ 226 $ 4,552 $ 4,242 Expected return on plan assets (4,929 ) (4,514 ) — — (4,929 ) (4,514 ) Recognized actuarial loss 1,017 680 12 — 1,029 680 Net pension expense $ 424 $ 182 $ 228 $ 226 $ 652 $ 408

Debt (Tables)

Debt (Tables)	6 Months Ended
	Aug. 31, 2015
Debt Disclosure [Abstract]
Schedule Of Debt	Debt As of August 31 As of February 28 (In thousands) 2015 2015 Short-term revolving credit facility $ 2,122 $ 785 Current portion of long-term debt — 10,000 Current portion of finance and capital lease obligations 21,584 21,554 Current portion of non-recourse notes payable 296,867 258,163 Total current debt 320,573 290,502 Long-term debt 300,000 300,000 Finance and capital lease obligations, excluding current portion 357,825 306,284 Non-recourse notes payable, excluding current portion 8,856,227 8,212,466 Total debt, excluding current portion 9,514,052 8,818,750 Total debt $ 9,834,625 $ 9,109,252

Stock And Stock-Based Incenti29

Stock And Stock-Based Incentive Plans (Tables)	6 Months Ended
	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Composition Of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Cost of sales $ 17 $ 1,247 $ 1,065 $ 1,574 CarMax Auto Finance income 441 961 598 1,637 Selling, general and administrative expenses 9,977 20,493 32,550 35,209 Share-based compensation expense, before income taxes $ 10,435 $ 22,701 $ 34,213 $ 38,420
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Six Months Ended August 31 August 31 (In thousands) 2015 2014 2015 2014 Nonqualified stock options $ 5,590 $ 6,887 $ 14,270 $ 15,007 Cash-settled restricted stock units 525 11,074 11,398 14,221 Stock-settled market stock units 2,641 3,472 5,537 7,593 Stock-settled performance stock units 344 — 1,238 — Employee stock purchase plan 338 311 707 642 Restricted stock awards to non-employee directors 997 957 1,063 957 Share-based compensation expense, before income taxes $ 10,435 $ 22,701 $ 34,213 $ 38,420
Restricted Stock Awards	Restricted Stock Awards Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 23 $ 51.18 Restricted stock granted 19 $ 68.16 Restricted stock vested (23 ) $ 51.18 Restricted stock cancelled — — Outstanding as of August 31, 2015 19 $ 68.16
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Common Stock Repurchases	Common Stock Repurchases Three Months Ended Six Months Ended August 31 August 31 2015 2014 2015 2014 Number of shares repurchased (in thousands) 3,878.4 4,024.8 5,655.3 7,866.7 Average cost per share $ 64.40 $ 49.92 $ 65.37 $ 47.68 Available for repurchase, as of end of period (in millions) $ 1,999.6 $ 907.0 $ 1,999.6 $ 907.0
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Activity	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, 2015 7,645 $ 35.59 Options granted 1,389 $ 73.70 Options exercised (1,296 ) $ 28.68 Options cancelled (1 ) $ 13.19 Outstanding as of August 31, 2015 7,737 $ 43.60 4.5 $ 152,314 Exercisable as of August 31, 2015 3,824 $ 33.63 3.5 $ 104,680
Outstanding Stock Options	Outstanding Stock Options As of August 31, 2015 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Remaining Average Average (Shares in thousands) Number of Contractual Exercise Number of Exercise Range of Exercise Prices Shares Life (Years) Price Shares Price $ 11.43 - $ 14.49 244 0.6 $ 11.81 244 $ 11.81 $ 19.98 - $ 31.76 2,078 3.2 $ 30.22 1,639 $ 29.84 $ 32.69 - $ 42.68 2,104 3.9 $ 39.24 1,430 $ 37.61 $ 44.96 - $ 49.25 1,916 5.6 $ 45.05 511 $ 45.05 $ 67.82 - $ 73.76 1,395 6.6 $ 73.68 — — Total 7,737 4.5 $ 43.60 3,824 $ 33.63
Assumptions Used To Estimate Option Values	Assumptions Used to Estimate Option Values Six Months Ended August 31 2015 2014 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 25.8 % — 31.0 % 25.2 % — 32.7 % Weighted average expected volatility 30.6 % 31.9 % Risk-free interest rate (2) 0.00 % — 2.1 % 0.03 % — 2.7 % Expected term (in years) (3) 4.7 4.7 (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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Awards And Restricted Stock Unit Activity	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 1,530 $ 39.81 Stock units granted 418 $ 73.76 Stock units vested and converted (516 ) $ 31.88 Stock units cancelled (52 ) $ 49.05 Outstanding as of August 31, 2015 1,380 $ 52.72
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of August 31, 2015 (In thousands) Minimum (1) Maximum (1) Fiscal 2017 $ 13,909 $ 37,090 Fiscal 2018 16,093 42,914 Fiscal 2019 18,983 50,622 Total expected cash settlements $ 48,985 $ 130,626 (1) Net of estimated forfeitures.
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Awards And Restricted Stock Unit Activity	Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 774 $ 48.30 Stock units granted 107 $ 90.36 Stock units vested and converted (327 ) $ 40.91 Stock units cancelled — $ — Outstanding as of August 31, 2015 554 $ 60.77
Stock-settled performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Stock Settled Performance Stock Unit Activity	Stock-Settled Performance Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2015 — $ — Stock units granted 66 $ 72.58 Stock units vested — $ — Stock units cancelled — $ — Outstanding as of August 31, 2015 66 $ 72.58

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Aug. 31, 2015
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Six Months Ended August 31 August 31 (In thousands except per share data) 2015 2014 2015 2014 Net earnings $ 172,228 $ 154,518 $ 354,202 $ 324,171 Weighted average common shares outstanding 207,249 218,180 207,969 219,224 Dilutive potential common shares: Stock options 1,848 2,269 2,003 2,520 Stock-settled stock units and awards 551 621 673 607 Weighted average common shares and dilutive potential common shares 209,648 221,070 210,645 222,351 Basic net earnings per share $ 0.83 $ 0.71 $ 1.70 $ 1.48 Diluted net earnings per share $ 0.82 $ 0.70 $ 1.68 $ 1.46

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Aug. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Loss by Component Total Net Accumulated Unrecognized Net Other Actuarial Unrecognized Comprehensive (In thousands, net of income taxes) Losses Hedge Losses Loss Balance as of February 28, 2015 $ (59,220 ) $ (6,171 ) $ (65,391 ) Other comprehensive loss before reclassifications — (3,804 ) (3,804 ) Amounts reclassified from accumulated other comprehensive loss 645 2,401 3,046 Other comprehensive income (loss) 645 (1,403 ) (758 ) Balance as of August 31, 2015 $ (58,575 ) $ (7,574 ) $ (66,149 )
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended August 31 Six Months Ended August 31 (In thousands) 2015 2014 2015 2014 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 221 $ 138 $ 416 $ 276 CarMax Auto Finance income 13 8 24 15 Selling, general and administrative expenses 306 194 589 389 Total amortization reclassifications recognized in net pension expense 540 340 1,029 680 Tax expense (201 ) (127 ) (384 ) (254 ) Amortization reclassifications recognized in net pension expense, net of tax 339 213 645 426 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 339 213 645 426 Cash Flow Hedges (Note 5): Effective portion of changes in fair value (1,955 ) (271 ) (6,271 ) (2,069 ) Tax benefit 769 107 2,467 814 Effective portion of changes in fair value, net of tax (1,186 ) (164 ) (3,804 ) (1,255 ) Reclassifications to CarMax Auto Finance income 1,907 2,076 3,958 4,339 Tax expense (751 ) (816 ) (1,557 ) (1,706 ) Reclassification of hedge losses, net of tax 1,156 1,260 2,401 2,633 Net change in cash flow hedge unrecognized losses, net of tax (30 ) 1,096 (1,403 ) 1,378 Total other comprehensive income (loss), net of tax $ 309 $ 1,309 $ (758 ) $ 1,804

Background Background (Narrativ

Background Background (Narrative) (Details)	6 Months Ended
	Aug. 31, 2015segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Accounting Policies (Narrative)

Accounting Policies (Narrative) (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2015USD ($)warehouse	Feb. 28, 2015USD ($)
Accounting Policies [Abstract]
Cash equivalents	$ 74,100	$ 48
Restricted cash from collections on auto loan receivables	$ 335,075	294,122
Number of warehouses | warehouse	2
Required benchmark for account delinquency	120 days
Accumulated depreciation and amortization	$ 876,300	822,700
Restricted cash on deposit in reserve accounts	46,600	42,700
Restricted investments	$ 63,200	$ 52,400

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Auto Finance Income [Line Items]
Interest and fee income	$ 169,800	$ 150,700	$ 334,600	$ 297,600
Interest expense	(30,800)	(23,900)	(58,800)	(47,000)
Total interest margin	139,000	126,800	275,800	250,600
Provision for loan losses	(25,600)	(20,400)	(39,200)	(36,200)
Total interest margin after provision for loan losses	113,400	106,400	236,600	214,400
Total other expense	(100)	0	(100)	0
Payroll and fringe benefit expense	(7,100)	(6,300)	(13,900)	(12,500)
Other direct expenses	(7,900)	(7,500)	(15,200)	(14,700)
Total direct expenses	(15,000)	(13,800)	(29,100)	(27,200)
CarMax Auto Finance income	98,279	92,574	207,387	187,189
Total average managed receivables	$ 8,993,900	$ 7,724,500	$ 8,829,300	$ 7,557,300
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.60%	7.80%	7.60%	7.90%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.40%)	(1.20%)	(1.30%)	(1.20%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.20%	6.60%	6.20%	6.60%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.10%)	(1.10%)	(0.90%)	(1.00%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.10%	5.50%	5.40%	5.70%
Total other income
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.00%	0.00%	0.00%	0.00%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.30%)	(0.30%)	(0.30%)	(0.30%)
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.40%)	(0.40%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.70%)	(0.70%)	(0.70%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.40%	4.80%	4.70%	5.00%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014
Non-recourse notes payable	$ 9,150,000		$ 8,470,000
Total ending managed receivables	9,164,000		8,458,700
Accrued interest and fees	36,900		31,200
Other	3,400		27,300
Less allowance for loan losses	(87,800)	$ (83,700)	(81,700)	$ (77,800)	$ (75,400)	$ (69,900)
Auto loan receivables, net	9,116,512		8,435,504
Warehouse facilities
Total ending managed receivables	1,243,000		986,000
Term securitizations
Total ending managed receivables	7,613,200		7,226,500
Other receivables
Total ending managed receivables	$ 307,800		$ 246,200

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Aug. 31, 2015	Feb. 28, 2015
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 9,164	$ 8,458.7
Total ending managed receivables as percentage by major credit grade	100.00%	100.00%
Credit Grade A
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 4,447.3	$ 4,135.6
Total ending managed receivables as percentage by major credit grade	48.50%	48.90%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 3,291.4	$ 3,055.3
Total ending managed receivables as percentage by major credit grade	35.90%	36.10%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 1,425.3	$ 1,267.8
Total ending managed receivables as percentage by major credit grade	15.60%	15.00%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance as of beginning of period	$ 83.7	$ 75.4	$ 81.7	$ 69.9
Charge-offs	(42.5)	(36.9)	(76.8)	(68.9)
Recoveries	21	18.9	43.7	40.6
Provision for loan losses	25.6	20.4	39.2	36.2
Balance as of end of period	$ 87.8	$ 77.8	$ 87.8	$ 77.8
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Losses [Line Items]
Item as percent of total ending managed receivables, balance as of beginning of period	0.94%	1.00%	0.97%	0.97%
Item as percent of total ending managed receivables, balance as of end of period	0.96%	0.99%	0.96%	0.99%

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Aug. 31, 2015	Feb. 28, 2015
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 9,164	$ 8,458.7
31-60 days past due	180.9	152.1
61-90 days past due	72.3	52.5
Greater than 90 days past due	21.6	16.8
Total past due	$ 274.8	$ 221.4
Past due receivables as a percentage of total ending managed receivables	3.00%	2.60%
Total ending managed receivables, percent
Financing Receivable, Past Due [Line Items]
Item as percent of total ending managed receivables	100.00%	100.00%
31-60 days past due, percent
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	2.00%	1.80%
61-90 days past due, percent
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.80%	0.60%
Greater than 90 days past due, percent
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.20%	0.20%

Derivative Instruments And He39

Derivative Instruments And Hedging Activities (Narrative) (Details) - Designated As Hedging Instrument - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	6 Months Ended
	Aug. 31, 2015	Feb. 28, 2015
Derivative [Line Items]
Additional reclassification as decrease from AOCL to CAF income within the next 12 months	$ 6
Derivative notional amount	$ 2,000	$ 1,400

Derivative Instruments And He40

Derivative Instruments And Hedging Activities (Fair Values Of Derivative Instruments On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
Derivatives, Fair Value [Line Items]
Assets	$ 91	$ 1,201
Liabilities	(3,482)	(1,064)
Designated As Hedging Instrument | Interest Rate Swaps | Other Current Assets
Derivatives, Fair Value [Line Items]
Assets	91	1,201
Liabilities	0	0
Designated As Hedging Instrument | Interest Rate Swaps | Accounts Payable
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ (3,482)	$ (1,064)

Derivative Instruments And He41

Derivative Instruments And Hedging Activities (Schedule Of Effect Of Derivative Instruments On Comprehensive Income) (Details) - Designated As Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Derivative [Line Items]
Loss recognized in AOCL	$ (1,955)	$ (271)	$ (6,271)	$ (2,069)
Loss reclassified from AOCL into CAF Income	(1,907)	(2,076)	(3,958)	(4,339)
Loss recognized in CAF Income	$ (102)	$ 0	$ (102)	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 505,039	$ 380,100
Mutual fund investments	13,847	9,242
Derivative instruments	91	1,201
Total assets at fair value	$ 518,977	$ 390,543
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	3.70%	3.00%
Liabilities: Derivative instruments	$ (3,482)	$ (1,064)
Total liabilities at fair value	$ (3,482)	$ (1,064)
Percent of total liabilities	0.00%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 505,039	$ 380,100
Mutual fund investments	13,847	9,242
Derivative instruments	0	0
Total assets at fair value	$ 518,886	$ 389,342
Percent of total assets at fair value	100.00%	99.70%
Percent of total assets	3.70%	2.90%
Liabilities: Derivative instruments	$ 0	$ 0
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0.00%	0.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 0	$ 0
Mutual fund investments	0	0
Derivative instruments	91	1,201
Total assets at fair value	$ 91	$ 1,201
Percent of total assets at fair value	0.00%	0.30%
Percent of total assets	0.00%	0.00%
Liabilities: Derivative instruments	$ (3,482)	$ (1,064)
Total liabilities at fair value	$ (3,482)	$ (1,064)
Percent of total liabilities	0.00%	(0.0106%)

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 52.1	$ 44.8

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Cancellation Reserves [Abstract]
Balance as of beginning of period	$ 100.3	$ 81.1	$ 94.4	$ 72.5
Cancellations	(14.4)	(12.5)	(28.8)	(25)
Provision for future cancellations	22.2	17.4	42.5	38.5
Balance as of end of period	$ 108.1	$ 86	$ 108.1	$ 86

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2015	Feb. 28, 2015
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, gross	$ 27.1	$ 25

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 31, 2015	Feb. 28, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Contributions to pension plan	$ 0
Anticipated contribution during remainder of fiscal year	$ 0
Expected rate of return on plan assets		7.75%

Retirement Plans (Components Of

Retirement Plans (Components Of Net Pension Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 2,276	$ 2,121	$ 4,552	$ 4,242
Expected return on plan assets	(2,464)	(2,247)	(4,929)	(4,514)
Recognized actuarial loss	540	340	1,029	680
Net pension expense	352	214	652	408
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2,168	2,008	4,336	4,016
Expected return on plan assets	(2,464)	(2,247)	(4,929)	(4,514)
Recognized actuarial loss	534	340	1,017	680
Net pension expense	238	101	424	182
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	108	113	216	226
Expected return on plan assets	0	0	0	0
Recognized actuarial loss	6	0	12	0
Net pension expense	$ 114	$ 113	$ 228	$ 226

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Feb. 28, 2015
Debt Disclosure [Abstract]
Short-term revolving credit facility	$ 2,122	$ 785
Current portion of long-term debt	0	10,000
Current portion of finance and capital lease obligations	21,584	21,554
Current portion of non-recourse notes payable	296,867	258,163
Total current debt	320,573	290,502
Long-term debt	300,000	300,000
Finance and capital lease obligations, excluding current portion	357,825	306,284
Non-recourse notes payable, excluding current portion	8,856,227	8,212,466
Total debt, excluding current portion	9,514,052	8,818,750
Total debt	$ 9,834,625	$ 9,109,252

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2015	Aug. 31, 2014	Feb. 28, 2015
Debt Instrument [Line Items]
Term loan outstanding	$ 300,000	$ 300,000		$ 300,000
Non-recourse notes payable	$ 9,150,000	9,150,000		$ 8,470,000
Capitalized interest		5,600	$ 0
Credit Facility
Debt Instrument [Line Items]
Term of debt (in years)	5 years
Maximum borrowing capacity	$ 1,200,000	$ 1,200,000
Credit facility expiration date		Aug. 24, 2020
Unused capacity	1,197,900	$ 1,197,900
Replaced Credit Facility | Credit Facility Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	1,000,000	$ 1,000,000
Credit facility expiration date		Aug. 1, 2016
Term loan
Debt Instrument [Line Items]
Term loan	300,000	$ 300,000
Term loan outstanding	300,000	300,000
Finance and capital lease obligation
Debt Instrument [Line Items]
Increase to finance lease obligations		$ 61,300
Finance and capital lease obligation | Minimum
Debt Instrument [Line Items]
Initial lease terms, in years		15 years
Finance and capital lease obligation | Maximum
Debt Instrument [Line Items]
Initial lease terms, in years		20 years
Non-recourse notes payable
Debt Instrument [Line Items]
Non-recourse notes payable	7,910,000	$ 7,910,000
Debt maturity, end		Mar. 15, 2022
Warehouse facilities
Debt Instrument [Line Items]
Non-recourse notes payable	1,240,000	$ 1,240,000
Increase in combined limit	200,000	200,000
Warehouse facilities maximum borrowing capacity	2,500,000	2,500,000
Remaining borrowing capacity	1,260,000	1,260,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse facilities maximum borrowing capacity	1,500,000	$ 1,500,000
Warehouse facility expiration date		Feb. 1, 2016
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse facilities maximum borrowing capacity	$ 1,000,000	$ 1,000,000
Warehouse facility expiration date		Aug. 1, 2016

Stock And Stock-Based Incenti50

Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Feb. 28, 2015	Feb. 28, 2013
Share Repurchase Program | FY 2013 Share Repurchase Authorizations Member
Stock and Stock-Based Incentive Plans
Share repurchase, authorized amount				$ 800,000,000
Share Repurchase Program | FY 2015 Share Repurchase Authorization Member
Stock and Stock-Based Incentive Plans
Share repurchase, authorized amount			$ 3,000,000,000
Share Repurchase Program | March 2014 Authorization
Stock and Stock-Based Incentive Plans
Share repurchase, authorized amount	$ 1,000,000,000
Share Repurchase Program | October 2014 Authorization
Stock and Stock-Based Incentive Plans
Share repurchase, authorized amount			$ 2,000,000,000
Share repurchase, authorization expiration			Dec. 31, 2016
Stock Compensation Plan
Stock and Stock-Based Incentive Plans
Incentive stock options grants in period	0
Capitalized share-based compensation	$ 0	$ 0
Stock Option
Stock and Stock-Based Incentive Plans
Options granted, Number of Shares	1,388,661	2,003,238
Cash received as a result of stock option exercises	$ 37,200,000	$ 44,300,000
Intrinsic value	57,000,000	85,900,000
Related tax benefits	$ 22,800,000	$ 34,600,000
Options granted, weighted average grant date fair value	$ 20.60	$ 13.21
Unrecognized compensation costs related to nonvested options/MSU/RSA	$ 45,300,000
Weighted average period, years	2 years 6 months
Stock Option | Minimum
Stock and Stock-Based Incentive Plans
Vesting period, in years	1 year
Stock Option | Maximum
Stock and Stock-Based Incentive Plans
Vesting period, in years	4 years
Years until expiration	10 years
Cash-settled restricted stock units
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Related tax benefits	$ 13,100,000	$ 8,600,000
Restricted stock awards granted, Number of Shares	418,281	587,511
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 73.76	$ 44.96
Payment related to restricted stock units vested during the period	$ 32,800,000	$ 21,200,000
Vested, shares	516,000
Cash-settled restricted stock units | Minimum
Stock and Stock-Based Incentive Plans
Cash payment per RSU, percentage	75.00%
Cash-settled restricted stock units | Maximum
Stock and Stock-Based Incentive Plans
Cash payment per RSU, percentage	200.00%
Stock-settled market stock units
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Conversion ratio, number of final trading days in vesting period	40 days
Related tax benefits	$ 16,600,000	$ 7,400,000
Unrecognized compensation costs related to nonvested options/MSU/RSA	$ 16,700,000
Weighted average period, years	1 year 4 months 24 days
Restricted stock awards granted, Number of Shares	106,963	245,190
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 90.36	$ 55.37
Vested, shares	327,000
Stock-settled market stock units | Minimum
Stock and Stock-Based Incentive Plans
MSUs converted to common stock	0
Stock-settled market stock units | Maximum
Stock and Stock-Based Incentive Plans
MSUs converted to common stock	2
Stock-settled performance stock units
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Unrecognized compensation costs related to nonvested options/MSU/RSA	$ 3,600,000
Weighted average period, years	2 years 7 months 6 days
Restricted stock awards granted, Number of Shares	66,446		0
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 72.58
Vested, shares	0
Stock-settled performance stock units | Minimum
Stock and Stock-Based Incentive Plans
PSUs converted to common stock	0
PSU 3-year cumulative EBIT threshold for conversion	25.00%
Stock-settled performance stock units | Maximum
Stock and Stock-Based Incentive Plans
PSUs converted to common stock	2
PSU 3-year cumulative EBIT threshold for conversion	200.00%
Restricted Stock Awards
Stock and Stock-Based Incentive Plans
Vesting period, in years	1 year
Unrecognized compensation costs related to nonvested options/MSU/RSA	$ 300,000
Weighted average period, years	9 months 18 days
Restricted stock awards granted, Number of Shares	19,070	22,860
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 68.16	$ 51.18
Tax benefits	$ 600,000
Vested, shares	23,000		0

Stock And Stock-Based Incenti51

Stock And Stock-Based Incentive Plans (Schedule Of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Number of shares repurchased, shares	3,878,400	4,024,800	5,655,300	7,866,700
Average cost per share (in dollars per share)	$ 64.40	$ 49.92	$ 65.37	$ 47.68
Available for repurchase, as of end of period	$ 1,999.6	$ 907	$ 1,999.6	$ 907

Stock And Stock-Based Incenti52

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	$ 10,435	$ 22,701	$ 34,213	$ 38,420
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	17	1,247	1,065	1,574
CarMax Auto Finance income
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	441	961	598	1,637
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	$ 9,977	$ 20,493	$ 32,550	$ 35,209

Stock And Stock-Based Incenti53

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 10,435	$ 22,701	$ 34,213	$ 38,420
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	5,590	6,887	14,270	15,007
Cash-settled restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	525	11,074	11,398	14,221
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	2,641	3,472	5,537	7,593
Stock-settled performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	344	0	1,238	0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	338	311	707	642
Restricted stock awards to non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 997	$ 957	$ 1,063	$ 957

Stock And Stock-Based Incenti54

Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of beginning of period, Number of Shares	7,645,000
Options granted, Number of Shares	1,388,661	2,003,238
Options exercised, Number of Shares	1,296,000
Options cancelled, Number of Shares	(1,000)
Outstanding as of end of period, Number of Shares	7,737,000
Outstanding as of beginning of period, Weighted Average Exercise Price (in dollars per share)	$ 35.59
Options granted, Weighted Average Exercise Price (in dollars per share)	73.70
Options exercised, Weighted Average Exercise Price (in dollars per share)	28.68
Options cancelled, Weighted Average Exercise Price (in dollars per share)	13.19
Outstanding as of end of period, Weighted Average Exercise Price (in dollars per share)	$ 43.60
Exercisable as of end of period, Number of Shares	3,824,000
Exercisable as of end of period, Weighted Average Exercise Price (in dollars per share)	$ 33.63
Outstanding as of end of period, Weighted Average Remaining Contractual Life (Years)	4 years 6 months
Exercisable as of end of period, Weighted Average Remaining Contractual Life (Years)	3 years 6 months
Outstanding as of end of period, Aggregate Intrinsic Value	$ 152,314
Exercisable as of end of period, Aggregate Intrinsic Value	$ 104,680

Stock And Stock-Based Incenti55

Stock And Stock-Based Incentive Plans (Outstanding Stock Options) (Details) - $ / shares shares in Thousands	6 Months Ended
	Aug. 31, 2015	Feb. 28, 2015
$11.43 To $14.49
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, lower range	$ 11.43
Range of Exercise Prices, upper range	$ 14.49
Options Outstanding, Number of Shares	244
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 11.81
Options Exercisable, Number of Shares	244
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 11.81
$19.98 To $31.76
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, lower range	19.98
Range of Exercise Prices, upper range	$ 31.76
Options Outstanding, Number of Shares	2,078
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 30.22
Options Exercisable, Number of Shares	1,639
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 29.84
$32.69 To $42.68
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, lower range	32.69
Range of Exercise Prices, upper range	$ 42.68
Options Outstanding, Number of Shares	2,104
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 10 months 24 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 39.24
Options Exercisable, Number of Shares	1,430
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 37.61
$44.96 To $49.25
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, lower range	44.96
Range of Exercise Prices, upper range	$ 49.25
Options Outstanding, Number of Shares	1,916
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 45.05
Options Exercisable, Number of Shares	511
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 45.05
$67.82 To $73.76
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, lower range	67.82
Range of Exercise Prices, upper range	$ 73.76
Options Outstanding, Number of Shares	1,395
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 73.68
Options Exercisable, Number of Shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Number of Shares	7,737
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	4 years 6 months
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 43.60	$ 35.59
Options Exercisable, Number of Shares	3,824
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 33.63

Stock And Stock-Based Incenti56

Stock And Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility factor, Minimum	25.80%	25.20%
Expected volatility factor, Maximum	31.00%	32.70%
Weighted average expected volatility	30.60%	31.90%
Risk-free interest rate, Minimum	0.00%	0.03%
Risk-free interest rate, Maximum	2.10%	2.70%
Expected term (in years)	4 years 8 months 12 days	4 years 8 months 12 days

Stock And Stock-Based Incenti57

Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units - $ / shares	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares or Units	1,530,000
Stock units granted, Number of Units	418,281	587,511
Stock units vested and converted, Number of Units	(516,000)
Stock units cancelled, Number of Units	(52,000)
Outstanding at end of period, number of shares or Units	1,380,000
Outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 39.81
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	73.76	$ 44.96
Stock units vested and converted, Weighted Average Grant Date Fair Value (in dollars per share)	31.88
Stock units cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	49.05
Outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 52.72

Stock And Stock-Based Incenti58

Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	Aug. 31, 2015USD ($)
Minimum
Fiscal 2,017	$ 13,909
Fiscal 2,018	16,093
Fiscal 2,019	18,983
Total expected cash settlements	48,985
Maximum
Fiscal 2,017	37,090
Fiscal 2,018	42,914
Fiscal 2,019	50,622
Total expected cash settlements	$ 130,626

Stock And Stock-Based Incenti59

Stock And Stock-Based Incentive Plans (Stock-Settled Market Stock Unit Activity) (Details) - Stock-settled market stock units - $ / shares	6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares or Units	774,000
Stock units granted, Number of Units	106,963	245,190
Stock units vested and converted, Number of Units	(327,000)
Stock units cancelled, Number of Units	0
Outstanding at end of period, number of shares or Units	554,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 48.30
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	90.36	$ 55.37
Stock units vested and converted, Weighted Average Grant Date Fair Value (in dollars per share)	40.91
Stock units cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	0
Outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 60.77

Stock And Stock-Based Incenti60

Stock And Stock-Based Incentive Plans (Schedule Of Stock-Settled Performance Stock Unit Activity) (Details) - Stock-settled performance stock units - $ / shares	6 Months Ended	12 Months Ended
	Aug. 31, 2015	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares or Units	0
Stock units granted, Number of Units	66,446	0
Stock units vested and converted, Number of Units	0
Stock units cancelled, Number of Units	0
Outstanding at end of period, number of shares or Units	66,000	0
Outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	72.58
Stock units vested and converted, Weighted Average Grant Date Fair Value (in dollars per share)	0
Stock units cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	0
Outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 72.58	$ 0

Stock And Stock-Based Incenti61

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Restricted Stock Awards) (Details) - Restricted Stock Awards - $ / shares	6 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, Number of Shares or Units	23,000
Restricted stock awards granted, Number of Shares	19,070	22,860
Restricted stock vested, Number of Units	(23,000)		0
Restricted stock cancelled, Number of Units	0
Outstanding at end of period, number of shares or Units	19,000		23,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 51.18
Restricted stock granted, Weighted Average Grant Date Fair Value (in dollars per share)	68.16	$ 51.18
Stock units vested and converted, Weighted Average Grant Date Fair Value (in dollars per share)	51.18
Stock units cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	0
Outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 68.16		$ 51.18

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		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 172,228	$ 154,518	$ 354,202	$ 324,171
Weighted average common shares outstanding, shares	207,249	218,180	207,969	219,224
Weighted average common shares and dilutive potential common shares, shares	209,648	221,070	210,645	222,351
Basic net earnings per share (in dollars per share)	$ 0.83	$ 0.71	$ 1.70	$ 1.48
Diluted net earnings per share (in dollars per share)	$ 0.82	$ 0.70	$ 1.68	$ 1.46
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,848	2,269	2,003	2,520
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	551	621	673	607

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	1,390,869	2,885,903	1,101,612	2,586,357

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2015USD ($)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ (65,391)
Other comprehensive loss before reclassifications	(3,804)
Amounts reclassified from accumulated other comprehensive loss	3,046
Other comprehensive income (loss)	(758)
Ending balance	(66,149)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(59,220)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	645
Other comprehensive income (loss)	645
Ending balance	(58,575)
Net Unrecognized Hedge Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(6,171)
Other comprehensive loss before reclassifications	(3,804)
Amounts reclassified from accumulated other comprehensive loss	2,401
Other comprehensive income (loss)	(1,403)
Ending balance	$ (7,574)

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Total amortization reclassifications recognized in net pension expense	$ 540	$ 340	$ 1,029	$ 680
Tax expense	(201)	(127)	(384)	(254)
Amortization reclassifications recognized in net pension expense, net of tax	339	213	645	426
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	339	213	645	426
Effective portion of changes in fair value	(1,955)	(271)	(6,271)	(2,069)
Tax benefit	769	107	2,467	814
Effective portion of changes in fair value, net of tax	(1,186)	(164)	(3,804)	(1,255)
Reclassifications to CarMax Auto Finance income	1,907	2,076	3,958	4,339
Tax expense	(751)	(816)	(1,557)	(1,706)
Reclassification of hedge losses, net of tax	1,156	1,260	2,401	2,633
Net change in cash flow hedge unrecognized losses, net of tax	(30)	1,096	(1,403)	1,378
Other comprehensive income (loss), net of taxes	309	1,309	(758)	1,804
Cost of sales
Total amortization reclassifications recognized in net pension expense	221	138	416	276
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	13	8	24	15
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 306	$ 194	$ 589	$ 389

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Aug. 31, 2015	Feb. 28, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 39.6	$ 39

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	Aug. 31, 2015	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 5.6	$ 6.2