CarMax (KMX) 10-Q 6 Jan 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2016	Dec. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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	--02-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		187,116,434

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Revenue, Net [Abstract]
Used vehicle sales	$ 3,090,613	$ 2,908,963	$ 9,820,401	$ 9,351,841
Wholesale vehicle sales	488,385	513,796	1,616,528	1,682,195
Other sales and revenues	122,526	121,310	388,229	409,834
NET SALES AND OPERATING REVENUES	3,701,524	3,544,069	11,825,158	11,443,870
Cost of sales	3,198,389	3,079,738	10,204,024	9,914,375
GROSS PROFIT	503,135	464,331	1,621,134	1,529,495
CARMAX AUTO FINANCE INCOME	89,359	92,316	286,086	299,703
Selling, general and administrative expenses	356,735	337,512	1,103,091	1,018,075
Interest expense	15,071	10,021	40,063	24,574
Other (income) expense	1,027	1,157	(24)	2,791
Earnings before income taxes	219,661	207,957	764,090	783,758
Income tax provision	83,016	79,758	289,723	301,357
NET EARNINGS	$ 136,645	$ 128,199	$ 474,367	$ 482,401
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	189,200	201,291	191,431	205,760
Diluted, shares	190,818	203,383	193,239	208,242
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.72	$ 0.64	$ 2.48	$ 2.34
Diluted (in dollars per share)	$ 0.72	$ 0.63	$ 2.45	$ 2.32
Used vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	83.50%	82.10%	83.00%	81.70%
Wholesale vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	13.20%	14.50%	13.70%	14.70%
Other sales and revenues, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	3.30%	3.40%	3.30%	3.60%
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	86.40%	86.90%	86.30%	86.60%
GROSS PROFIT, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	13.60%	13.10%	13.70%	13.40%
CARMAX AUTO FINANCE INCOME, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.40%	2.60%	2.40%	2.60%
Selling, general and administrative expenses, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	9.60%	9.50%	9.30%	8.90%
Interest expense, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	0.40%	0.30%	0.30%	0.20%
Other (income) 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	5.90%	5.90%	6.50%	6.80%
Income tax provision, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	2.30%	2.50%	2.60%
NET EARNINGS, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	3.70%	3.60%	4.00%	4.20%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 136,645	$ 128,199	$ 474,367	$ 482,401
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	247	322	744	967
Net change in cash flow hedge unrecognized losses	6,200	(837)	9,317	(2,240)
Other comprehensive income (loss)	6,447	(515)	10,061	(1,273)
TOTAL COMPREHENSIVE INCOME	$ 143,092	$ 127,684	$ 484,428	$ 481,128

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 23,713	$ 37,394
Restricted cash from collections on auto loan receivables	357,040	343,829
Accounts receivable, net	92,003	132,171
Inventory	2,170,175	1,932,029
Other current assets	41,347	26,358
TOTAL CURRENT ASSETS	2,684,278	2,471,781
Auto loan receivables, net	10,333,318	9,536,892
Property and equipment, net	2,449,343	2,161,698
Deferred income taxes	155,995	161,862
Other assets	137,133	127,678
TOTAL ASSETS	15,760,067	14,459,911
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	476,757	441,746
Accrued expenses and other current liabilities	224,585	245,909
Accrued income taxes	2,071	2,029
Short-term debt	880	428
Current portion of finance and capital lease obligations	10,566	14,331
Current portion of non-recourse notes payable	312,858	300,750
TOTAL CURRENT LIABILITIES	1,027,717	1,005,193
Long-term debt, excluding current portion	888,161	713,910
Finance and capital lease obligations, excluding current portion	466,965	400,323
Non-recourse notes payable, excluding current portion	10,129,401	9,206,425
Other liabilities	232,439	229,274
TOTAL LIABILITIES	12,744,683	11,555,125
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 187,351,060 and 194,712,234 shares issued and outstanding as of November 30, 2016 and February 29, 2016, respectively	93,676	97,356
Capital in excess of par value	1,160,484	1,130,822
Accumulated other comprehensive loss	(60,135)	(70,196)
Retained earnings	1,821,359	1,746,804
TOTAL SHAREHOLDERS’ EQUITY	3,015,384	2,904,786
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 15,760,067	$ 14,459,911

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2016	Feb. 29, 2016
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	187,351,060	194,712,234
Common stock, shares outstanding	187,351,060	194,712,234

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
OPERATING ACTIVITIES:
Net earnings	$ 474,367	$ 482,401
Adjustments to reconcile net earnings to net cash used in operating activities
Depreciation and amortization	125,654	100,504
Share-based compensation expense	72,026	45,284
Provision for loan losses	104,249	70,165
Provision for cancellation reserves	51,768	61,048
Deferred income tax benefit	(584)	(8,322)
Other	2,118	3,007
Net decrease (increase) in:
Accounts receivable, net	40,168	49,160
Inventory	(238,146)	(66,396)
Other current assets	(5,802)	12,397
Auto loan receivables, net	(900,675)	(952,974)
Other assets	1,193	268
Net decrease in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(5,240)	(109,243)
Other liabilities	(64,222)	(68,878)
NET CASH USED IN OPERATING ACTIVITIES	(343,126)	(381,579)
INVESTING ACTIVITIES:
Capital expenditures	(315,543)	(240,835)
Proceeds from sales of assets	728	1,520
Increase in restricted cash from collections on auto loan receivables	(13,211)	(22,064)
Increase in restricted cash in reserve accounts	(11,663)	(8,383)
Release of restricted cash from reserve accounts	8,083	5,907
Purchases of money market securities, net	(3,482)	(6,106)
Purchases of trading securities	(3,442)	(4,759)
Sales of trading securities	318	101
NET CASH USED IN INVESTING ACTIVITIES	(338,212)	(274,619)
FINANCING ACTIVITIES:
Increase (decrease) in short-term debt, net	452	(749)
Proceeds from issuances of long-term debt	1,660,600	1,137,300
Payments on long-term debt	(1,484,900)	(583,300)
Cash paid for debt issuance costs	(12,568)	(3,104)
Payments on finance and capital lease obligations	(8,407)	(13,310)
Issuances of non-recourse notes payable	7,235,000	7,430,805
Payments on non-recourse notes payable	(6,299,802)	(6,565,516)
Repurchase and retirement of common stock	(464,352)	(816,181)
Equity issuances	34,554	44,855
Excess tax benefits from share-based payment arrangements	7,080	31,138
NET CASH PROVIDED BY FINANCING ACTIVITIES	667,657	661,938
(Decrease) increase in cash and cash equivalents	(13,681)	5,740
Cash and cash equivalents at beginning of year	37,394	27,606
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 23,713	$ 33,346

Background

Background	9 Months Ended
	Nov. 30, 2016
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 financing to customers buying retail vehicles from CarMax. 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, as well as through carmax.com and our mobile apps. 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 (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site wholesale auctions.

Accounting Policies

Accounting Policies	9 Months Ended
	Nov. 30, 2016
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 29, 2016 . 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. In connection with our adoption of ASU 2015-03 in fiscal 2017, we have presented all debt issuance costs, with the exception of those related to our revolving credit facility, as a reduction of the carrying amount of the related debt liability. Prior period amounts have been reclassified to conform to the current year's presentation. In the fourth quarter of fiscal 2016, we reclassified New Vehicle Sales to Other Sales and Revenues and no longer separately present New Vehicle Sales. All periods presented have been revised for this new presentation. Cash and Cash Equivalents. Cash equivalents of approximately $272,000 as of November 30, 2016 , and $109,000 as of February 29, 2016 , consisted of highly liquid investments with original maturities of three months or less. Restricted Cash from Collections on Auto Loan Receivables. Cash equivalents totaling $357.0 million as of November 30, 2016 , and $343.8 million as of February 29, 2016 , 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 three warehouse facilities (“warehouse facilities”) that we use to fund auto loan receivables originated by CAF. We typically elect to fund these receivables through a term securitization or alternative funding arrangement at a later date. We sell the auto loan receivables to one of three 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 and defaults, 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 $1.01 billion and $925.3 million as of November 30, 2016 and February 29, 2016 , 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 $50.2 million as of November 30, 2016 , and $46.6 million as of February 29, 2016 . 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 $70.7 million as of November 30, 2016 , and $63.0 million as of February 29, 2016 . 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 ESP 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 up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue at the time of sale, net of a reserve for estimated contract cancellations. Periodically, we may receive additional revenue based upon the level of underwriting profits of the third parties who administer the products. These additional amounts 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 revenue that we receive. Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product. The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. See Note 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 other third-party finance providers. These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale. 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 certain risks arising from both our business operations 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 October 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (FASB ASU 2016-16) related to the income tax effects of intra-entity transfers of assets other than inventory. The pronouncement requires that entities recognize the income tax effects of intra-entity transfers of assets other than inventory when the transfer occurs. Current GAAP prohibits the recognition of those tax effects until the asset has been sold to an outside party. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018, and are currently evaluating the effect on our consolidated financial statements. In November 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-18) related to the presentation of restricted cash in the statement of cash flows. The pronouncement requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018, and the pronouncement will result in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals.

CarMax Auto Finance

CarMax Auto Finance	9 Months Ended
	Nov. 30, 2016
CarMax Auto Finance Income [Abstract]
CarMax Auto Finance	CarMax Auto Finance CAF provides financing to qualified retail customers purchasing vehicles from CarMax. CAF provides us the opportunity to capture additional profits, cash flows and sales while managing our reliance on third-party finance sources. Management regularly analyzes CAF's operating results by assessing profitability, the performance of the auto 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. 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 November 30 Nine Months Ended November 30 (In millions) 2016 % (1) 2015 % (1) 2016 % (1) 2015 % (1) Interest margin: Interest and fee income $ 192.7 7.5 $ 172.3 7.4 $ 567.0 7.5 $ 507.0 7.5 Interest expense (44.1 ) (1.7 ) (33.0 ) (1.4 ) (125.3 ) (1.7 ) (91.9 ) (1.4 ) Total interest margin 148.6 5.8 139.3 6.0 441.7 5.9 415.1 6.2 Provision for loan losses (41.9 ) (1.6 ) (30.9 ) (1.3 ) (104.2 ) (1.4 ) (70.2 ) (1.0 ) Total interest margin after provision for loan losses 106.7 4.1 108.4 4.7 337.5 4.5 344.9 5.1 Total other expense — — (0.3 ) — — — (0.4 ) — Direct expenses: Payroll and fringe benefit expense (7.5 ) (0.3 ) (7.1 ) (0.3 ) (22.9 ) (0.3 ) (21.0 ) (0.3 ) Other direct expenses (9.8 ) (0.4 ) (8.7 ) (0.4 ) (28.5 ) (0.4 ) (23.8 ) (0.4 ) Total direct expenses (17.3 ) (0.7 ) (15.8 ) (0.7 ) (51.4 ) (0.7 ) (44.8 ) (0.7 ) CarMax Auto Finance income $ 89.4 3.5 $ 92.3 4.0 $ 286.1 3.8 $ 299.7 4.5 Total average managed receivables $ 10,297.8 $ 9,261.4 $ 10,030.9 $ 8,973.3 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables

Auto Loan Receivables	9 Months Ended
	Nov. 30, 2016
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 $10.46 billion as of November 30, 2016 and $9.53 billion as of February 29, 2016 . Auto Loan Receivables, Net As of November 30 As of February 29 (In millions) 2016 2016 Term securitizations $ 8,473.1 $ 7,828.0 Warehouse facilities 1,677.0 1,399.0 Other receivables (1) 257.6 366.6 Total ending managed receivables 10,407.7 9,593.6 Accrued interest and fees 41.8 35.0 Other (1.4 ) 3.2 Less allowance for loan losses (114.8 ) (94.9 ) Auto loan receivables, net $ 10,333.3 $ 9,536.9 (1) Other receivables includes receivables not funded through the warehouse facilities or term securitizations, including receivables restricted as excess collateral for those funding arrangements. During fiscal 2017 , we entered into a new $100 million warehouse facility to fund managed receivables associated with a portion of CAF's Tier 3 loan origination activity. These receivables have historically been included in other receivables, within managed receivables. Amounts securitized within this facility are now included within warehouse facilities. See Notes 2 and 10 for additional information on securitizations and non-recourse notes payable. 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 November 30 As of February 29 (In millions) 2016 (1) % (2) 2016 (1) % (2) A $ 5,068.7 48.7 $ 4,666.6 48.6 B 3,643.9 35.0 3,400.1 35.4 C and other 1,695.1 16.3 1,526.9 16.0 Total ending managed receivables $ 10,407.7 100.0 $ 9,593.6 100.0 (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 November 30 Nine Months Ended November 30 (In millions) 2016 % (1) 2015 % (1) 2016 % (1) 2015 % (1) Balance as of beginning of period $ 109.7 1.08 $ 87.8 0.96 $ 94.9 0.99 $ 81.7 0.97 Charge-offs (62.9 ) (51.9 ) (164.6 ) (128.7 ) Recoveries 26.1 24.1 80.3 67.7 Provision for loan losses 41.9 30.9 104.2 70.2 Balance as of end of period $ 114.8 1.10 $ 90.9 0.97 $ 114.8 1.10 $ 90.9 0.97 (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 defaults, 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 November 30 As of February 29 (In millions) 2016 % (1) 2016 % (1) Total ending managed receivables $ 10,407.7 100.0 $ 9,593.6 100.0 Delinquent loans: 31-60 days past due $ 228.8 2.2 $ 171.0 1.8 61-90 days past due 101.9 1.0 69.1 0.7 Greater than 90 days past due 29.0 0.3 22.7 0.2 Total past due $ 359.7 3.5 $ 262.8 2.7 (1) Percent of total ending managed receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
	Nov. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to issuances of debt. Primary exposures include LIBOR and other rates used as benchmarks in our securitizations and other debt financing. We enter into derivative instruments to manage exposures related to the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates, and designate these derivative instruments as cash flow hedges for accounting purposes. 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. For the derivatives associated with our securitization program, the effective portion of changes in the fair value is initially recorded in accumulated other comprehensive loss (“AOCL”). For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $5.5 million will be reclassified from AOCL as a decrease to CAF income. As of November 30, 2016 and February 29, 2016 , we had interest rate swaps outstanding with a combined notional amount of $2.32 billion and $2.42 billion , respectively, that were designated as cash flow hedges of interest rate risk. Fair Values of Derivative Instruments As of November 30, 2016 As of February 29, 2016 (In thousands) Assets (1) Liabilities (2) Assets (1) Liabilities (2) Derivatives designated as accounting hedges: Interest rate swaps $ 8,778 $ (318 ) $ 587 $ (8,024 ) (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 Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Derivatives designated as accounting hedges: Gain (loss) recognized in AOCL (1) $ 7,282 $ (3,325 ) $ 6,484 $ (9,596 ) Loss reclassified from AOCL into CAF income (1) $ (2,935 ) $ (1,944 ) $ (8,868 ) $ (5,902 ) Loss recognized in CAF income (2) $ — $ (336 ) $ — $ (438 ) (1) Represents the effective portion. (2) Represents the ineffective portion.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2016
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 and 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 and 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 November 30, 2016 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 460,379 $ — $ 460,379 Mutual fund investments 17,861 — 17,861 Derivative instruments — 8,778 8,778 Total assets at fair value $ 478,240 $ 8,778 $ 487,018 Percent of total assets at fair value 98.2 % 1.8 % 100.0 % Percent of total assets 3.0 % 0.1 % 3.1 % Liabilities: Derivative instruments $ — $ (318 ) $ (318 ) Total liabilities at fair value $ — $ (318 ) $ (318 ) Percent of total liabilities — % — % — % As of February 29, 2016 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 439,943 $ — $ 439,943 Mutual fund investments 13,622 — 13,622 Derivative instruments — 587 587 Total assets at fair value $ 453,565 $ 587 $ 454,152 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 3.1 % — % 3.1 % Liabilities: Derivative instruments $ — $ (8,024 ) $ (8,024 ) Total liabilities at fair value $ — $ (8,024 ) $ (8,024 ) Percent of total liabilities — % 0.1 % 0.1 % There were no transfers between Levels 1 and 2 for the three and nine months ended November 30, 2016 . As of November 30, 2016 and February 29, 2016 we had no Level 3 assets.

Cancellation Reserves

Cancellation Reserves	9 Months Ended
	Nov. 30, 2016
Cancellation Reserves [Abstract]
Cancellation Reserves	Cancellation Reserves We recognize 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 November 30 Nine Months Ended November 30 (In millions) 2016 2015 2016 2015 Balance as of beginning of period $ 113.3 $ 108.1 $ 110.2 $ 94.4 Cancellations (16.8 ) (16.9 ) (49.6 ) (45.6 ) Provision for future cancellations 15.9 18.6 51.8 61.0 Balance as of end of period $ 112.4 $ 109.8 $ 112.4 $ 109.8 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of November 30, 2016 and February 29, 2016 , the current portion of cancellation reserves was $57.1 million and $54.4 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $30.4 million of gross unrecognized tax benefits as of November 30, 2016 , and $26.8 million as of February 29, 2016 . There were no significant changes to the gross unrecognized tax benefits as reported for the year ended February 29, 2016 , 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	9 Months Ended
	Nov. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Retirement Plans	Retirement Plans We have two frozen 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 they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan. Net Pension Expense Three Months Ended November 30 Pension Plan Restoration Plan Total (In thousands) 2016 2015 2016 2015 2016 2015 Net pension expense $ 82 $ 212 $ 120 $ 114 $ 202 $ 326 Nine Months Ended November 30 Pension Plan Restoration Plan Total (In thousands) 2016 2015 2016 2015 2016 2015 Net pension expense $ 248 $ 636 $ 360 $ 342 $ 608 $ 978 Net pension expense includes actuarial loss amortization of $0.4 million and $0.5 million for the three months ended November 30, 2016 and 2015 , respectively, and $1.2 million and $1.5 million for the nine months ended November 30, 2016 and 2015 , respectively. We made no contributions to the pension plan during the nine months ended November 30, 2016 , and do not anticipate making any contributions during the remainder of fiscal 2017 ; however, conditions may change where we may elect to make contributions. The expected long-term rate of return on plan assets for the pension plan was 7.75% as of February 29, 2016 .

Debt

Debt	9 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt As of November 30 As of February 29 (In thousands) 2016 2016 Revolving credit facility $ 91,580 $ 415,428 Term loan 300,000 300,000 3.86% Senior notes due 2023 100,000 — 4.17% Senior notes due 2026 200,000 — 4.27% Senior notes due 2028 200,000 — Finance and capital lease obligations 477,531 414,654 Non-recourse notes payable 10,462,947 9,527,750 Total debt 11,832,058 10,657,832 Less: current portion (324,304 ) (315,509 ) Less: unamortized debt issuance costs (23,227 ) (21,665 ) Long-term debt, net $ 11,484,527 $ 10,320,658 In connection with our adoption of ASU 2015-03 in fiscal 2017, we have presented all debt issuance costs, with the exception of those related to our revolving credit facility, as a reduction of the carrying amount of the related debt liability. Prior period amounts have been reclassified to conform to the current year's presentation. Revolving Credit Facility. We have a $1.20 billion unsecured revolving credit facility (the “credit facility”) with various financial institutions that expires in August 2020 . 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 12 months presented as a component of current portion of long-term debt. As of November 30, 2016 , the unused capacity of $1.11 billion was fully available to us. Term Loan. We have a $300 million term loan that expires in August 2020 . The term loan accrues interest at variable rates based on the LIBOR rate, the federal funds rate, or the prime rate, and interest is payable monthly. As of November 30, 2016 , $300 million remained outstanding and was classified as long-term debt, as 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. Senior Notes. During the first quarter of fiscal 2017, we entered into a note purchase agreement to issue and sell an aggregate of $500 million principal amount of senior unsecured notes, due 2023, 2026 and 2028, in a private placement to certain accredited investors. As of November 30, 2016 , $500 million of senior unsecured notes were outstanding. Borrowings under these notes are available for working capital and general corporate purposes. Interest on the notes is payable semi-annually. 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. In the event the leases are modified or extended beyond their original lease term, the related obligation is increased based on the present value of the revised future lease payments, with a corresponding increase to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the lease payments being applied to interest expense in the initial years following the modification. See Note 14 for additional information on finance and capital lease obligations. 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 November 30, 2016 , $8.79 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 April 2023 , but may mature earlier, depending upon the repayment rate of the underlying auto loan receivables. As of November 30, 2016 , $1.68 billion of non-recourse notes payable was outstanding related to our warehouse facilities. In fiscal 2017 , we increased the combined limit of our warehouse facilities by $300 million . As of November 30, 2016 , the combined warehouse facility limit was $2.80 billion , and the unused warehouse capacity totaled $1.12 billion . Of the combined warehouse facility limit, $1.50 billion will expire in February 2017 and $1.30 billion will expire in August 2017 . 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. For the nine months ended November 30, 2016 and 2015 , we capitalized interest of $8.4 million and $7.6 million , respectively. Financial Covenants. The credit facility, term loan and senior note 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 November 30, 2016 , 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	9 Months Ended
	Nov. 30, 2016
Share-based Compensation [Abstract]
Stock And Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of November 30, 2016 , our board of directors has authorized the repurchase of up to $4.55 billion of our common stock. At that date, $1.69 billion was available for repurchase under the board's outstanding authorization, which includes an additional $750 million authorized during fiscal 2017 . Also during fiscal 2017 , the board removed the expiration date of the outstanding repurchase authorizations. Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2016 2015 2016 2015 Number of shares repurchased (in thousands) 3,780.5 7,680.8 8,715.2 13,336.1 Average cost per share $ 52.56 $ 58.03 $ 52.38 $ 61.14 Available for repurchase, as of end of period (in millions) $ 1,691.5 $ 1,553.8 $ 1,691.5 $ 1,553.8 (B) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Cost of sales $ 584 $ 394 $ 2,998 $ 1,459 CarMax Auto Finance income 663 502 2,314 1,100 Selling, general and administrative expenses 10,522 11,178 67,784 43,728 Share-based compensation expense, before income taxes $ 11,769 $ 12,074 $ 73,096 $ 46,287 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Nonqualified stock options $ 4,756 $ 5,794 $ 32,977 $ 20,064 Cash-settled restricted stock units (RSUs) 4,490 2,960 25,951 14,358 Stock-settled market stock units (MSUs) 2,463 2,586 9,811 8,123 Stock-settled performance stock units (PSUs) (488 ) 341 1,844 1,579 Employee stock purchase plan 305 296 1,070 1,003 Restricted stock awards (RSAs) 243 97 1,443 1,160 Share-based compensation expense, before income taxes $ 11,769 $ 12,074 $ 73,096 $ 46,287 (C) Stock Incentive Plan Information Share/Unit Activity Nine Months Ended November 30, 2016 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs PSUs RSAs RSUs Outstanding as of February 29, 2016 7,322 543 66 17 1,320 Granted 2,310 171 83 49 632 Exercised or vested and converted (1,144 ) (210 ) — (17 ) (436 ) Cancelled (4 ) (1 ) — — (89 ) Outstanding as of November 30, 2016 8,484 503 149 49 1,427 Weighted average grant date fair value per share/unit: Granted $ 14.19 $ 63.96 $ 51.63 $ 50.65 $ 51.63 Ending outstanding $ 14.99 $ 65.66 $ 60.94 $ 50.65 $ 55.04 As of November 30, 2016 Unrecognized compensation ( in mil lions ) $ 37.4 $ 13.6 $ 2.5 $ 1.2 In the second quarter of fiscal 2017 , in connection with the retirement of our former CEO, Thomas J. Folliard, the board of directors modified certain equity awards previously granted to him. This modification effectively provided Mr. Folliard retirement treatment under the terms of the awards, notwithstanding that he was younger than 55 years old. The modification resulted in the recognition of additional share-based compensation expense of $10.9 million . In addition, the awards granted to Mr. Folliard in April 2016 effectively provided him retirement treatment, thus full expense recognition of $3.5 million occurred at the grant date.

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Nov. 30, 2016
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method. Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2016 2015 2016 2015 Net earnings $ 136,645 $ 128,199 $ 474,367 $ 482,401 Weighted average common shares outstanding 189,200 201,291 191,431 205,760 Dilutive potential common shares: Stock options 1,191 1,552 1,346 1,853 Stock-settled stock units and awards 427 540 462 629 Weighted average common shares and dilutive potential common shares 190,818 203,383 193,239 208,242 Basic net earnings per share $ 0.72 $ 0.64 $ 2.48 $ 2.34 Diluted net earnings per share $ 0.72 $ 0.63 $ 2.45 $ 2.32 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended November 30, 2016 and 2015 , options to purchase 3,104,720 shares and 1,383,861 shares of common stock, respectively, were not included. For the nine months ended November 30, 2016 and 2015 , weighted average options to purchase 3,253,237 shares and 1,195,011 shares, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Nov. 30, 2016
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 29, 2016 $ (56,470 ) $ (13,726 ) $ (70,196 ) Other comprehensive income before reclassifications — 3,936 3,936 Amounts reclassified from accumulated other comprehensive loss 744 5,381 6,125 Other comprehensive income 744 9,317 10,061 Balance as of November 30, 2016 $ (55,726 ) $ (4,409 ) $ (60,135 ) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2016 2015 2016 2015 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 160 $ 212 $ 477 $ 628 CarMax Auto Finance income 10 13 28 37 Selling, general and administrative expenses 217 289 655 878 Total amortization reclassifications recognized in net pension expense 387 514 1,160 1,543 Tax expense (140 ) (192 ) (416 ) (576 ) Amortization reclassifications recognized in net pension expense, net of tax 247 322 744 967 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 247 322 744 967 Cash Flow Hedges (Note 5): Effective portion of changes in fair value 7,282 (3,325 ) 6,484 (9,596 ) Tax (expense) benefit (2,863 ) 1,308 (2,548 ) 3,775 Effective portion of changes in fair value, net of tax 4,419 (2,017 ) 3,936 (5,821 ) Reclassifications to CarMax Auto Finance income 2,935 1,944 8,868 5,902 Tax expense (1,154 ) (764 ) (3,487 ) (2,321 ) Reclassification of hedge losses, net of tax 1,781 1,180 5,381 3,581 Net change in cash flow hedge unrecognized losses, net of tax 6,200 (837 ) 9,317 (2,240 ) Total other comprehensive income (loss), net of tax $ 6,447 $ (515 ) $ 10,061 $ (1,273 ) 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 $36.0 million as of November 30, 2016 , and $42.4 million as of February 29, 2016 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information Supplemental Cash Flow Information (Notes)	9 Months Ended
	Nov. 30, 2016
Supplemental Cash Flow [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	14. Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Nine Months Ended November 30 (In thousands) 2016 2015 Non-cash investing and financing activities: Increase in accrued capital expenditures $ 8,629 $ 6,563 Increase in finance and capital lease obligations $ 70,072 $ 92,001

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Nov. 30, 2016
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 wage and hour claims with respect to a putative class consisting of sales consultants, sales managers, and other hourly employees who worked for the company in California from April 2, 2004, to the present. The court dismissed certain of the initial claims so that, by June 16, 2009, the remaining claims regarded the sales consultant putative class and were: (1) failure to provide meal breaks or compensation in lieu thereof; (2) failure to pay wages of terminated or resigned employees related to meal breaks; (3) unfair competition; and (4) claims under the California Labor Code Private Attorney General Act (the "Private Attorney General Act"). On March 30, 2016, the remaining claims asserted by Fowler were settled for an immaterial amount. On August 30, 2016, the remaining claims asserted by Areso were settled for an immaterial amount. CarMax entities are defendants in three additional proceedings asserting wage and hour claims with respect to CarMax sales consultants in California. The asserted claims include failure to pay minimum wage, provide meal periods and rest breaks, pay statutory/contractual wages, reimburse for work-related expenses, provide accurate itemized wage statements; unfair competition; and Private Attorney General Act claims. On September 4, 2015, Craig Weiss v. CarMax Auto Superstores California, LLC, and CarMax Auto Superstores West Coast, Inc., a putative class action, was filed in the Superior Court of California, County of Placer. The Weiss lawsuit seeks civil penalties, fines, cost of suit, and the recovery of attorneys’ fees. On June 29, 2016, Ryan Gomez et al. v. CarMax Superstores California, LLC, and CarMax Auto Superstores West Coast, Inc., a putative class action, was filed in the Superior Court of the State of California, Los Angeles. The Gomez lawsuit seeks declaratory relief, unspecified damages, restitution, statutory penalties, interest, cost and attorneys’ fees. On September 7, 2016, James Rowland v. CarMax Superstores California, LLC, and CarMax Auto Superstores West Coast, Inc., a putative class action, was filed in the U.S. District Court, Eastern District of California, Sacramento Division. The Rowland lawsuit seeks unspecified damages, restitution, statutory penalties, interest, cost and 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 these matters. We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows. Other Matters. In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease. Additionally, in accordance with the terms of agreements entered into for the sale of properties, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements. We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements. As part of our customer service strategy, we guarantee the used vehicles we retail with 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 $5.7 million as of November 30, 2016 , and $6.1 million as of February 29, 2016 , and is included in accrued expenses and other current liabilities.

Accounting Policies (Policy)

Accounting Policies (Policy)	9 Months Ended
	Nov. 30, 2016
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 29, 2016 .
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 approximately $272,000 as of November 30, 2016 , and $109,000 as of February 29, 2016 , 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 $357.0 million as of November 30, 2016 , and $343.8 million as of February 29, 2016 , 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 three warehouse facilities (“warehouse facilities”) that we use to fund auto loan receivables originated by CAF. We typically elect to fund these receivables through a term securitization or alternative funding arrangement at a later date. We sell the auto loan receivables to one of three 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 and defaults, 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 $1.01 billion and $925.3 million as of November 30, 2016 and February 29, 2016 , 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 $50.2 million as of November 30, 2016 , and $46.6 million as of February 29, 2016 . 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 $70.7 million as of November 30, 2016 , and $63.0 million as of February 29, 2016 .
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 ESP 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 up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue at the time of sale, net of a reserve for estimated contract cancellations. Periodically, we may receive additional revenue based upon the level of underwriting profits of the third parties who administer the products. These additional amounts 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 revenue that we receive. Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product. The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. See Note 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 other third-party finance providers. These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale. 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 certain risks arising from both our business operations 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 October 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (FASB ASU 2016-16) related to the income tax effects of intra-entity transfers of assets other than inventory. The pronouncement requires that entities recognize the income tax effects of intra-entity transfers of assets other than inventory when the transfer occurs. Current GAAP prohibits the recognition of those tax effects until the asset has been sold to an outside party. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018, and are currently evaluating the effect on our consolidated financial statements. In November 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-18) related to the presentation of restricted cash in the statement of cash flows. The pronouncement requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018, and the pronouncement will result in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	9 Months Ended
	Nov. 30, 2016
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2016 % (1) 2015 % (1) 2016 % (1) 2015 % (1) Interest margin: Interest and fee income $ 192.7 7.5 $ 172.3 7.4 $ 567.0 7.5 $ 507.0 7.5 Interest expense (44.1 ) (1.7 ) (33.0 ) (1.4 ) (125.3 ) (1.7 ) (91.9 ) (1.4 ) Total interest margin 148.6 5.8 139.3 6.0 441.7 5.9 415.1 6.2 Provision for loan losses (41.9 ) (1.6 ) (30.9 ) (1.3 ) (104.2 ) (1.4 ) (70.2 ) (1.0 ) Total interest margin after provision for loan losses 106.7 4.1 108.4 4.7 337.5 4.5 344.9 5.1 Total other expense — — (0.3 ) — — — (0.4 ) — Direct expenses: Payroll and fringe benefit expense (7.5 ) (0.3 ) (7.1 ) (0.3 ) (22.9 ) (0.3 ) (21.0 ) (0.3 ) Other direct expenses (9.8 ) (0.4 ) (8.7 ) (0.4 ) (28.5 ) (0.4 ) (23.8 ) (0.4 ) Total direct expenses (17.3 ) (0.7 ) (15.8 ) (0.7 ) (51.4 ) (0.7 ) (44.8 ) (0.7 ) CarMax Auto Finance income $ 89.4 3.5 $ 92.3 4.0 $ 286.1 3.8 $ 299.7 4.5 Total average managed receivables $ 10,297.8 $ 9,261.4 $ 10,030.9 $ 8,973.3 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	9 Months Ended
	Nov. 30, 2016
Loans Receivable, Net [Abstract]
Auto Loan Receivables, Net	Auto Loan Receivables, Net As of November 30 As of February 29 (In millions) 2016 2016 Term securitizations $ 8,473.1 $ 7,828.0 Warehouse facilities 1,677.0 1,399.0 Other receivables (1) 257.6 366.6 Total ending managed receivables 10,407.7 9,593.6 Accrued interest and fees 41.8 35.0 Other (1.4 ) 3.2 Less allowance for loan losses (114.8 ) (94.9 ) Auto loan receivables, net $ 10,333.3 $ 9,536.9 (1) Other receivables includes receivables not funded through the warehouse facilities or term securitizations, including receivables restricted as excess collateral for those funding arrangements.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of November 30 As of February 29 (In millions) 2016 (1) % (2) 2016 (1) % (2) A $ 5,068.7 48.7 $ 4,666.6 48.6 B 3,643.9 35.0 3,400.1 35.4 C and other 1,695.1 16.3 1,526.9 16.0 Total ending managed receivables $ 10,407.7 100.0 $ 9,593.6 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2016 % (1) 2015 % (1) 2016 % (1) 2015 % (1) Balance as of beginning of period $ 109.7 1.08 $ 87.8 0.96 $ 94.9 0.99 $ 81.7 0.97 Charge-offs (62.9 ) (51.9 ) (164.6 ) (128.7 ) Recoveries 26.1 24.1 80.3 67.7 Provision for loan losses 41.9 30.9 104.2 70.2 Balance as of end of period $ 114.8 1.10 $ 90.9 0.97 $ 114.8 1.10 $ 90.9 0.97 (1) Percent of total ending managed receivables.
Past Due Receivables	Past Due Receivables As of November 30 As of February 29 (In millions) 2016 % (1) 2016 % (1) Total ending managed receivables $ 10,407.7 100.0 $ 9,593.6 100.0 Delinquent loans: 31-60 days past due $ 228.8 2.2 $ 171.0 1.8 61-90 days past due 101.9 1.0 69.1 0.7 Greater than 90 days past due 29.0 0.3 22.7 0.2 Total past due $ 359.7 3.5 $ 262.8 2.7 (1) Percent of total ending managed receivables.

Derivative Instruments And He25

Derivative Instruments And Hedging Activities (Tables)	9 Months Ended
	Nov. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values Of Derivative Instruments On The Consolidated Balance Sheets	Fair Values of Derivative Instruments As of November 30, 2016 As of February 29, 2016 (In thousands) Assets (1) Liabilities (2) Assets (1) Liabilities (2) Derivatives designated as accounting hedges: Interest rate swaps $ 8,778 $ (318 ) $ 587 $ (8,024 ) (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 Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Derivatives designated as accounting hedges: Gain (loss) recognized in AOCL (1) $ 7,282 $ (3,325 ) $ 6,484 $ (9,596 ) Loss reclassified from AOCL into CAF income (1) $ (2,935 ) $ (1,944 ) $ (8,868 ) $ (5,902 ) Loss recognized in CAF income (2) $ — $ (336 ) $ — $ (438 ) (1) Represents the effective portion. (2) Represents the ineffective portion.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Schedule Of Items Measured At Fair Value On A Recurring Basis	Items Measured at Fair Value on a Recurring Basis As of November 30, 2016 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 460,379 $ — $ 460,379 Mutual fund investments 17,861 — 17,861 Derivative instruments — 8,778 8,778 Total assets at fair value $ 478,240 $ 8,778 $ 487,018 Percent of total assets at fair value 98.2 % 1.8 % 100.0 % Percent of total assets 3.0 % 0.1 % 3.1 % Liabilities: Derivative instruments $ — $ (318 ) $ (318 ) Total liabilities at fair value $ — $ (318 ) $ (318 ) Percent of total liabilities — % — % — % As of February 29, 2016 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 439,943 $ — $ 439,943 Mutual fund investments 13,622 — 13,622 Derivative instruments — 587 587 Total assets at fair value $ 453,565 $ 587 $ 454,152 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 3.1 % — % 3.1 % Liabilities: Derivative instruments $ — $ (8,024 ) $ (8,024 ) Total liabilities at fair value $ — $ (8,024 ) $ (8,024 ) Percent of total liabilities — % 0.1 % 0.1 %

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	9 Months Ended
	Nov. 30, 2016
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2016 2015 2016 2015 Balance as of beginning of period $ 113.3 $ 108.1 $ 110.2 $ 94.4 Cancellations (16.8 ) (16.9 ) (49.6 ) (45.6 ) Provision for future cancellations 15.9 18.6 51.8 61.0 Balance as of end of period $ 112.4 $ 109.8 $ 112.4 $ 109.8

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Nov. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components Of Net Pension Expense	Net Pension Expense Three Months Ended November 30 Pension Plan Restoration Plan Total (In thousands) 2016 2015 2016 2015 2016 2015 Net pension expense $ 82 $ 212 $ 120 $ 114 $ 202 $ 326 Nine Months Ended November 30 Pension Plan Restoration Plan Total (In thousands) 2016 2015 2016 2015 2016 2015 Net pension expense $ 248 $ 636 $ 360 $ 342 $ 608 $ 978

Debt (Tables)

Debt (Tables)	9 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Schedule Of Debt	Debt As of November 30 As of February 29 (In thousands) 2016 2016 Revolving credit facility $ 91,580 $ 415,428 Term loan 300,000 300,000 3.86% Senior notes due 2023 100,000 — 4.17% Senior notes due 2026 200,000 — 4.27% Senior notes due 2028 200,000 — Finance and capital lease obligations 477,531 414,654 Non-recourse notes payable 10,462,947 9,527,750 Total debt 11,832,058 10,657,832 Less: current portion (324,304 ) (315,509 ) Less: unamortized debt issuance costs (23,227 ) (21,665 ) Long-term debt, net $ 11,484,527 $ 10,320,658

Stock And Stock-Based Incenti30

Stock And Stock-Based Incentive Plans (Tables)	9 Months Ended
	Nov. 30, 2016
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 Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Cost of sales $ 584 $ 394 $ 2,998 $ 1,459 CarMax Auto Finance income 663 502 2,314 1,100 Selling, general and administrative expenses 10,522 11,178 67,784 43,728 Share-based compensation expense, before income taxes $ 11,769 $ 12,074 $ 73,096 $ 46,287
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2016 2015 2016 2015 Nonqualified stock options $ 4,756 $ 5,794 $ 32,977 $ 20,064 Cash-settled restricted stock units (RSUs) 4,490 2,960 25,951 14,358 Stock-settled market stock units (MSUs) 2,463 2,586 9,811 8,123 Stock-settled performance stock units (PSUs) (488 ) 341 1,844 1,579 Employee stock purchase plan 305 296 1,070 1,003 Restricted stock awards (RSAs) 243 97 1,443 1,160 Share-based compensation expense, before income taxes $ 11,769 $ 12,074 $ 73,096 $ 46,287
Schedule Of Stock Incentive Plan Information	Share/Unit Activity Nine Months Ended November 30, 2016 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs PSUs RSAs RSUs Outstanding as of February 29, 2016 7,322 543 66 17 1,320 Granted 2,310 171 83 49 632 Exercised or vested and converted (1,144 ) (210 ) — (17 ) (436 ) Cancelled (4 ) (1 ) — — (89 ) Outstanding as of November 30, 2016 8,484 503 149 49 1,427 Weighted average grant date fair value per share/unit: Granted $ 14.19 $ 63.96 $ 51.63 $ 50.65 $ 51.63 Ending outstanding $ 14.99 $ 65.66 $ 60.94 $ 50.65 $ 55.04 As of November 30, 2016 Unrecognized compensation ( in mil lions ) $ 37.4 $ 13.6 $ 2.5 $ 1.2
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 Nine Months Ended November 30 November 30 2016 2015 2016 2015 Number of shares repurchased (in thousands) 3,780.5 7,680.8 8,715.2 13,336.1 Average cost per share $ 52.56 $ 58.03 $ 52.38 $ 61.14 Available for repurchase, as of end of period (in millions) $ 1,691.5 $ 1,553.8 $ 1,691.5 $ 1,553.8

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2016
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2016 2015 2016 2015 Net earnings $ 136,645 $ 128,199 $ 474,367 $ 482,401 Weighted average common shares outstanding 189,200 201,291 191,431 205,760 Dilutive potential common shares: Stock options 1,191 1,552 1,346 1,853 Stock-settled stock units and awards 427 540 462 629 Weighted average common shares and dilutive potential common shares 190,818 203,383 193,239 208,242 Basic net earnings per share $ 0.72 $ 0.64 $ 2.48 $ 2.34 Diluted net earnings per share $ 0.72 $ 0.63 $ 2.45 $ 2.32

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Nov. 30, 2016
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 29, 2016 $ (56,470 ) $ (13,726 ) $ (70,196 ) Other comprehensive income before reclassifications — 3,936 3,936 Amounts reclassified from accumulated other comprehensive loss 744 5,381 6,125 Other comprehensive income 744 9,317 10,061 Balance as of November 30, 2016 $ (55,726 ) $ (4,409 ) $ (60,135 )
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2016 2015 2016 2015 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 160 $ 212 $ 477 $ 628 CarMax Auto Finance income 10 13 28 37 Selling, general and administrative expenses 217 289 655 878 Total amortization reclassifications recognized in net pension expense 387 514 1,160 1,543 Tax expense (140 ) (192 ) (416 ) (576 ) Amortization reclassifications recognized in net pension expense, net of tax 247 322 744 967 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 247 322 744 967 Cash Flow Hedges (Note 5): Effective portion of changes in fair value 7,282 (3,325 ) 6,484 (9,596 ) Tax (expense) benefit (2,863 ) 1,308 (2,548 ) 3,775 Effective portion of changes in fair value, net of tax 4,419 (2,017 ) 3,936 (5,821 ) Reclassifications to CarMax Auto Finance income 2,935 1,944 8,868 5,902 Tax expense (1,154 ) (764 ) (3,487 ) (2,321 ) Reclassification of hedge losses, net of tax 1,781 1,180 5,381 3,581 Net change in cash flow hedge unrecognized losses, net of tax 6,200 (837 ) 9,317 (2,240 ) Total other comprehensive income (loss), net of tax $ 6,447 $ (515 ) $ 10,061 $ (1,273 )

Supplemental Cash Flow Inform33

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	9 Months Ended
	Nov. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Nine Months Ended November 30 (In thousands) 2016 2015 Non-cash investing and financing activities: Increase in accrued capital expenditures $ 8,629 $ 6,563 Increase in finance and capital lease obligations $ 70,072 $ 92,001

Background Background (Narrativ

Background Background (Narrative) (Details)	9 Months Ended
	Nov. 30, 2016segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Accounting Policies (Narrative)

Accounting Policies (Narrative) (Details)	9 Months Ended
	Nov. 30, 2016USD ($)warehouse	Feb. 29, 2016USD ($)
Accounting Policies [Abstract]
Cash equivalents	$ 272,000	$ 109,000
Restricted cash from collections on auto loan receivables	$ 357,040,000	343,829,000
Number of warehouse facilities | warehouse	3
Required benchmark for account delinquency	120 days
Accumulated depreciation and amortization	$ 1,010,000,000	925,300,000
Restricted cash on deposit in reserve accounts	50,200,000	46,600,000
Restricted investments	$ 70,700,000	$ 63,000,000

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Auto Finance Income [Line Items]
Interest and fee income	$ 192,700	$ 172,300	$ 567,000	$ 507,000
Interest expense	(44,100)	(33,000)	(125,300)	(91,900)
Total interest margin	148,600	139,300	441,700	415,100
Provision for loan losses	(41,900)	(30,900)	(104,200)	(70,200)
Total interest margin after provision for loan losses	106,700	108,400	337,500	344,900
Other Nonoperating Expense	0	(300)	0	(400)
Payroll and fringe benefit expense	(7,500)	(7,100)	(22,900)	(21,000)
Other direct expenses	(9,800)	(8,700)	(28,500)	(23,800)
Total direct expenses	(17,300)	(15,800)	(51,400)	(44,800)
CarMax Auto Finance income	89,359	92,316	286,086	299,703
Total average managed receivables	$ 10,297,800	$ 9,261,400	$ 10,030,900	$ 8,973,300
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.50%	7.40%	7.50%	7.50%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.70%)	(1.40%)	(1.70%)	(1.40%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.80%	6.00%	5.90%	6.20%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.60%)	(1.30%)	(1.40%)	(1.00%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.10%	4.70%	4.50%	5.10%
Other Nonoperating Expense [Member]
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	3.50%	4.00%	3.80%	4.50%

Auto Loan Receivables Auto Loan

Auto Loan Receivables Auto Loan Receivables (Narrative) (Details) $ in Millions	Nov. 30, 2016USD ($)
Warehouse Facility Three [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	$ 100

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Aug. 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	Feb. 28, 2015
Non-recourse notes payable	$ 10,462,947		$ 9,527,750
Total ending managed receivables	10,407,700		9,593,600
Accrued interest and fees	41,800		35,000
Other	(1,400)		3,200
Less allowance for loan losses	(114,800)	$ (109,700)	(94,900)	$ (90,900)	$ (87,800)	$ (81,700)
Auto loan receivables, net	10,333,318		9,536,892
Term Securitizations [Member]
Total ending managed receivables	8,473,100		7,828,000
Warehouse facilities
Total ending managed receivables	1,677,000		1,399,000
Other receivables
Total ending managed receivables	$ 257,600		$ 366,600

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 10,407.7	$ 9,593.6
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	$ 5,068.7	$ 4,666.6
Total ending managed receivables as percentage by major credit grade	48.70%	48.60%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 3,643.9	$ 3,400.1
Total ending managed receivables as percentage by major credit grade	35.00%	35.40%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 1,695.1	$ 1,526.9
Total ending managed receivables as percentage by major credit grade	16.30%	16.00%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance as of beginning of period	$ 109.7	$ 87.8	$ 94.9	$ 81.7
Charge-offs	(62.9)	(51.9)	(164.6)	(128.7)
Recoveries	26.1	24.1	80.3	67.7
Provision for loan losses	41.9	30.9	104.2	70.2
Balance as of end of period	$ 114.8	$ 90.9	$ 114.8	$ 90.9
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	1.08%	0.96%	0.99%	0.97%
Item as percent of total ending managed receivables, balance as of end of period	1.10%	0.97%	1.10%	0.97%

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 10,407.7	$ 9,593.6
Total past due	$ 359.7	$ 262.8
Past due receivables as a percentage of total ending managed receivables	3.50%	2.70%
Total ending managed receivables, percent
Financing Receivable, Past Due [Line Items]
Item as percent of total ending managed receivables	100.00%	100.00%
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 228.8	$ 171
Past due receivables as a percentage of total ending managed receivables	2.20%	1.80%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 101.9	$ 69.1
Past due receivables as a percentage of total ending managed receivables	1.00%	0.70%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 29	$ 22.7
Past due receivables as a percentage of total ending managed receivables	0.30%	0.20%

Derivative Instruments And He42

Derivative Instruments And Hedging Activities (Narrative) (Details) - Designated As Hedging Instrument - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	9 Months Ended
	Nov. 30, 2016	Feb. 29, 2016
Derivative [Line Items]
Additional reclassification as decrease from AOCL to CAF income within the next 12 months	$ 5.5
Derivative notional amount	$ 2,320	$ 2,420

Derivative Instruments And He43

Derivative Instruments And Hedging Activities (Fair Values Of Derivative Instruments On The Consolidated Balance Sheets) (Details) - Designated As Hedging Instrument - Interest Rate Swaps - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Other Current Assets
Derivatives, Fair Value [Line Items]
Assets	$ 8,778	$ 587
Accounts Payable
Derivatives, Fair Value [Line Items]
Liabilities	$ (318)	$ (8,024)

Derivative Instruments And He44

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		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Derivative [Line Items]
Gain/(Loss) recognized in AOCL	$ 7,282	$ (3,325)	$ 6,484	$ (9,596)
Loss reclassified from AOCL into CAF Income	(2,935)	(1,944)	(8,868)	(5,902)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ (336)	$ 0	$ (438)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 460,379	$ 439,943
Mutual fund investments	17,861	13,622
Derivative instruments	8,778	587
Total assets at fair value	$ 487,018	$ 454,152
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	3.10%	3.10%
Liabilities: Derivative instruments	$ (318)	$ (8,024)
Total liabilities at fair value	$ (318)	$ (8,024)
Percent of total liabilities	0.00%	0.10%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 460,379	$ 439,943
Mutual fund investments	17,861	13,622
Derivative instruments	0	0
Total assets at fair value	$ 478,240	$ 453,565
Percent of total assets at fair value	98.20%	99.90%
Percent of total assets	3.00%	3.10%
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	8,778	587
Total assets at fair value	$ 8,778	$ 587
Percent of total assets at fair value	1.80%	0.10%
Percent of total assets	0.10%	0.00%
Liabilities: Derivative instruments	$ (318)	$ (8,024)
Total liabilities at fair value	$ (318)	$ (8,024)
Percent of total liabilities	0.00%	0.10%

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 57.1	$ 54.4

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Cancellation Reserves [Abstract]
Balance as of beginning of period	$ 113.3	$ 108.1	$ 110.2	$ 94.4
Cancellations	(16.8)	(16.9)	(49.6)	(45.6)
Provision for future cancellations	15.9	18.6	51.8	61
Balance as of end of period	$ 112.4	$ 109.8	$ 112.4	$ 109.8

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, gross	$ 30.4	$ 26.8

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Defined Benefit Plan, Amortization of Gains (Losses)	$ (400,000)	$ (500,000)	$ (1,200,000)	$ (1,500,000)
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		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 202	$ 326	$ 608	$ 978
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	82	212	248	636
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 120	$ 114	$ 360	$ 342

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Debt Instrument [Line Items]
Total debt	$ 11,484,527	$ 10,320,658
Unamortized Debt Issuance Expense	23,227	21,665
Long-term Debt and Capital Lease Obligations, Current	(324,304)	(315,509)
Long-term Debt and Capital Lease Obligations	11,832,058	10,657,832
Non-Recourse Debt	10,462,947	9,527,750
Finance and Capital Lease Obligations	477,531	414,654
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	91,580	415,428
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000	300,000
3.86% senior notes dues 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	100,000	0
4.17% senior notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	0
4.27% senior notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 200,000	$ 0

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Debt Instrument [Line Items]
Non-recourse notes payable	$ 10,462,947		$ 9,527,750
Warehouse Facility Increase	300,000
Capitalized interest	8,400	$ 7,600
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,200,000
Unused capacity	1,110,000
Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	300,000
Outstanding Balance	300,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	500,000
Outstanding Balance	$ 500,000
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
Term Securitizations
Debt Instrument [Line Items]
Non-recourse notes payable	$ 8,790,000
Debt maturity, end	Apr. 17, 2023
Warehouse facilities
Debt Instrument [Line Items]
Non-recourse notes payable	$ 1,680,000
Warehouse Facilities Maximum Borrowing Capacity	2,800,000
Remaining borrowing capacity	1,120,000
Warehouse Facility Three [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	100,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,500,000
Warehouse Facility One and Three [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	$ 1,300,000

Stock And Stock-Based Incenti53

Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)	3 Months Ended
	Aug. 31, 2016	May 31, 2016	Nov. 30, 2016	Jun. 28, 2016	Nov. 30, 2015
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	$ 10,900,000	$ 3,500,000
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount			$ 4,550,000,000
Available for repurchase, as of end of period			$ 1,691,500,000		$ 1,553,800,000
share repurchase program additional authorization [Member]
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount				$ 750,000,000

Stock And Stock-Based Incenti54

Stock And Stock-Based Incentive Plans (Schedule Of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock Acquired, Average Cost Per Share	$ 52.56	$ 58.03	$ 52.38	$ 61.14
Treasury Stock, Shares, Acquired	3,780,500	7,680,800	8,715,200	13,336,100
Available for repurchase, as of end of period	$ 1,691.5	$ 1,553.8	$ 1,691.5	$ 1,553.8

Stock And Stock-Based Incenti55

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	$ 11,769	$ 12,074	$ 73,096	$ 46,287
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	584	394	2,998	1,459
CarMax Auto Finance income
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	663	502	2,314	1,100
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	$ 10,522	$ 11,178	$ 67,784	$ 43,728

Stock And Stock-Based Incenti56

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 11,769	$ 12,074	$ 73,096	$ 46,287
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	4,756	5,794	32,977	20,064
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	4,490	2,960	25,951	14,358
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	2,463	2,586	9,811	8,123
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	(488)	341	1,844	1,579
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	305	296	1,070	1,003
Restricted stock awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 243	$ 97	$ 1,443	$ 1,160

Stock And Stock-Based Incenti57

Stock And Stock-Based Incentive Plans Schedule of Stock Incentive Plan Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Nov. 30, 2016	Feb. 29, 2016
Schedule of Stock Incentive Plan Information [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,484	7,322
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,310
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,144)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(4)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.19
Options Outstanding Weighted Average Grant Date Fair Value	$ 14.99
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 37.4
stock-settled market stock units [Domain]
Schedule of Stock Incentive Plan Information [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	503	543
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	171
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(210)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(1)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 63.96
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 65.66
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 13.6
performance stock units [Domain]
Schedule of Stock Incentive Plan Information [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	149	66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	83
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 51.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 60.94
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.5
Restricted Stock [Member]
Schedule of Stock Incentive Plan Information [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	49	17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	49
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(17)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 50.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 50.65
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1.2
Restricted Stock Units (RSUs) [Member]
Schedule of Stock Incentive Plan Information [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,427	1,320
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	632
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(436)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(89)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 51.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 55.04

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 136,645	$ 128,199	$ 474,367	$ 482,401
Weighted average common shares outstanding, shares	189,200	201,291	191,431	205,760
Weighted average common shares and dilutive potential common shares, shares	190,818	203,383	193,239	208,242
Basic net earnings per share (in dollars per share)	$ 0.72	$ 0.64	$ 2.48	$ 2.34
Diluted net earnings per share (in dollars per share)	$ 0.72	$ 0.63	$ 2.45	$ 2.32
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,191	1,552	1,346	1,853
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	427	540	462	629

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	3,104,720	1,383,861	3,253,237	1,195,011

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (70,196)
Other comprehensive income before reclassifications			3,936
Amounts reclassified from accumulated other comprehensive loss			6,125
Other comprehensive income (loss)	$ 6,447	$ (515)	10,061	$ (1,273)
Ending balance	(60,135)		(60,135)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(56,470)
Other comprehensive income before reclassifications			0
Amounts reclassified from accumulated other comprehensive loss			744
Other comprehensive income (loss)			744
Ending balance	(55,726)		(55,726)
Net Unrecognized Hedge Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(13,726)
Other comprehensive income before reclassifications			3,936
Amounts reclassified from accumulated other comprehensive loss			5,381
Other comprehensive income (loss)			9,317
Ending balance	$ (4,409)		$ (4,409)

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Total amortization reclassifications recognized in net pension expense	$ 387	$ 514	$ 1,160	$ 1,543
Tax expense	(140)	(192)	(416)	(576)
Amortization reclassifications recognized in net pension expense, net of tax	247	322	744	967
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	247	322	744	967
Effective portion of changes in fair value	7,282	(3,325)	6,484	(9,596)
Tax (expense) benefit	(2,863)	1,308	(2,548)	3,775
Effective portion of changes in fair value, net of tax	4,419	(2,017)	3,936	(5,821)
Reclassifications to CarMax Auto Finance income	2,935	1,944	8,868	5,902
Tax expense	(1,154)	(764)	(3,487)	(2,321)
Reclassification of hedge losses, net of tax	1,781	1,180	5,381	3,581
Net change in cash flow hedge unrecognized losses, net of tax	6,200	(837)	9,317	(2,240)
Other comprehensive income (loss), net of taxes	6,447	(515)	10,061	(1,273)
Cost of sales
Total amortization reclassifications recognized in net pension expense	160	212	477	628
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	10	13	28	37
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 217	$ 289	$ 655	$ 878

Accumulated Other Comprehensi62

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 36	$ 42.4

Supplemental Cash Flow Inform63

Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Supplemental Cash Flow Details [Abstract]
(Decrease) increase in accrued capital expenditures	$ 8,629	$ 6,563
Capital Lease Obligations Incurred	$ 70,072	$ 92,001

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	Nov. 30, 2016	Feb. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 5.7	$ 6.1