CarMax (KMX) 10-Q 7 Jul 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2017	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		183,247,390

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Revenue, Net [Abstract]
Used vehicle sales	$ 3,843,373	$ 3,428,974
Wholesale vehicle sales	553,390	567,741
Other sales and revenues	145,571	129,671
NET SALES AND OPERATING REVENUES	4,542,334	4,126,386
Cost of sales	3,893,396	3,553,749
GROSS PROFIT	648,938	572,637
CARMAX AUTO FINANCE INCOME	109,363	100,758
Selling, general and administrative expenses	403,503	380,230
Interest expense	16,838	11,088
Other (income) expense	(93)	(616)
Earnings before income taxes	338,053	282,693
Income tax provision	126,351	107,333
NET EARNINGS	$ 211,702	$ 175,360
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	185,200	193,531
Diluted, shares	186,859	195,253
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.14	$ 0.91
Diluted (in dollars per share)	$ 1.13	$ 0.90
Used vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	84.60%	83.10%
Wholesale vehicle sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	12.20%	13.80%
Other sales and revenues, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	3.20%	3.10%
NET SALES AND OPERATING REVENUES, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%
Cost of sales, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	85.70%	86.10%
GROSS PROFIT, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	14.30%	13.90%
CARMAX AUTO FINANCE INCOME, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.40%	2.40%
Selling, general and administrative expenses, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	8.90%	9.20%
Interest expense, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	0.40%	0.30%
Other (income) expense, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	0.00%	0.00%
Earnings before income taxes, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	7.40%	6.90%
Income tax provision, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	2.80%	2.60%
NET EARNINGS, percent
Percentage of Sales
Item as a percent of net sales and operating revenues	4.70%	4.20%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 211,702	$ 175,360
Other comprehensive (loss) income, net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	274	249
Net change in cash flow hedge unrecognized losses	(1,948)	3,122
Other comprehensive (loss) income, net of taxes	(1,674)	3,371
TOTAL COMPREHENSIVE INCOME	$ 210,028	$ 178,731

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 60,080	$ 38,416
Restricted cash from collections on auto loan receivables	385,692	380,353
Accounts receivable, net	104,745	152,388
Inventory	2,148,247	2,260,563
Other current assets	35,780	41,910
TOTAL CURRENT ASSETS	2,734,544	2,873,630
Auto loan receivables, net	10,892,844	10,596,076
Property and equipment, net	2,557,506	2,518,393
Deferred income taxes	145,265	150,962
Other assets	145,530	140,295
TOTAL ASSETS	16,475,689	16,279,356
CURRENT LIABILITIES:
Accounts payable	510,574	494,989
Accrued expenses and other current liabilities	203,211	266,128
Accrued income taxes	103,588	1,404
Short-term debt	693	62
Current portion of finance and capital lease obligations	9,772	9,491
Current portion of non-recourse notes payable	338,832	333,713
TOTAL CURRENT LIABILITIES	1,166,670	1,105,787
Long-term debt, excluding current portion	797,666	952,562
Finance and capital lease obligations, excluding current portion	484,394	486,645
Non-recourse notes payable, excluding current portion	10,643,810	10,387,231
Other liabilities	231,021	238,551
TOTAL LIABILITIES	13,323,561	13,170,776
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 183,872,908 and 186,548,602 shares issued and outstanding as of May 31, 2017 and February 28, 2017, respectively	91,936	93,274
Capital in excess of par value	1,184,661	1,188,578
Accumulated other comprehensive loss	(58,229)	(56,555)
Retained earnings	1,933,760	1,883,283
TOTAL SHAREHOLDERS’ EQUITY	3,152,128	3,108,580
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 16,475,689	$ 16,279,356

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2017	Feb. 28, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	183,872,908	186,548,602
Common stock, shares outstanding	183,872,908	186,548,602

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
OPERATING ACTIVITIES:
Net earnings	$ 211,702	$ 175,360
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	43,894	40,801
Share-based compensation expense	18,726	31,437
Provision for loan losses	28,579	26,591
Provision for cancellation reserves	17,113	18,692
Deferred income tax provision	6,782	7,374
Other	621	268
Net decrease (increase) in:
Accounts receivable, net	47,643	29,630
Inventory	112,316	67,038
Other current assets	5,451	(4,031)
Auto loan receivables, net	(325,347)	(343,067)
Other assets	809	399
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	52,673	69,114
Other liabilities	(29,469)	(31,999)
NET CASH PROVIDED BY OPERATING ACTIVITIES	191,493	87,607
INVESTING ACTIVITIES:
Capital expenditures	(79,416)	(97,463)
Increase in restricted cash from collections on auto loan receivables	(5,339)	(20,327)
Increase in restricted cash in reserve accounts	(6,308)	(3,101)
Release of restricted cash from reserve accounts	3,344	41
Purchases of money market securities, net	(1,824)	(289)
Purchases of trading securities	(1,055)	(2,355)
Sales of trading securities	238	244
NET CASH USED IN INVESTING ACTIVITIES	(90,360)	(123,250)
FINANCING ACTIVITIES:
Increase in short-term debt, net	631	827
Proceeds from issuances of long-term debt	762,000	1,093,800
Payments on long-term debt	(917,000)	(1,208,800)
Cash paid for debt issuance costs	(2,920)	(4,680)
Payments on finance and capital lease obligations	(2,268)	(3,040)
Issuances of non-recourse notes payable	2,410,000	2,259,000
Payments on non-recourse notes payable	(2,149,135)	(1,952,428)
Repurchase and retirement of common stock	(187,385)	(137,989)
Equity issuances	6,608	4,134
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(79,469)	50,824
Increase in cash and cash equivalents	21,664	15,181
Cash and cash equivalents at beginning of year	38,416	37,394
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 60,080	$ 52,575

Background

Background	3 Months Ended
	May 31, 2017
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 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 range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site wholesale auctions.

Accounting Policies

Accounting Policies	3 Months Ended
	May 31, 2017
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2017 . 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 the Financial Accounting Standards Board's (“FASB”) Accounting Standards Update (“ASU”) 2016-09 during the current fiscal year, cash flows related to excess tax benefits from share-based payment arrangements are now classified as operating activities, rather than financing activities, in the consolidated statements of cash flows. Prior period amounts have been reclassified to conform to the current year's presentation. Cash and Cash Equivalents. Cash equivalents of approximately $34.4 million as of May 31, 2017 , and $0.3 million as of February 28, 2017 , consisted of highly liquid investments with original maturities of three months or less. Restricted Cash from Collections on Auto Loan Receivables. Cash equivalents totaling $385.7 million as of May 31, 2017 , and $380.4 million as of February 28, 2017 , consisted of collections of principal, interest and fee payments on auto loan receivables that are restricted for payment to the term securitization and warehouse facility investors pursuant to the applicable agreements. Financing and Securitization Transactions. We maintain a revolving funding 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 related receivables. We typically use term securitizations to provide long-term funding for most of the auto loan receivables initially funded 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 (“funding vehicles”) as secured borrowings, which result in recording the auto loan receivables and the related non-recourse notes payable on our consolidated balance sheets. These receivables can only be used as collateral to settle obligations of the related funding vehicles. The funding vehicles and investors have no recourse to our assets beyond the related 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 funding 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 funding 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 $1.08 billion and $1.04 billion as of May 31, 2017 and February 28, 2017 , 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 related 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 or bank deposit accounts and was $55.7 million as of May 31, 2017 , and $52.8 million as of February 28, 2017 . 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 $74.1 million as of May 31, 2017 , and $70.8 million as of February 28, 2017 . 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 retail vehicle. The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve 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 the Current Period . In July 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-11), which simplifies the subsequent measurement of inventory by replacing the lower of cost or market test with a lower of cost or net realizable value (“NRV”) test. NRV is calculated as the estimated selling price less reasonably predictable costs of completion, disposal and transportation. We adopted this pronouncement for our fiscal year beginning March 1, 2017, and it did not have a material effect on our consolidated financial statements. In March 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-09) related to simplifications of employee share-based payment accounting. This pronouncement eliminates the APIC pool concept and requires that excess tax benefits and tax deficiencies be recorded in the income statement when awards are settled. The standard also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. We adopted this pronouncement for our fiscal year beginning March 1, 2017. The requirements related to the tax consequences of share-based payments were applied prospectively and resulted in $2.4 million recorded as a reduction to the income tax provision during the three months ended May 31, 2017 . The provisions related to the presentation of excess tax benefits on the consolidated statements of cash flows were applied retrospectively, resulting in an increase in cash provided by operating activities and a decrease in cash provided by financing activities of $2.2 million for the three months ended May 31, 2016 . We elected to continue estimating forfeitures of share-based awards, and none of the other provisions of the pronouncement had a material effect on our consolidated financial statements. Effective in Future Periods . In May 2014, the FASB issued an accounting pronouncement (FASB ASU 2014-09) related to revenue recognition. This ASU, along with subsequent ASUs issued to clarify certain provisions and the effective date of ASU 2014-09, provides a single, comprehensive revenue recognition model for all contracts with customers. The standard contains principles that an entity will apply to determine the measurement of revenue and the timing of when it is recognized. The entity will recognize revenue to reflect the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This standard will become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. ASU 2014-09 may be adopted using either a full retrospective method, which requires a restatement of prior periods presented, or a modified retrospective method with the cumulative effect of applying the standard recognized at the date of adoption. We will adopt this standard for our fiscal year beginning March 1, 2018. While we continue to assess all potential impacts of this standard, we generally do not expect adoption of the standard to have a material impact on our consolidated financial statements. We primarily sell products and recognize revenue at the point of sale or delivery to customers, at which point the earnings process is deemed to be complete. Our performance obligations are clearly identifiable and we do not anticipate significant changes to the assessment of such performance obligations or the timing of our revenue recognition upon adoption of the new standard. Our primary business processes are consistent with the principles contained in the ASU, and we do not expect significant changes to those processes, our internal controls or systems. The standard is expected to have an impact on the way we account for sales returns on our consolidated balance sheets. We are still evaluating the impact of the new standard on our financial statement disclosures as well as our planned transition approach. In February 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-02) related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet while also disclosing key information about those lease arrangements. Under the new guidance, lease classification as either a finance lease or an operating lease will affect the pattern and classification of expense recognition in the income statement. The classification criteria to distinguish between finance and operating leases are generally consistent with the classification criteria to distinguish between capital and operating leases under existing lease accounting guidance. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. We expect to adopt the new standard for our fiscal year beginning March 1, 2019. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with practical expedients available for election as a package. We expect that this standard will have a material effect on our consolidated balance sheets as a result of recognizing new right-of-use assets and lease liabilities for existing operating leases. To date, we have not completed our comprehensive analysis of those leases and are unable to quantify the impact at this time. We are still evaluating the impact of the standard on our sale-leaseback transactions currently accounted for as direct financings. We believe that the majority of our leases will maintain their current lease classification under the new standard. As a result, we do not expect the new standard to have a material effect on our expense recognition pattern or, in turn, our consolidated statements of operations. We are continuing to evaluate the full impact of the new standard, as well as its impacts on our business processes, systems, and internal controls. In May 2017, the FASB issued an accounting pronouncement (FASB ASU 2017-09) to provide guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting under Accounting Standards Codification Topic 718. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018 and will consider the impact that this standard may have on future share-based payment award changes, should they occur.

CarMax Auto Finance

CarMax Auto Finance	3 Months Ended
	May 31, 2017
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 May 31 (In millions) 2017 % (1) 2016 % (1) Interest margin: Interest and fee income $ 206.7 7.6 $ 184.1 7.6 Interest expense (49.0 ) (1.8 ) (39.4 ) (1.6 ) Total interest margin 157.7 5.8 144.7 5.9 Provision for loan losses (28.6 ) (1.1 ) (26.6 ) (1.1 ) Total interest margin after provision for loan losses 129.1 4.8 118.1 4.8 Direct expenses: Payroll and fringe benefit expense (8.5 ) (0.3 ) (7.6 ) (0.3 ) Other direct expenses (11.2 ) (0.4 ) (9.7 ) (0.4 ) Total direct expenses (19.7 ) (0.7 ) (17.3 ) (0.7 ) CarMax Auto Finance income $ 109.4 4.0 $ 100.8 4.1 Total average managed receivables $ 10,829.5 $ 9,745.0 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables

Auto Loan Receivables	3 Months Ended
	May 31, 2017
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 $11.00 billion as of May 31, 2017 and $10.74 billion as of February 28, 2017 . See Notes 2 and 10 for additional information on securitizations and non-recourse notes payable. Auto Loan Receivables, Net As of May 31 As of February 28 (In millions) 2017 2017 Term securitizations $ 8,642.5 $ 8,784.7 Warehouse facilities 2,022.0 1,624.0 Overcollateralization (1) 233.7 211.4 Other managed receivables (2) 85.1 61.2 Total ending managed receivables 10,983.3 10,681.3 Accrued interest and fees 45.3 38.5 Other (6.0 ) (0.1 ) Less allowance for loan losses (129.8 ) (123.6 ) Auto loan receivables, net $ 10,892.8 $ 10,596.1 (1) Represents receivables restricted as excess collateral for the warehouse facilities and term securitizations. (2) Other managed receivables includes receivables not funded through the warehouse facilities or term securitizations. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models rely on the customers’ credit history and certain application information to evaluate and rank their risk. We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers assigned a grade of “A” are determined to have the highest probability of repayment, and customers assigned a lower grade are determined to have a lower probability of repayment. For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loan receivables on an ongoing basis. We validate the accuracy of the scoring models periodically. Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment. Ending Managed Receivables by Major Credit Grade As of May 31 As of February 28 (In millions) 2017 (1) % (2) 2017 (1) % (2) A $ 5,362.5 48.8 $ 5,223.4 48.9 B 3,878.0 35.3 3,739.4 35.0 C and other 1,742.8 15.9 1,718.5 16.1 Total ending managed receivables $ 10,983.3 100.0 $ 10,681.3 100.0 (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 May 31 (In millions) 2017 % (1) 2016 % (1) Balance as of beginning of period $ 123.6 1.16 $ 94.9 0.99 Charge-offs (54.1 ) (45.8 ) Recoveries 31.7 28.3 Provision for loan losses 28.6 26.6 Balance as of end of period $ 129.8 1.18 $ 104.0 1.05 (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 May 31 As of February 28 (In millions) 2017 % (1) 2017 % (1) Total ending managed receivables $ 10,983.3 100.0 $ 10,681.3 100.0 Delinquent loans: 31-60 days past due $ 219.7 2.0 $ 211.0 2.0 61-90 days past due 91.7 0.8 93.5 0.9 Greater than 90 days past due 27.0 0.3 26.5 0.2 Total past due $ 338.4 3.1 $ 331.0 3.1 (1) Percent of total ending managed receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	3 Months Ended
	May 31, 2017
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 $3.7 million will be reclassified from AOCL as a decrease to CAF income. As of May 31, 2017 and February 28, 2017 , we had interest rate swaps outstanding with a combined notional amount of $2.22 billion and $2.03 billion , respectively, that were designated as cash flow hedges of interest rate risk. Fair Values of Derivative Instruments As of May 31, 2017 As of February 28, 2017 (In thousands) Assets (1) Liabilities (2) Assets (1) Liabilities (2) Derivatives designated as accounting hedges: Interest rate swaps $ 577 $ (3,739 ) $ 2,997 $ (509 ) (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 May 31 (In thousands) 2017 2016 Derivatives designated as accounting hedges: (Loss) gain recognized in AOCL (1) $ (4,226 ) $ 2,331 Loss reclassified from AOCL into CAF income (1) $ (1,013 ) $ (2,813 ) (1) Represents the effective portion.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 31, 2017
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 May 31, 2017 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 410,764 $ — $ 410,764 Mutual fund investments 17,813 — 17,813 Derivative instruments — 577 577 Total assets at fair value $ 428,577 $ 577 $ 429,154 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 2.6 % — % 2.6 % Liabilities: Derivative instruments $ — $ (3,739 ) $ (3,739 ) Total liabilities at fair value $ — $ (3,739 ) $ (3,739 ) Percent of total liabilities — % — % — % As of February 28, 2017 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 397,994 $ — $ 397,994 Mutual fund investments 16,519 — 16,519 Derivative instruments — 2,997 2,997 Total assets at fair value $ 414,513 $ 2,997 $ 417,510 Percent of total assets at fair value 99.3 % 0.7 % 100.0 % Percent of total assets 2.5 % — % 2.6 % Liabilities: Derivative instruments $ — $ (509 ) $ (509 ) Total liabilities at fair value $ — $ (509 ) $ (509 ) Percent of total liabilities — % — % — % There were no transfers between Levels 1 and 2 for the three months ended May 31, 2017 . As of May 31, 2017 and February 28, 2017 we had no Level 3 assets. Fair Value of Financial Instruments The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loan receivables are presented net of an allowance for estimated loan losses. We believe that the carrying value of our revolving credit facility and term loan approximates fair value due to the variable rates associated with these obligations. The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices. The carrying value and fair value of the senior unsecured notes as of May 31, 2017 and February 28, 2017 , respectively, are as follows: (In thousands) As of May 31, 2017 As of February 28, 2017 Carrying value $ 500,000 $ 500,000 Fair value $ 509,255 $ 499,518

Cancellation Reserves

Cancellation Reserves	3 Months Ended
	May 31, 2017
Cancellation Reserves [Abstract]
Cancellation Reserves	Cancellation Reserves We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve for estimated contract cancellations. Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract. The reserve for cancellations is evaluated for each product, and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Cancellation Reserves Three Months Ended May 31 (In millions) 2017 2016 Balance as of beginning of period $ 108.2 $ 110.2 Cancellations (16.3 ) (16.4 ) Provision for future cancellations 17.1 18.7 Balance as of end of period $ 109.0 $ 112.5 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of May 31, 2017 and February 28, 2017 , the current portion of cancellation reserves was $56.9 million and $56.4 million , respectively.

Income Taxes

Income Taxes	3 Months Ended
	May 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $29.9 million of gross unrecognized tax benefits as of May 31, 2017 , and $30.0 million as of February 28, 2017 . There were no significant changes to the gross unrecognized tax benefits as reported for the year ended February 28, 2017 , as all activity was related to positions taken on tax returns previously filed or intended to be filed in the current fiscal year.

Retirement Plans

Retirement Plans	3 Months Ended
	May 31, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Retirement Plans	Retirement Benefit 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 May 31 Pension Plan Restoration Plan Total (In thousands) 2017 2016 2017 2016 2017 2016 Net pension expense $ 52 $ 82 $ 117 $ 120 $ 169 $ 202 Net pension expense includes actuarial loss amortization of $0.5 million and $0.4 million for the three months ended May 31, 2017 and 2016 , respectively. We made no contributions to the pension plan during the three months ended May 31, 2017 . We expect to make contributions of $2.1 million to the pension plan during the remainder of fiscal 2018 . The expected long-term rate of return on plan assets for the pension plan was 7.75% as of February 28, 2017 .

Debt

Debt	3 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Debt	Debt As of May 31 As of February 28 (In thousands) 2017 2017 Revolving credit facility $ 693 $ 155,062 Term loan 300,000 300,000 3.86% Senior notes due 2023 100,000 100,000 4.17% Senior notes due 2026 200,000 200,000 4.27% Senior notes due 2028 200,000 200,000 Finance and capital lease obligations 494,166 496,136 Non-recourse notes payable 11,003,290 10,742,425 Total debt 12,298,149 12,193,623 Less: current portion (349,297 ) (343,266 ) Less: unamortized debt issuance costs (22,982 ) (23,919 ) Long-term debt, net $ 11,925,870 $ 11,826,438 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 May 31, 2017 , the unused capacity of $1,199.3 million 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 May 31, 2017 , $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, which will expire in November 2017, to manage our exposure to variable interest rates associated with this term loan. Senior Notes. We have senior unsecured notes with outstanding principal totaling $500 million as of May 31, 2017 , which are due in 2023, 2026 and 2028. These notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months. 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 related 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 May 31, 2017 , $8.98 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 October 2023 , but may mature earlier, depending upon the repayment rate of the underlying auto loan receivables. As of May 31, 2017 , $2.02 billion of non-recourse notes payable was outstanding related to our warehouse facilities. As of May 31, 2017 , the combined warehouse facility limit was $2.80 billion , and the unused warehouse capacity totaled $778.0 million . Of the combined warehouse facility limit, $1.30 billion will expire in August 2017 and $1.50 billion will expire in February 2018 . 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 auto loan receivables. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. For the three months ended May 31, 2017 and 2016 , we capitalized interest of $1.7 million and $2.6 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 and warehouse facility agreements contain representations and warranties, financial covenants and performance triggers. As of May 31, 2017 , we were in compliance with all financial covenants and our term securitizations and warehouse facilities were in compliance with the related performance triggers.

Stock And Stock-Based Incentive

Stock And Stock-Based Incentive Plans	3 Months Ended
	May 31, 2017
Share-based Compensation [Abstract]
Stock And Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of May 31, 2017 , our board of directors has authorized the repurchase of up to $4.55 billion of our common stock. At that date, $1.41 billion was available for repurchase, with no expiration date, under the board's outstanding authorization. Common Stock Repurchases Three Months Ended May 31 2017 2016 Number of shares repurchased (in thousands) 3,034.7 2,569.6 Average cost per share $ 60.00 $ 51.39 Available for repurchase, as of end of period (in millions) $ 1,408.3 $ 1,266.0 (B) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board of directors. The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units. Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards. Nonemployee directors receive awards of nonqualified stock options, stock grants and/or restricted stock awards. Excluding stock grants, all share-based compensation awards, including any associated dividend rights, are subject to forfeiture. Nonqualified Stock Options. Nonqualified stock options are awards that allow the recipient to purchase shares of our common stock at a fixed price. Stock options are granted at an exercise price equal to the fair market value of our common stock on the grant date. The stock options generally vest annually in equal amounts over 4 years . These options expire 7 years after the date of the grant. Cash-Settled Restricted Stock Units. Also referred to as restricted stock units, or RSUs, these are restricted stock unit awards that entitle the holder to a cash payment equal to the fair market value of a share of our common stock for each unit granted. Conversion generally occurs at the end of a three -year vesting period. However, the cash payment per RSU will not be greater than 200% or less than 75% of the fair market value of a share of our common stock on the grant date. RSUs are liability awards and do not have voting rights. Stock-Settled Market Stock Units. Also referred to as market stock units, or MSUs, these are restricted stock unit awards with market conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three-year vesting period. The conversion ratio is calculated by dividing the average closing price of our stock during the final 40 trading days of the three -year vesting period by our stock price on the grant date, with the resulting quotient capped at two . This quotient is then multiplied by the number of MSUs granted to yield the number of shares awarded. MSUs do not have voting rights. Stock-Settled Performance Stock Units. Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three -year vesting period. For grants prior to fiscal 2018, the conversion ratio is based on the company reaching certain target levels set by the board of directors for cumulative three-year earnings before interest and taxes at the end of the three-year period. For the fiscal 2018 grants, the conversion ratio is based on reaching certain target levels set by the board of directors for cumulative three-year diluted earnings per share as adjusted to exclude income taxes. The resulting quotients are subject to meeting a minimum 25% threshold and capped at 200% . These quotients are then multiplied by the number of PSUs granted to yield the number of shares awarded. PSUs do not have voting rights. Restricted Stock Awards. Restricted stock awards (RSAs) are awards of our common stock that are subject to specified restrictions that generally lapse after a one - to three -year period from date of grant. Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote. (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2017 2016 Cost of sales $ 227 $ 1,360 CarMax Auto Finance income 820 904 Selling, general and administrative expenses 18,093 29,583 Share-based compensation expense, before income taxes $ 19,140 $ 31,847 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2017 2016 Nonqualified stock options $ 10,370 $ 13,131 Cash-settled restricted stock units 3,118 12,376 Stock-settled market stock units 3,621 3,650 Stock-settled performance stock units 1,353 2,133 Employee stock purchase plan 414 410 Restricted stock awards 264 147 Share-based compensation expense, before income taxes $ 19,140 $ 31,847 Unrecognized Share- ­ Based Compensation Expense – By Grant Type As of May 31, 2017 (Costs in millions) Unrecognized Compensation Costs Weighted Average Remaining Recognition Life (Years) Nonqualified stock options $ 53.6 2.8 Stock-settled market stock units 17.7 1.9 Stock-settled performance stock units 5.3 1.9 Restricted stock 0.3 1.2 Total $ 76.9 2.5 We recognize compensation expense for stock options, MSUs, PSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award. The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with RSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the volume-weighted average price of our common stock on the last trading day of each reporting period. The total costs for matching contributions for our employee stock purchase plan are included in share-based compensation expense. There were no capitalized share-based compensation costs as of or for the three months ended May 31, 2017 or 2016 . Stock Option Activity Weighted Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2017 7,753 $ 50.00 Options granted 1,930 58.38 Options exercised (158 ) 39.64 Options cancelled (5 ) 62.05 Outstanding as of May 31, 2017 9,520 $ 51.86 4.8 $ 119,287 Exercisable as of May 31, 2017 4,647 $ 46.55 3.5 $ 83,119 Stock Option Information Three Months Ended May 31 2017 2016 Options granted 1,930,362 2,154,718 Weighted average grant date fair value per share $ 16.11 $ 14.19 Cash received from options exercised (in millions) $ 6.6 $ 4.1 Intrinsic value of options exercised (in millions) $ 3.2 $ 4.9 Realized tax benefits (in millions) $ 1.3 $ 1.9 For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model. In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder. For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards. Assumptions Used to Estimate Option Values Three Months Ended May 31 2017 2016 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 29.4 % — 32.7 % 30.4 % — 33.9 % Weighted average expected volatility 29.8 % 30.8 % Risk-free interest rate (2) 0.7 % — 2.1 % 0.2 % — 1.6 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise. Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 1,406 $ 55.05 Stock units granted 627 $ 58.38 Stock units vested and converted (459 ) $ 45.00 Stock units cancelled (17 ) $ 57.11 Outstanding as of May 31, 2017 1,557 $ 59.33 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 627,127 631,907 Initial weighted average grant date fair value per share $ 58.38 $ 51.63 Payments (before payroll tax withholdings) upon vesting (in millions) $ 25.9 $ 22.9 Realized tax benefits (in millions) $ 10.4 $ 9.0 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2017 (In thousands) Minimum (1) Maximum (1) Fiscal 2019 $ 18,443 $ 49,182 Fiscal 2020 19,776 52,735 Fiscal 2021 22,360 59,626 Total expected cash settlements $ 60,579 $ 161,543 (1) Net of estimated forfeitures. Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 504 $ 65.74 Stock units granted 159 $ 73.58 Stock units vested and converted (221 ) $ 55.42 Stock units cancelled (2 ) $ 74.76 Outstanding as of May 31, 2017 440 $ 73.72 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 158,637 168,681 Weighted average grant date fair value per share $ 73.58 $ 63.97 Realized tax benefits (in millions) $ 7.0 $ 5.2 Stock-Settled Performance Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 149 $ 60.94 Stock units granted 74 $ 58.38 Outstanding as of May 31, 2017 223 $ 60.10 Stock-Settled Performance Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 73,648 83,032 Weighted average grant date fair value per share $ 58.38 $ 51.63 Restricted Stock Awards Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 50 $ 50.94 Restricted stock vested (1 ) $ 51.63 Outstanding as of May 31, 2017 49 $ 50.93 Restricted Stock Awards Information Three Months Ended May 31 2017 2016 Restricted stock granted — 19,998 Weighted average grant date fair value per share $ — $ 51.63

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	May 31, 2017
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method. Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2017 2016 Net earnings $ 211,702 $ 175,360 Weighted average common shares outstanding 185,200 193,531 Dilutive potential common shares: Stock options 1,209 1,248 Stock-settled stock units and awards 450 474 Weighted average common shares and dilutive potential common shares 186,859 195,253 Basic net earnings per share $ 1.14 $ 0.91 Diluted net earnings per share $ 1.13 $ 0.90 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended May 31, 2017 and 2016 , options to purchase 2,218,318 shares and 2,610,461 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	May 31, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss By Component Total Net Accumulated Unrecognized Net Other Actuarial Unrecognized Comprehensive (In thousands, net of income taxes) Losses Hedge Losses Loss Balance as of February 28, 2017 $ (55,521 ) $ (1,034 ) $ (56,555 ) Other comprehensive loss before reclassifications — (2,562 ) (2,562 ) Amounts reclassified from accumulated other comprehensive loss 274 614 888 Other comprehensive income (loss) 274 (1,948 ) (1,674 ) Balance as of May 31, 2017 $ (55,247 ) $ (2,982 ) $ (58,229 ) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended May 31 (In thousands) 2017 2016 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 185 $ 157 CarMax Auto Finance income 11 9 Selling, general and administrative expenses 258 221 Total amortization reclassifications recognized in net pension expense 454 387 Tax expense (180 ) (138 ) Amortization reclassifications recognized in net pension expense, net of tax 274 249 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 274 249 Cash Flow Hedges (Note 5): Effective portion of changes in fair value (4,226 ) 2,331 Tax benefit (expense) 1,664 (916 ) Effective portion of changes in fair value, net of tax (2,562 ) 1,415 Reclassifications to CarMax Auto Finance income 1,013 2,813 Tax expense (399 ) (1,106 ) Reclassification of hedge losses, net of tax 614 1,707 Net change in cash flow hedge unrecognized losses, net of tax (1,948 ) 3,122 Total other comprehensive (loss) income, net of tax $ (1,674 ) $ 3,371 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 $34.9 million as of May 31, 2017 , and $33.8 million as of February 28, 2017 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information Supplemental Cash Flow Information (Notes)	3 Months Ended
	May 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Three Months Ended May 31 (In thousands) 2017 2016 Non-cash investing and financing activities: Decrease in accrued capital expenditures $ (1,077 ) $ (10,634 ) Increase in finance and capital lease obligations $ — $ 20,392

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	May 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . CarMax entities are defendants in three proceedings asserting wage and hour claims with respect to 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 and provide accurate itemized wage statements; unfair competition; and Private Attorney General Act claims. On September 4, 2015, Craig Weiss et al., 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 Auto 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 Auto 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. On April 25, 2017, the Company met with representatives from multiple California municipality district attorney offices as part of an informal inquiry by those offices into the handling, storage and disposal of certain types of hazardous waste at our store locations in those municipalities. The meeting followed our ongoing dialogue with the Orange County, California District Attorney’s office regarding these matters, which was disclosed in “Legal Proceedings” in Item 3 of the Annual Report on Form 10-K for the fiscal year ended February 28, 2017 . 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 $6.2 million as of May 31, 2017 , and $6.3 million as of February 28, 2017 , and is included in accrued expenses and other current liabilities.

Accounting Policies (Policy)

Accounting Policies (Policy)	3 Months Ended
	May 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2017 .
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. In connection with our adoption of the Financial Accounting Standards Board's (“FASB”) Accounting Standards Update (“ASU”) 2016-09 during the current fiscal year, cash flows related to excess tax benefits from share-based payment arrangements are now classified as operating activities, rather than financing activities, in the consolidated statements of cash flows. Prior period amounts have been reclassified to conform to the current year's presentation.
Cash And Cash Equivalents	Cash and Cash Equivalents. Cash equivalents of approximately $34.4 million as of May 31, 2017 , and $0.3 million as of February 28, 2017 , 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 $385.7 million as of May 31, 2017 , and $380.4 million as of February 28, 2017 , consisted of collections of principal, interest and fee payments on auto loan receivables that are restricted for payment to the term securitization and warehouse facility investors pursuant to the applicable agreements.
Securitizations	Financing and Securitization Transactions. We maintain a revolving funding 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 related receivables. We typically use term securitizations to provide long-term funding for most of the auto loan receivables initially funded 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 (“funding vehicles”) as secured borrowings, which result in recording the auto loan receivables and the related non-recourse notes payable on our consolidated balance sheets. These receivables can only be used as collateral to settle obligations of the related funding vehicles. The funding vehicles and investors have no recourse to our assets beyond the related 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 funding 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 funding 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 $1.08 billion and $1.04 billion as of May 31, 2017 and February 28, 2017 , 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 related 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 or bank deposit accounts and was $55.7 million as of May 31, 2017 , and $52.8 million as of February 28, 2017 . 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 $74.1 million as of May 31, 2017 , and $70.8 million as of February 28, 2017 .
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 retail vehicle. The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve 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 the Current Period . In July 2015, the FASB issued an accounting pronouncement (FASB ASU 2015-11), which simplifies the subsequent measurement of inventory by replacing the lower of cost or market test with a lower of cost or net realizable value (“NRV”) test. NRV is calculated as the estimated selling price less reasonably predictable costs of completion, disposal and transportation. We adopted this pronouncement for our fiscal year beginning March 1, 2017, and it did not have a material effect on our consolidated financial statements. In March 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-09) related to simplifications of employee share-based payment accounting. This pronouncement eliminates the APIC pool concept and requires that excess tax benefits and tax deficiencies be recorded in the income statement when awards are settled. The standard also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. We adopted this pronouncement for our fiscal year beginning March 1, 2017. The requirements related to the tax consequences of share-based payments were applied prospectively and resulted in $2.4 million recorded as a reduction to the income tax provision during the three months ended May 31, 2017 . The provisions related to the presentation of excess tax benefits on the consolidated statements of cash flows were applied retrospectively, resulting in an increase in cash provided by operating activities and a decrease in cash provided by financing activities of $2.2 million for the three months ended May 31, 2016 . We elected to continue estimating forfeitures of share-based awards, and none of the other provisions of the pronouncement had a material effect on our consolidated financial statements. Effective in Future Periods . In May 2014, the FASB issued an accounting pronouncement (FASB ASU 2014-09) related to revenue recognition. This ASU, along with subsequent ASUs issued to clarify certain provisions and the effective date of ASU 2014-09, provides a single, comprehensive revenue recognition model for all contracts with customers. The standard contains principles that an entity will apply to determine the measurement of revenue and the timing of when it is recognized. The entity will recognize revenue to reflect the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This standard will become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. ASU 2014-09 may be adopted using either a full retrospective method, which requires a restatement of prior periods presented, or a modified retrospective method with the cumulative effect of applying the standard recognized at the date of adoption. We will adopt this standard for our fiscal year beginning March 1, 2018. While we continue to assess all potential impacts of this standard, we generally do not expect adoption of the standard to have a material impact on our consolidated financial statements. We primarily sell products and recognize revenue at the point of sale or delivery to customers, at which point the earnings process is deemed to be complete. Our performance obligations are clearly identifiable and we do not anticipate significant changes to the assessment of such performance obligations or the timing of our revenue recognition upon adoption of the new standard. Our primary business processes are consistent with the principles contained in the ASU, and we do not expect significant changes to those processes, our internal controls or systems. The standard is expected to have an impact on the way we account for sales returns on our consolidated balance sheets. We are still evaluating the impact of the new standard on our financial statement disclosures as well as our planned transition approach. In February 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-02) related to the accounting for leases. This pronouncement requires lessees to record most leases on their balance sheet while also disclosing key information about those lease arrangements. Under the new guidance, lease classification as either a finance lease or an operating lease will affect the pattern and classification of expense recognition in the income statement. The classification criteria to distinguish between finance and operating leases are generally consistent with the classification criteria to distinguish between capital and operating leases under existing lease accounting guidance. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. We expect to adopt the new standard for our fiscal year beginning March 1, 2019. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with practical expedients available for election as a package. We expect that this standard will have a material effect on our consolidated balance sheets as a result of recognizing new right-of-use assets and lease liabilities for existing operating leases. To date, we have not completed our comprehensive analysis of those leases and are unable to quantify the impact at this time. We are still evaluating the impact of the standard on our sale-leaseback transactions currently accounted for as direct financings. We believe that the majority of our leases will maintain their current lease classification under the new standard. As a result, we do not expect the new standard to have a material effect on our expense recognition pattern or, in turn, our consolidated statements of operations. We are continuing to evaluate the full impact of the new standard, as well as its impacts on our business processes, systems, and internal controls. In May 2017, the FASB issued an accounting pronouncement (FASB ASU 2017-09) to provide guidance on determining which changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting under Accounting Standards Codification Topic 718. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2018 and will consider the impact that this standard may have on future share-based payment award changes, should they occur.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	3 Months Ended
	May 31, 2017
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended May 31 (In millions) 2017 % (1) 2016 % (1) Interest margin: Interest and fee income $ 206.7 7.6 $ 184.1 7.6 Interest expense (49.0 ) (1.8 ) (39.4 ) (1.6 ) Total interest margin 157.7 5.8 144.7 5.9 Provision for loan losses (28.6 ) (1.1 ) (26.6 ) (1.1 ) Total interest margin after provision for loan losses 129.1 4.8 118.1 4.8 Direct expenses: Payroll and fringe benefit expense (8.5 ) (0.3 ) (7.6 ) (0.3 ) Other direct expenses (11.2 ) (0.4 ) (9.7 ) (0.4 ) Total direct expenses (19.7 ) (0.7 ) (17.3 ) (0.7 ) CarMax Auto Finance income $ 109.4 4.0 $ 100.8 4.1 Total average managed receivables $ 10,829.5 $ 9,745.0 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	3 Months Ended
	May 31, 2017
Loans Receivable, Net [Abstract]
Auto Loan Receivables, Net	Auto Loan Receivables, Net As of May 31 As of February 28 (In millions) 2017 2017 Term securitizations $ 8,642.5 $ 8,784.7 Warehouse facilities 2,022.0 1,624.0 Overcollateralization (1) 233.7 211.4 Other managed receivables (2) 85.1 61.2 Total ending managed receivables 10,983.3 10,681.3 Accrued interest and fees 45.3 38.5 Other (6.0 ) (0.1 ) Less allowance for loan losses (129.8 ) (123.6 ) Auto loan receivables, net $ 10,892.8 $ 10,596.1 (1) Represents receivables restricted as excess collateral for the warehouse facilities and term securitizations. (2) Other managed receivables includes receivables not funded through the warehouse facilities or term securitizations.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of May 31 As of February 28 (In millions) 2017 (1) % (2) 2017 (1) % (2) A $ 5,362.5 48.8 $ 5,223.4 48.9 B 3,878.0 35.3 3,739.4 35.0 C and other 1,742.8 15.9 1,718.5 16.1 Total ending managed receivables $ 10,983.3 100.0 $ 10,681.3 100.0 (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 May 31 (In millions) 2017 % (1) 2016 % (1) Balance as of beginning of period $ 123.6 1.16 $ 94.9 0.99 Charge-offs (54.1 ) (45.8 ) Recoveries 31.7 28.3 Provision for loan losses 28.6 26.6 Balance as of end of period $ 129.8 1.18 $ 104.0 1.05 (1) Percent of total ending managed receivables.
Past Due Receivables	Past Due Receivables As of May 31 As of February 28 (In millions) 2017 % (1) 2017 % (1) Total ending managed receivables $ 10,983.3 100.0 $ 10,681.3 100.0 Delinquent loans: 31-60 days past due $ 219.7 2.0 $ 211.0 2.0 61-90 days past due 91.7 0.8 93.5 0.9 Greater than 90 days past due 27.0 0.3 26.5 0.2 Total past due $ 338.4 3.1 $ 331.0 3.1 (1) Percent of total ending managed receivables.

Derivative Instruments And He25

Derivative Instruments And Hedging Activities (Tables)	3 Months Ended
	May 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values Of Derivative Instruments On The Consolidated Balance Sheets	Fair Values of Derivative Instruments As of May 31, 2017 As of February 28, 2017 (In thousands) Assets (1) Liabilities (2) Assets (1) Liabilities (2) Derivatives designated as accounting hedges: Interest rate swaps $ 577 $ (3,739 ) $ 2,997 $ (509 ) (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 May 31 (In thousands) 2017 2016 Derivatives designated as accounting hedges: (Loss) gain recognized in AOCL (1) $ (4,226 ) $ 2,331 Loss reclassified from AOCL into CAF income (1) $ (1,013 ) $ (2,813 ) (1) Represents the effective portion.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 31, 2017
Fair Value Disclosures [Abstract]
Schedule Of Items Measured At Fair Value On A Recurring Basis	Items Measured at Fair Value on a Recurring Basis As of May 31, 2017 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 410,764 $ — $ 410,764 Mutual fund investments 17,813 — 17,813 Derivative instruments — 577 577 Total assets at fair value $ 428,577 $ 577 $ 429,154 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 2.6 % — % 2.6 % Liabilities: Derivative instruments $ — $ (3,739 ) $ (3,739 ) Total liabilities at fair value $ — $ (3,739 ) $ (3,739 ) Percent of total liabilities — % — % — % As of February 28, 2017 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 397,994 $ — $ 397,994 Mutual fund investments 16,519 — 16,519 Derivative instruments — 2,997 2,997 Total assets at fair value $ 414,513 $ 2,997 $ 417,510 Percent of total assets at fair value 99.3 % 0.7 % 100.0 % Percent of total assets 2.5 % — % 2.6 % Liabilities: Derivative instruments $ — $ (509 ) $ (509 ) Total liabilities at fair value $ — $ (509 ) $ (509 ) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of May 31, 2017 As of February 28, 2017 Carrying value $ 500,000 $ 500,000 Fair value $ 509,255 $ 499,518

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	3 Months Ended
	May 31, 2017
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended May 31 (In millions) 2017 2016 Balance as of beginning of period $ 108.2 $ 110.2 Cancellations (16.3 ) (16.4 ) Provision for future cancellations 17.1 18.7 Balance as of end of period $ 109.0 $ 112.5

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	May 31, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components Of Net Pension Expense	Net Pension Expense Three Months Ended May 31 Pension Plan Restoration Plan Total (In thousands) 2017 2016 2017 2016 2017 2016 Net pension expense $ 52 $ 82 $ 117 $ 120 $ 169 $ 202

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Schedule Of Debt	Debt As of May 31 As of February 28 (In thousands) 2017 2017 Revolving credit facility $ 693 $ 155,062 Term loan 300,000 300,000 3.86% Senior notes due 2023 100,000 100,000 4.17% Senior notes due 2026 200,000 200,000 4.27% Senior notes due 2028 200,000 200,000 Finance and capital lease obligations 494,166 496,136 Non-recourse notes payable 11,003,290 10,742,425 Total debt 12,298,149 12,193,623 Less: current portion (349,297 ) (343,266 ) Less: unamortized debt issuance costs (22,982 ) (23,919 ) Long-term debt, net $ 11,925,870 $ 11,826,438

Stock And Stock-Based Incenti30

Stock And Stock-Based Incentive Plans (Tables)	3 Months Ended
	May 31, 2017
Share-based Compensation [Abstract]
Common Stock Repurchases	Common Stock Repurchases Three Months Ended May 31 2017 2016 Number of shares repurchased (in thousands) 3,034.7 2,569.6 Average cost per share $ 60.00 $ 51.39 Available for repurchase, as of end of period (in millions) $ 1,408.3 $ 1,266.0
Composition Of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2017 2016 Cost of sales $ 227 $ 1,360 CarMax Auto Finance income 820 904 Selling, general and administrative expenses 18,093 29,583 Share-based compensation expense, before income taxes $ 19,140 $ 31,847
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2017 2016 Nonqualified stock options $ 10,370 $ 13,131 Cash-settled restricted stock units 3,118 12,376 Stock-settled market stock units 3,621 3,650 Stock-settled performance stock units 1,353 2,133 Employee stock purchase plan 414 410 Restricted stock awards 264 147 Share-based compensation expense, before income taxes $ 19,140 $ 31,847
Unrecognized Share-Based Compensation Expense - by Grant Type [Table Text Block]	Unrecognized Share- ­ Based Compensation Expense – By Grant Type As of May 31, 2017 (Costs in millions) Unrecognized Compensation Costs Weighted Average Remaining Recognition Life (Years) Nonqualified stock options $ 53.6 2.8 Stock-settled market stock units 17.7 1.9 Stock-settled performance stock units 5.3 1.9 Restricted stock 0.3 1.2 Total $ 76.9 2.5
Stock Option Activity	Stock Option Activity Weighted Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2017 7,753 $ 50.00 Options granted 1,930 58.38 Options exercised (158 ) 39.64 Options cancelled (5 ) 62.05 Outstanding as of May 31, 2017 9,520 $ 51.86 4.8 $ 119,287 Exercisable as of May 31, 2017 4,647 $ 46.55 3.5 $ 83,119 Stock Option Information Three Months Ended May 31 2017 2016 Options granted 1,930,362 2,154,718 Weighted average grant date fair value per share $ 16.11 $ 14.19 Cash received from options exercised (in millions) $ 6.6 $ 4.1 Intrinsic value of options exercised (in millions) $ 3.2 $ 4.9 Realized tax benefits (in millions) $ 1.3 $ 1.9
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Assumptions Used to Estimate Option Values Three Months Ended May 31 2017 2016 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 29.4 % — 32.7 % 30.4 % — 33.9 % Weighted average expected volatility 29.8 % 30.8 % Risk-free interest rate (2) 0.7 % — 2.1 % 0.2 % — 1.6 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise.
Restricted Stock Awards and Restricted Stock Unit Activity	Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 504 $ 65.74 Stock units granted 159 $ 73.58 Stock units vested and converted (221 ) $ 55.42 Stock units cancelled (2 ) $ 74.76 Outstanding as of May 31, 2017 440 $ 73.72 Restricted Stock Awards Information Three Months Ended May 31 2017 2016 Restricted stock granted — 19,998 Weighted average grant date fair value per share $ — $ 51.63 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 627,127 631,907 Initial weighted average grant date fair value per share $ 58.38 $ 51.63 Payments (before payroll tax withholdings) upon vesting (in millions) $ 25.9 $ 22.9 Realized tax benefits (in millions) $ 10.4 $ 9.0 Stock-Settled Performance Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 73,648 83,032 Weighted average grant date fair value per share $ 58.38 $ 51.63 Restricted Stock Awards Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 50 $ 50.94 Restricted stock vested (1 ) $ 51.63 Outstanding as of May 31, 2017 49 $ 50.93 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2017 2016 Stock units granted 158,637 168,681 Weighted average grant date fair value per share $ 73.58 $ 63.97 Realized tax benefits (in millions) $ 7.0 $ 5.2 Stock-Settled Performance Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 149 $ 60.94 Stock units granted 74 $ 58.38 Outstanding as of May 31, 2017 223 $ 60.10 Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2017 1,406 $ 55.05 Stock units granted 627 $ 58.38 Stock units vested and converted (459 ) $ 45.00 Stock units cancelled (17 ) $ 57.11 Outstanding as of May 31, 2017 1,557 $ 59.33
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting [Table Text Block]	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2017 (In thousands) Minimum (1) Maximum (1) Fiscal 2019 $ 18,443 $ 49,182 Fiscal 2020 19,776 52,735 Fiscal 2021 22,360 59,626 Total expected cash settlements $ 60,579 $ 161,543 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	May 31, 2017
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2017 2016 Net earnings $ 211,702 $ 175,360 Weighted average common shares outstanding 185,200 193,531 Dilutive potential common shares: Stock options 1,209 1,248 Stock-settled stock units and awards 450 474 Weighted average common shares and dilutive potential common shares 186,859 195,253 Basic net earnings per share $ 1.14 $ 0.91 Diluted net earnings per share $ 1.13 $ 0.90

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	May 31, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Loss By Component Total Net Accumulated Unrecognized Net Other Actuarial Unrecognized Comprehensive (In thousands, net of income taxes) Losses Hedge Losses Loss Balance as of February 28, 2017 $ (55,521 ) $ (1,034 ) $ (56,555 ) Other comprehensive loss before reclassifications — (2,562 ) (2,562 ) Amounts reclassified from accumulated other comprehensive loss 274 614 888 Other comprehensive income (loss) 274 (1,948 ) (1,674 ) Balance as of May 31, 2017 $ (55,247 ) $ (2,982 ) $ (58,229 )
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended May 31 (In thousands) 2017 2016 Retirement Benefit Plans (Note 9): Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 185 $ 157 CarMax Auto Finance income 11 9 Selling, general and administrative expenses 258 221 Total amortization reclassifications recognized in net pension expense 454 387 Tax expense (180 ) (138 ) Amortization reclassifications recognized in net pension expense, net of tax 274 249 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 274 249 Cash Flow Hedges (Note 5): Effective portion of changes in fair value (4,226 ) 2,331 Tax benefit (expense) 1,664 (916 ) Effective portion of changes in fair value, net of tax (2,562 ) 1,415 Reclassifications to CarMax Auto Finance income 1,013 2,813 Tax expense (399 ) (1,106 ) Reclassification of hedge losses, net of tax 614 1,707 Net change in cash flow hedge unrecognized losses, net of tax (1,948 ) 3,122 Total other comprehensive (loss) income, net of tax $ (1,674 ) $ 3,371

Supplemental Cash Flow Inform33

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	3 Months Ended
	May 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2017 2016 Non-cash investing and financing activities: Decrease in accrued capital expenditures $ (1,077 ) $ (10,634 ) Increase in finance and capital lease obligations $ — $ 20,392

Background Background (Narrativ

Background Background (Narrative) (Details)	3 Months Ended
	May 31, 2017segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Accounting Policies (Narrative)

Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended
	May 31, 2017USD ($)warehouse	May 31, 2016USD ($)	Feb. 28, 2017USD ($)
Accounting Policies [Abstract]
Cash equivalents	$ 34,400		$ 300
Restricted cash from collections on auto loan receivables	$ 385,692		380,353
Number of warehouse facilities | warehouse	3
Required benchmark for account delinquency	120 days
Accumulated depreciation and amortization	$ 1,080,000		1,040,000
Restricted cash on deposit in reserve accounts	55,700		52,800
Restricted investments	74,100		$ 70,800
Excess Tax Benefit from Share-based Compensation	$ 2,400	$ 2,200

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Auto Finance Income [Line Items]
Interest and fee income	$ 206,700	$ 184,100
Interest expense	(49,000)	(39,400)
Total interest margin	157,700	144,700
Provision for loan losses	(28,600)	(26,600)
Total interest margin after provision for loan losses	129,100	118,100
Payroll and fringe benefit expense	(8,500)	(7,600)
Other direct expenses	(11,200)	(9,700)
Total direct expenses	(19,700)	(17,300)
CarMax Auto Finance income	109,363	100,758
Total average managed receivables	$ 10,829,500	$ 9,745,000
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.60%	7.60%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.80%)	(1.60%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.80%	5.90%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.10%)	(1.10%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.80%	4.80%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(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%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.70%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.00%	4.10%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017	May 31, 2016	Feb. 29, 2016
Non-recourse notes payable	$ 11,003,290	$ 10,742,425
Total ending managed receivables	10,983,300	10,681,300
Accrued interest and fees	45,300	38,500
Other	(6,000)	(100)
Less allowance for loan losses	(129,800)	(123,600)	$ (104,000)	$ (94,900)
Auto loan receivables, net	10,892,844	10,596,076
Term Securitizations
Total ending managed receivables	8,642,500	8,784,700
Warehouse facilities
Total ending managed receivables	2,022,000	1,624,000
Excess Collateral
Total ending managed receivables	233,700	211,400
Other managed receivables
Total ending managed receivables	$ 85,100	$ 61,200

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 10,983.3	$ 10,681.3
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	$ 5,362.5	$ 5,223.4
Total ending managed receivables as percentage by major credit grade	48.80%	48.90%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 3,878	$ 3,739.4
Total ending managed receivables as percentage by major credit grade	35.30%	35.00%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 1,742.8	$ 1,718.5
Total ending managed receivables as percentage by major credit grade	15.90%	16.10%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2017	May 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance as of beginning of period	$ 123.6	$ 94.9
Charge-offs	(54.1)	(45.8)
Recoveries	31.7	28.3
Provision for loan losses	28.6	26.6
Balance as of end of period	$ 129.8	$ 104
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	1.16%	0.99%
Item as percent of total ending managed receivables, balance as of end of period	1.18%	1.05%

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 10,983.3	$ 10,681.3
Total past due	$ 338.4	$ 331
Past due receivables as a percentage of total ending managed receivables	3.10%	3.10%
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	$ 219.7	$ 211
Past due receivables as a percentage of total ending managed receivables	2.00%	2.00%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 91.7	$ 93.5
Past due receivables as a percentage of total ending managed receivables	0.80%	0.90%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 27	$ 26.5
Past due receivables as a percentage of total ending managed receivables	0.30%	0.20%

Derivative Instruments And He41

Derivative Instruments And Hedging Activities (Narrative) (Details) - Designated As Hedging Instrument - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	May 31, 2017	Feb. 28, 2017
Derivative [Line Items]
Additional reclassification as decrease from AOCL to CAF income within the next 12 months	$ 3.7
Derivative notional amount	$ 2,220	$ 2,030

Derivative Instruments And He42

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	May 31, 2017	Feb. 28, 2017
Other Current Assets
Derivatives, Fair Value [Line Items]
Assets	$ 577	$ 2,997
Accounts Payable
Derivatives, Fair Value [Line Items]
Liabilities	$ (3,739)	$ (509)

Derivative Instruments And He43

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
	May 31, 2017	May 31, 2016
Derivative [Line Items]
Gain (loss) recognized in AOCL	$ (4,226)	$ 2,331
Loss reclassified from AOCL into CAF Income	$ (1,013)	$ (2,813)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 410,764	$ 397,994
Mutual fund investments	17,813	16,519
Derivative instruments	577	2,997
Total assets at fair value	$ 429,154	$ 417,510
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	2.60%	2.60%
Liabilities: Derivative instruments	$ (3,739)	$ (509)
Total liabilities at fair value	$ (3,739)	$ (509)
Percent of total liabilities	0.00%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 410,764	$ 397,994
Mutual fund investments	17,813	16,519
Derivative instruments	0	0
Total assets at fair value	$ 428,577	$ 414,513
Percent of total assets at fair value	99.90%	99.30%
Percent of total assets	2.60%	2.50%
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	577	2,997
Total assets at fair value	$ 577	$ 2,997
Percent of total assets at fair value	0.10%	0.70%
Percent of total assets	0.00%	0.00%
Liabilities: Derivative instruments	$ (3,739)	$ (509)
Total liabilities at fair value	$ (3,739)	$ (509)
Percent of total liabilities	0.00%	0.00%

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 509,255	$ 499,518

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 56.9	$ 56.4

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2017	May 31, 2016
Cancellation Reserves [Abstract]
Balance as of beginning of period	$ 108.2	$ 110.2
Cancellations	(16.3)	(16.4)
Provision for future cancellations	17.1	18.7
Balance as of end of period	$ 109	$ 112.5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, gross	$ 29.9	$ 30

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 31, 2017	May 31, 2016	Feb. 28, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amortization of Gains (Losses)	$ (500,000)	$ (400,000)
Contributions to pension plan	0
Anticipated contribution during remainder of fiscal year	$ 2,100,000
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
	May 31, 2017	May 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 169	$ 202
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	52	82
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 117	$ 120

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017
Debt Instrument [Line Items]
Long-term debt, net	$ 11,925,870	$ 11,826,438
Unamortized Debt Issuance Expense	(22,982)	(23,919)
Less: current portion	(349,297)	(343,266)
Total debt	12,298,149	12,193,623
Non-Recourse Debt	11,003,290	10,742,425
Finance and Capital Lease Obligations	494,166	496,136
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	693	155,062
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000	300,000
3.86% senior notes dues 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	100,000	100,000
4.17% senior notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
4.27% senior notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 200,000	$ 200,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016	Feb. 28, 2017
Debt Instrument [Line Items]
Non-recourse notes payable	$ 11,003,290		$ 10,742,425
Capitalized interest	1,700	$ 2,600
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,200,000
Unused capacity	1,199,300
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	$ 8,980,000
Debt maturity, end	Oct. 16, 2023
Warehouse facilities
Debt Instrument [Line Items]
Non-recourse notes payable	$ 2,020,000
Warehouse Facilities Maximum Borrowing Capacity	2,800,000
Remaining borrowing capacity	778,000
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 ($) $ in Millions	3 Months Ended
	May 31, 2017	May 31, 2016
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 4,550
Available for repurchase, as of end of period	$ 1,408.3	$ 1,266
Stock Option | Maximum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	7 years
Cash-settled restricted stock units
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Cash-settled restricted stock units | Minimum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	75.00%
Cash-settled restricted stock units | Maximum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	200.00%
Stock-settled market stock units
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Market Stock Units Converted To Common Stock Conversion Ratio Number Of Final Trading Days In Vesting Period	40 days
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient	2
Stock-settled market stock units | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	0
Stock-settled market stock units | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	2
Performance Shares
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares | Minimum
Stock and Stock-Based Incentive Plans
PSU threshold for conversion	25.00%
Stock units converted to common stock for each unit granted	0
Performance Shares | Maximum
Stock and Stock-Based Incentive Plans
PSU threshold for conversion	200.00%
Stock units converted to common stock for each unit granted	2
Restricted stock awards | Minimum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted stock awards | Maximum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

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
	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average cost per share	$ 60	$ 51.39
Number of shares repurchased	3,034,700	2,569,600
Available for repurchase, as of end of period	$ 1,408.3	$ 1,266

Stock And Stock-Based Incenti55

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	$ 19,140	$ 31,847
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	227	1,360
CarMax Auto Finance income
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	820	904
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	$ 18,093	$ 29,583

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
	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 19,140	$ 31,847
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	10,370	13,131
Cash-settled restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,118	12,376
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,621	3,650
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	1,353	2,133
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	414	410
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 264	$ 147

Stock And Stock-Based Incenti57

Stock And Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details) $ in Millions	3 Months Ended
	May 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 76.9
Weighted Average Remaining Recognition Life (Years)	2 years 6 months
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 53.6
Weighted Average Remaining Recognition Life (Years)	2 years 9 months 18 days
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 17.7
Weighted Average Remaining Recognition Life (Years)	1 year 10 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 5.3
Weighted Average Remaining Recognition Life (Years)	1 year 10 months 24 days
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 0.3
Weighted Average Remaining Recognition Life (Years)	1 year 2 months 12 days

Stock And Stock-Based Incenti58

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of beginning of year, Number of Shares	7,753,000
Options granted, Number of Shares	1,930,362	2,154,718
Options exercised, Number of Shares	(158,000)
Options forfeited or expired, Number of Shares	(5,000)
Outstanding as of end of period, Number of Shares	9,520,000
Exercisable as of end of period, Number of Shares	4,647,000
Outstanding as of beginning of year, Weighted Average Exercise Price	$ 50
Options granted, Weighted Average Exercise Price	58.38
Options exercised, Weighted Average Exercise Price	39.64
Options forfeited or expired, Weighted Average Exercise Price	62.05
Outstanding as of end of period, Weighted Average Exercise Price	51.86
Exercisable as of end of period, Weighted Average Exercise Price	$ 46.55
Outstanding as of end of period, Weighted Average Remaining Contractual Life (Years)	4 years 9 months 18 days
Exercisable as of end of period, Weighted Average Remaining Contractual Life (Years)	3 years 6 months
Outstanding as of end of period, Aggregate Intrinsic Value	$ 119,287
Exercisable as of end of period, Aggregate Intrinsic Value	$ 83,119

Stock And Stock-Based Incenti59

Stock And Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Settled) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2017	May 31, 2016
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted, Number of Shares	1,930,362	2,154,718
Weighted average grant date fair value per share	$ 16.11	$ 14.19
Cash received from options exercised	$ 6.6	$ 4.1
Intrinsic value of options exercised	3.2	4.9
Realized tax benefits	$ 1.3	$ 1.9
Cash-settled restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	627,127	631,907
Weighted average grant date fair value per share	$ 58.38	$ 51.63
Payments (before payroll tax withholdings) upon vesting	$ 25.9	$ 22.9
Realized tax benefits	$ 10.4	$ 9
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	158,637	168,681
Weighted average grant date fair value per share	$ 73.58	$ 63.97
Realized tax benefits	$ 7	$ 5.2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	73,648	83,032
Weighted average grant date fair value per share	$ 58.38	$ 51.63
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	0	19,998
Weighted average grant date fair value per share	$ 0	$ 51.63

Stock And Stock-Based Incenti60

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Assumptions Used to Estimate Option Values) (Details)	3 Months Ended
	May 31, 2017	May 31, 2016
Share-based Compensation [Abstract]
Dividend Yield	0.00%	0.00%
Expected volatility factor, Minimum	29.40%	30.40%
Expected volatility factor, Maximum	32.70%	33.90%
Weighted average expected volatility	29.80%	30.80%
Risk-free interest rate, Minimum	0.70%	0.20%
Risk-free interest rate, Maximum	2.10%	1.60%
Expected term (in years)	4 years 7 months 6 days	4 years 7 months 6 days

Stock And Stock-Based Incenti61

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units - $ / shares	3 Months Ended
	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	1,406,000
Stock units granted, Number of Units	627,127	631,907
Stock units vested and converted, Number of Units	(459,000)
Stock units cancelled, Number of Units	(17,000)
Outstanding at end of period, Number of Shares or Units	1,557,000
Outstanding at beginning of year, Weighted Average Grant Date Fair Value	$ 55.05
Stock units granted, Weighted Average Grant Date Fair Value	58.38	$ 51.63
Stock units vested and converted, Weighted Average Grant Date Fair Value	45
Stock units cancelled, Weighted Average Grant Date Fair Value	57.11
Outstanding at end of period, Weighted Average Grant Date Fair Value	$ 59.33

Stock And Stock-Based Incenti62

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	May 31, 2017USD ($)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fiscal 2,019	$ 18,443
Fiscal 2,020	19,776
Fiscal 2,021	22,360
Total expected cash settlements	60,579
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fiscal 2,019	49,182
Fiscal 2,020	52,735
Fiscal 2,021	59,626
Total expected cash settlements	$ 161,543

Stock And Stock-Based Incenti63

Stock And Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - $ / shares	3 Months Ended
	May 31, 2017	May 31, 2016
Stock-settled market stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	504,000
Stock units granted, Number of Units	158,637	168,681
Stock units vested and converted, Number of Units	(221,000)
Stock units cancelled, Number of Units	(2,000)
Outstanding at end of period, Number of Shares or Units	440,000
Outstanding at beginning of year, Weighted Average Grant Date Fair Value	$ 65.74
Stock units granted, Weighted Average Grant Date Fair Value	73.58	$ 63.97
Stock units vested and converted, Weighted Average Grant Date Fair Value	55.42
Stock units cancelled, Weighted Average Grant Date Fair Value	74.76
Outstanding at end of period, Weighted Average Grant Date Fair Value	$ 73.72
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	149,000
Stock units granted, Number of Units	73,648	83,032
Outstanding at end of period, Number of Shares or Units	223,000
Outstanding at beginning of year, Weighted Average Grant Date Fair Value	$ 60.94
Stock units granted, Weighted Average Grant Date Fair Value	58.38	$ 51.63
Outstanding at end of period, Weighted Average Grant Date Fair Value	$ 60.10
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	50,000
Stock units granted, Number of Units	0	19,998
Stock units vested and converted, Number of Units	(1,000)
Outstanding at end of period, Number of Shares or Units	49,000
Outstanding at beginning of year, Weighted Average Grant Date Fair Value	$ 50.94
Stock units granted, Weighted Average Grant Date Fair Value	0	$ 51.63
Stock units vested and converted, Weighted Average Grant Date Fair Value	51.63
Outstanding at end of period, Weighted Average Grant Date Fair Value	$ 50.93

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 211,702	$ 175,360
Weighted average common shares outstanding, shares	185,200	193,531
Weighted average common shares and dilutive potential common shares, shares	186,859	195,253
Basic net earnings per share (in dollars per share)	$ 1.14	$ 0.91
Diluted net earnings per share (in dollars per share)	$ 1.13	$ 0.90
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,209	1,248
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	450	474

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2017	May 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	2,218,318	2,610,461

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ (56,555)
Other comprehensive loss before reclassifications	(2,562)
Amounts reclassified from accumulated other comprehensive loss	888
Other comprehensive (loss) income, net of taxes	(1,674)	$ 3,371
Ending balance	(58,229)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(55,521)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	274
Other comprehensive (loss) income, net of taxes	274
Ending balance	(55,247)
Net Unrecognized Hedge Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(1,034)
Other comprehensive loss before reclassifications	(2,562)
Amounts reclassified from accumulated other comprehensive loss	614
Other comprehensive (loss) income, net of taxes	(1,948)
Ending balance	$ (2,982)

Accumulated Other Comprehensi67

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Total amortization reclassifications recognized in net pension expense	$ 454	$ 387
Tax expense	(180)	(138)
Amortization reclassifications recognized in net pension expense, net of tax	274	249
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	274	249
Effective portion of changes in fair value	(4,226)	2,331
Tax benefit (expense)	1,664	(916)
Effective portion of changes in fair value, net of tax	(2,562)	1,415
Reclassifications to CarMax Auto Finance income	1,013	2,813
Tax expense	(399)	(1,106)
Reclassification of hedge losses, net of tax	614	1,707
Net change in cash flow hedge unrecognized losses, net of tax	(1,948)	3,122
Other comprehensive income (loss), net of taxes	(1,674)	3,371
Cost of sales
Total amortization reclassifications recognized in net pension expense	185	157
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	11	9
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 258	$ 221

Accumulated Other Comprehensi68

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 34.9	$ 33.8

Supplemental Cash Flow Inform69

Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2017	May 31, 2016
Supplemental Cash Flow Elements [Abstract]
Decrease in accrued capital expenditures	$ (1,077)	$ (10,634)
Increase in finance and capital lease obligations	$ 0	$ 20,392

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	May 31, 2017	Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 6.2	$ 6.3