CarMax (KMX) 10-Q 3 Jul 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2019	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	CARMAX INC
Entity Central Index Key	0001170010
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--02-29
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		165,586,114
Entity Shell Company	false

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 5,366,318	$ 4,792,592
TOTAL COST OF SALES	4,623,935	4,131,252
GROSS PROFIT	742,383	661,340
CARMAX AUTO FINANCE INCOME	115,959	115,593
Selling, general and administrative expenses	489,660	438,234
Interest expense	17,784	18,052
Other (income) expense	(359)	963
Earnings before income taxes	351,257	319,684
Income tax provision	84,513	81,028
NET EARNINGS	$ 266,744	$ 238,656
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	166,324	178,139
Diluted, shares	167,643	179,421
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.60	$ 1.34
Diluted (in dollars per share)	$ 1.59	$ 1.33
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 4,540,657	$ 4,021,047
TOTAL COST OF SALES	4,043,824	3,581,609
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	662,449	617,651
TOTAL COST OF SALES	536,490	502,945
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	163,212	153,894
TOTAL COST OF SALES	$ 43,621	$ 46,698
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	86.20%	86.20%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	13.80%	13.80%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	2.40%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	9.10%	9.10%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.30%	0.40%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.00%	0.00%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	6.50%	6.70%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	1.60%	1.70%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	5.00%	5.00%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	84.60%	83.90%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	12.30%	12.90%
NET SALES AND OPERATING REVENUES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	3.00%	3.20%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	75.40%	74.70%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	10.00%	10.50%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.80%	1.00%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 266,744	$ 238,656
Other comprehensive loss, net of taxes
Net change in retirement benefit plan unrecognized actuarial losses	355	369
Net change in cash flow hedge unrecognized losses	(13,551)	(1,102)
Other comprehensive income (loss), net of taxes	(13,196)	(733)
TOTAL COMPREHENSIVE INCOME	$ 253,548	$ 237,923

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 42,197	$ 46,938
Restricted cash from collections on auto loan receivables	479,436	440,669
Accounts receivable, net	133,879	139,850
Inventory	2,551,143	2,519,455
Other current assets	77,090	67,101
TOTAL CURRENT ASSETS	3,283,745	3,214,013
Auto loan receivables, net	12,777,257	12,428,487
Property and equipment, net of accumulated depreciation of $1,173,108 and $1,297,393 as of May 31, 2019 and February 28, 2019, respectively	2,926,592	2,828,058
Deferred income taxes	56,708	61,346
Operating lease assets	466,380	0
Other assets	203,794	185,963
TOTAL ASSETS	19,714,476	18,717,867
CURRENT LIABILITIES:
Accounts payable	656,902	593,171
Accrued expenses and other current liabilities	288,136	318,204
Accrued income taxes	78,200	3,784
Current portion of operating lease liabilities	29,822	0
Short-term debt	671	1,129
Current portion of long-term debt	14,362	10,177
Current portion of non-recourse notes payable	417,309	385,044
TOTAL CURRENT LIABILITIES	1,485,402	1,311,509
Long-term debt, excluding current portion	1,573,866	1,649,244
Non-recourse notes payable, excluding current portion	12,453,848	12,127,290
Operating lease liabilities, excluding current portion	458,788	0
Other liabilities	289,817	272,796
TOTAL LIABILITIES	16,261,721	15,360,839
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 165,395,165 and 167,478,924 shares issued and outstanding as of May 31, 2019 and February 28, 2019, respectively	82,697	83,739
Capital in excess of par value	1,261,742	1,237,153
Accumulated other comprehensive loss	(81,206)	(68,010)
Retained earnings	2,189,522	2,104,146
TOTAL SHAREHOLDERS’ EQUITY	3,452,755	3,357,028
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 19,714,476	$ 18,717,867

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.5	$ 0.5
Common Stock, Shares Authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	165,395,165	167,478,924
Common stock, shares outstanding	165,395,165	167,478,924
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,173,108	$ 1,297,393

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
OPERATING ACTIVITIES:
Net earnings	$ 266,744	$ 238,656
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	51,506	45,343
Share-based compensation expense	45,025	28,998
Provision for loan losses	38,152	30,872
Provision for cancellation reserves	25,465	20,089
Deferred income tax provision	9,392	3,602
Other	1,736	1,468
Net decrease (increase) in:
Accounts receivable, net	5,971	31,970
Inventory	(31,688)	130,665
Other current assets	(10,387)	6,806
Auto loan receivables, net	(386,922)	(337,917)
Other assets	(6,349)	(3,078)
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	81,886	81,729
Other liabilities	(47,330)	(48,354)
NET CASH PROVIDED BY OPERATING ACTIVITIES	43,201	230,849
INVESTING ACTIVITIES:
Capital expenditures	(78,970)	(79,720)
Proceeds from disposal of property and equipment	2	320
Purchases of investments	(7,224)	(5,094)
Sales of investments	81	77
NET CASH USED IN INVESTING ACTIVITIES	(86,111)	(84,417)
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net	(458)	238
Proceeds from issuances of long-term debt	1,715,200	817,600
Payments on long-term debt	(1,809,179)	(1,017,334)
Cash paid for debt issuance costs	(3,416)	(3,647)
Payments on finance lease obligations	(745)	(164)
Issuances of non-recourse notes payable	2,851,000	2,668,502
Payments on non-recourse notes payable	(2,492,809)	(2,343,291)
Repurchase and retirement of common stock	(211,961)	(211,050)
Equity issuances	33,251	9,052
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	80,883	(80,094)
Increase in cash, cash equivalents, and restricted cash	37,973	66,338
Cash, cash equivalents, and restricted cash at beginning of year	595,377	554,898
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	633,350	621,236
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	42,197	76,348
Restricted cash from collections on auto loan receivables	479,436	431,407
Restricted cash included in other assets	111,717	113,481
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 633,350	$ 621,236

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Stockholders' Equity, Total [Member]
BALANCE, SHARES at Feb. 28, 2018		179,748,000
BALANCE at Feb. 28, 2018	$ 3,316,849	$ 89,874	$ 1,234,047	$ 2,047,240	$ (54,312)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	238,656			238,656
Other Comprehensive Income (Loss), Net of Tax	(733)				(733)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	16,645		16,645
Stock Repurchased and Retired During Period, Shares		(3,308,000)
Stock Repurchased and Retired During Period, Value	(207,404)	$ (1,654)	(22,824)	(182,926)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		212,000
Stock Issued During Period, Value, Stock Options Exercised	9,052	$ 106	8,946
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		68,000
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(2,168)	$ 34	(2,202)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				12,864		$ 12,864
BALANCE, SHARES at May. 31, 2018		176,720,000
BALANCE at May. 31, 2018	$ 3,383,761	$ 88,360	1,234,612	2,115,834	(55,045)
BALANCE, SHARES at Feb. 28, 2019	167,478,924	167,479,000
BALANCE at Feb. 28, 2019	$ 3,357,028	$ 83,739	1,237,153	2,104,146	(68,010)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	266,744			266,744
Other Comprehensive Income (Loss), Net of Tax	(13,196)				(13,196)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	18,912		18,912
Stock Repurchased and Retired During Period, Shares		(2,953,000)
Stock Repurchased and Retired During Period, Value	(204,835)	$ (1,476)	(21,991)	(181,368)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		727,000
Stock Issued During Period, Value, Stock Options Exercised	33,251	$ 363	32,888
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		142,000
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ (5,149)	$ 71	(5,220)
BALANCE, SHARES at May. 31, 2019	165,395,165	165,395,000
BALANCE at May. 31, 2019	$ 3,452,755	$ 82,697	$ 1,261,742	$ 2,189,522	$ (81,206)

Background

Background	3 Months Ended
	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description and Accounting Policies [Text Block]	Background Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the 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 quality used vehicles and related products and services at competitive, 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. Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2019 (the “2019 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2019 Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. 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 Accounting Standards Update (“ASU”) 2016-02, Leases (“ASC 842”) during the current fiscal year, certain prior period amounts have been reclassified to conform to the current period's presentation. In the consolidated balance sheets, financing obligations have been reclassified to current portion of long-term debt and long-term debt, excluding current portion. Also, capital lease obligations have been reclassified to accrued expenses and other current liabilities and other liabilities. In the consolidated statements of cash flows, payments on financing obligations have been reclassified to payments on long-term debt. See Notes 9 and 13 for additional information on financing obligations and leases, respectively. Recent Accounting Pronouncements. Adopted in the Current Period . In February 2016, the Financing Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases . This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-02, requires lessees to record most leases on their balance sheet and disclose 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 is generally consistent with the classification criteria to distinguish between capital and operating leases under previous lease accounting guidance, Leases (“ASC 840”). This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. We adopted ASC 842 for our fiscal year beginning March 1, 2019 using the modified retrospective transition approach applied at the beginning of the period of adoption, which did not result in a cumulative-effect adjustment to retained earnings. Comparative periods presented in the financial statements continue to be presented in accordance with ASC 840. As permitted under the standard, we have elected the package of practical expedients, under which we did not reassess our prior conclusions regarding lease identification, lease classification or initial direct costs for contracts existing as of the transition date. We have also elected the practical expedient to not assess whether existing or expired land easements not previously accounted for as leases are or contain a lease under ASC 842. We have not elected the hindsight practical expedient. The adoption of ASC 842 resulted in the recognition of $452 million of operating lease assets, which included an adjustment for deferred rent, and $474 million of operating lease liabilities on our opening consolidated balance sheet. We did not subsequently remeasure any leases based on changes in assessment of the lease term due to adoption of the standard. The adoption of the new standard did not have a material impact on our sale-leaseback transactions previously accounted for as financing obligations, nor did it have a material effect on our expense recognition pattern or, in turn, our consolidated statements of operations. The new standard does not impact our compliance with current debt covenants. As an accounting policy, we plan to separate lease and nonlease components when accounting for all leases commencing, modified or reassessed subsequent to adoption of the new standard. Additionally, we plan to elect the short-term lease exemption for all qualifying leases. We have implemented new business processes, accounting policies, systems and internal controls as part of adopting the new standard. See Note 13 for additional information on leases. In August 2017, the FASB issued an accounting pronouncement (FASB ASU 2017-12) related to the accounting for derivatives and hedging. The pronouncement expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. It also includes certain targeted improvements to simplify the application of current guidance related to hedge accounting. We prospectively adopted this pronouncement for our fiscal year beginning March 1, 2019, and it did not have a material effect on our consolidated financial statements. In June 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-07) to expand the scope of Compensation - Stock Compensation (Topic 718) , to include share-based payment transactions for acquiring goods and services from nonemployees. We adopted this pronouncement for our fiscal year beginning March 1, 2019, and it did not have a material effect on our consolidated financial statements. In August 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-15) related to a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is considered a service contract. This pronouncement aligns the requirements for capitalizing implementation costs in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We early adopted this pronouncement for our fiscal year beginning March 1, 2019, prospectively for all implementation costs incurred after the date of adoption. As a result of the adoption, we began capitalizing certain implementation costs that were previously expensed as incurred. Such amounts were immaterial to our consolidated financial statements. In October 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-16) to permit the use of the Overnight Index Swap Rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Derivatives and Hedging (Topic 815) . For entities that have not already adopted ASU 2017-12, the amendments in this pronouncement are required to be adopted concurrently with the amendments in ASU 2017-12. We adopted this pronouncement for our fiscal year beginning March 1, 2019, concurrently with the adoption of ASU 2017-12, and it did not have a material effect on our consolidated financial statements. Effective in Future Periods . In June 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-13) related to the measurement of credit losses on financial instruments. This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2020. We are currently evaluating the effect on our consolidated financial statements, as well as the impacts on our business processes, systems and internal controls, and expect that the standard will have a material impact on our calculation of the allowance for loan losses.

Revenue

Revenue	3 Months Ended
	May 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	We recognize revenue when control of the good or service has been transferred to the customer, generally either at the time of sale or upon delivery to a customer. Our contracts have a fixed contract price and revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in net sales and operating revenues or cost of sales. We generally expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. We do not have any significant payment terms as payment is received at or shortly after the point of sale. Disaggregation of Revenue Three Months Ended May 31 (In millions) 2019 2018 Used vehicle sales $ 4,540.7 $ 4,021.0 Wholesale vehicle sales 662.4 617.7 Other sales and revenues: Extended protection plan revenues 111.3 100.1 Third-party finance fees, net (15.5 ) (14.5 ) Service revenues 34.0 36.5 Other 33.4 31.8 Total other sales and revenues 163.2 153.9 Total net sales and operating revenues $ 5,366.3 $ 4,792.6 Used Vehicle Sales. We sell used vehicles at our retail stores, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 7-day, money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. We also guarantee the used vehicles we sell with a 90-day/4,000 mile limited warranty. These warranties are deemed assurance-type warranties and accounted for as warranty obligations. See Note 15 for additional information on this warranty and its related obligation. Wholesale Vehicle Sales. Wholesale vehicles are sold at our auctions, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. Dealers also pay a fee to us based on the sale price of the vehicles they purchase. This fee is recognized as revenue at the time of sale. While we provide condition disclosures on each wholesale vehicle sold, the vehicles are subject to a limited right of return. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. EPP Revenues. We also sell ESP and GAP products on behalf of unrelated third parties, who are primarily responsible for fulfilling the contract, to customers who purchase a retail vehicle. The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve for estimated contract cancellations. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Our risk related to contract cancellations is limited to the revenue that we receive. Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product. The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. See Note 7 for additional information on cancellation reserves. We are contractually entitled to receive profit-sharing revenues based on the performance of the ESPs administered by third parties. These revenues are a form of variable consideration included in the ESP transaction price to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled, subject to various constraints, is recognized upon satisfying the performance obligation of selling the ESP. These constraints include factors that are outside of the company’s influence or control and the length of time until settlement. We apply the expected value method, utilizing historical claims and cancellation data from CarMax customers, as well as other qualitative assumptions. This estimate is reassessed each reporting period with changes reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets. Profit-sharing payments by the ESP provider begin when the underlying ESPs reach a specified level of claims history. As of May 31, 2019 and February 28, 2019, a long-term contract asset of $25.7 million related to cumulative profit-sharing payments to which we expect to be entitled was included in other assets on our consolidated balance sheets. Third-Party Finance Fees. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by other third-party finance providers. These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale. Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed. Other Revenues. Other revenues consist primarily of new vehicle sales at our two new car franchise locations and sales of accessories. Revenue in this category is recognized upon transfer of control to the customer.

CarMax Auto Finance

CarMax Auto Finance	3 Months Ended
	May 31, 2019
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 or other funding arrangements to fund loans originated by CAF. 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) 2019 % (1) 2018 % (1) Interest margin: Interest and fee income $ 266.2 8.4 $ 232.3 7.9 Interest expense (87.4 ) (2.8 ) (63.8 ) (2.2 ) Total interest margin 178.8 5.6 168.5 5.7 Provision for loan losses (38.2 ) (1.2 ) (30.9 ) (1.0 ) Total interest margin after provision for loan losses 140.6 4.4 137.6 4.7 Direct expenses: Payroll and fringe benefit expense (10.1 ) (0.3 ) (9.6 ) (0.3 ) Other direct expenses (14.5 ) (0.5 ) (12.4 ) (0.4 ) Total direct expenses (24.6 ) (0.8 ) (22.0 ) (0.7 ) CarMax Auto Finance income $ 116.0 3.7 $ 115.6 3.9 Total average managed receivables $ 12,707.3 $ 11,775.4 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables

Auto Loan Receivables	3 Months Ended
	May 31, 2019
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 an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement. We recognize transfers of auto loan receivables into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse 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. The majority of the auto loan receivables serve as collateral for the related non-recourse notes payable of $12.89 billion as of May 31, 2019 and $12.54 billion as of February 28, 2019 . See Note 9 for additional information on non-recourse notes payable. Auto Loan Receivables, Net As of May 31 As of February 28 (In millions) 2019 2019 Asset-backed term funding $ 10,298.3 $ 10,273.4 Warehouse facilities 2,178.0 1,877.0 Overcollateralization (1) 291.9 273.3 Other managed receivables (2) 91.2 86.5 Total ending managed receivables 12,859.4 12,510.2 Accrued interest and fees 56.7 49.6 Other 8.2 6.9 Less allowance for loan losses (147.0 ) (138.2 ) Auto loan receivables, net $ 12,777.3 $ 12,428.5 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models rely on the customers’ credit history and certain application information to evaluate and rank their risk. We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. Customers 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) 2019 (1) % (2) 2019 (1) % (2) A $ 6,385.2 49.7 $ 6,225.6 49.8 B 4,641.0 36.1 4,488.2 35.9 C and other 1,833.2 14.2 1,796.4 14.3 Total ending managed receivables $ 12,859.4 100.0 $ 12,510.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. Allowance for Loan Losses Three Months Ended May 31 (In millions) 2019 % (1) 2018 % (1) Balance as of beginning of period $ 138.2 1.10 $ 128.6 1.11 Charge-offs (65.9 ) (58.9 ) Recoveries 36.5 33.7 Provision for loan losses 38.2 30.9 Balance as of end of period $ 147.0 1.14 $ 134.3 1.13 (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 expected to become evident during the following 12 months. The allowance is primarily based on the composition of the portfolio of managed 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) 2019 % (1) 2019 % (1) Total ending managed receivables $ 12,859.4 100.0 $ 12,510.2 100.0 Delinquent loans: 31-60 days past due $ 276.7 2.2 $ 276.5 2.2 61-90 days past due 124.0 1.0 141.4 1.1 Greater than 90 days past due 31.1 0.2 33.9 0.3 Total past due $ 431.8 3.4 $ 451.8 3.6 (1) Percent of total ending managed receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	3 Months Ended
	May 31, 2019
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. For the derivatives associated with our non-recourse funding vehicles, changes in fair value are initially recorded in accumulated other comprehensive loss (“AOCL”). For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $5.0 million will be reclassified in AOCL as a decrease to CAF income. As of May 31, 2019 and February 28, 2019 , we had interest rate swaps outstanding with a combined notional amount of $2.47 billion and $2.23 billion , respectively, that were designated as cash flow hedges of interest rate risk. See Note 6 for discussion of fair values of financial instruments and Note 12 for the effect on comprehensive income.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 31, 2019
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 and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. Mutual Fund Investments. Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities. The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities. Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments. All of our derivative exposures are with highly rated bank counterparties. We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis. We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services. Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments. The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk. We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk. Items Measured at Fair Value on a Recurring Basis As of May 31, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 415,713 $ — $ 415,713 Mutual fund investments 21,329 — 21,329 Derivative instruments — 593 593 Total assets at fair value $ 437,042 $ 593 $ 437,635 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 2.2 % — % 2.2 % Liabilities: Derivative instruments $ — $ (13,213 ) $ (13,213 ) Total liabilities at fair value $ — $ (13,213 ) $ (13,213 ) Percent of total liabilities — % 0.1 % 0.1 % As of February 28, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 372,448 $ — $ 372,448 Mutual fund investments 19,263 — 19,263 Derivative instruments — 1,844 1,844 Total assets at fair value $ 391,711 $ 1,844 $ 393,555 Percent of total assets at fair value 99.5 % 0.5 % 100.0 % Percent of total assets 2.1 % — % 2.1 % Liabilities: Derivative instruments $ — $ (6,120 ) $ (6,120 ) Total liabilities at fair value $ — $ (6,120 ) $ (6,120 ) Percent of total liabilities — % — % — % There were no transfers between Levels 1 and 2 for the three months ended May 31, 2019 . As of May 31, 2019 and February 28, 2019 , 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, 2019 and February 28, 2019 , respectively, are as follows: (In thousands) As of May 31, 2019 As of February 28, 2019 Carrying value $ 500,000 $ 500,000 Fair value $ 513,199 $ 488,590

Cancellation Reserves

Cancellation Reserves	3 Months Ended
	May 31, 2019
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) 2019 2018 Balance as of beginning of period $ 102.8 $ 105.2 Cancellations (18.8 ) (16.6 ) Provision for future cancellations 25.5 20.1 Balance as of end of period $ 109.5 $ 108.7 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, 2019 and February 28, 2019 , the current portion of cancellation reserves was $58.7 million and $55.6 million , respectively.

Income Taxes

Income Taxes	3 Months Ended
	May 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $29.7 million of gross unrecognized tax benefits as of May 31, 2019 , and $30.3 million as of February 28, 2019 . There were no significant changes to the gross unrecognized tax benefits as reported for the year ended February 28, 2019 .

Debt

Debt	3 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2019 2019 Revolving credit facility (2) August 2020 $ 274,371 $ 366,529 Term loan (3) August 2020 300,000 300,000 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 516,029 495,626 Non-recourse notes payable Various dates through October 2025 12,893,596 12,535,405 Total debt 14,483,996 14,197,560 Less: current portion (432,342 ) (396,350 ) Less: unamortized debt issuance costs (23,940 ) (24,676 ) Long-term debt, net $ 14,027,714 $ 13,776,534 (1) Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually. (2) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), the federal funds rate, or the prime rate, depending on the type of borrowing. In June 2019, the credit facility was amended to increase the credit limit to $1.45 billion and extend the maturity date to June 2024. (3) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), the federal funds rate, or the prime rate, depending on the type of borrowing. In June 2019, the term loan was amended to extend the maturity date to June 2024. Revolving Credit Facility. Borrowings under our $1.20 billion unsecured revolving credit facility (the “credit facility”), which was amended to increase the credit limit to $1.45 billion in June 2019, are available for working capital and general corporate purposes. We pay a commitment fee on unused portions of the available funds. Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing. Borrowings with “on demand” repayment terms are presented as short-term debt, while amounts due at maturity are presented as long-term debt as no repayments are expected to be made within the next 12 months. As of May 31, 2019 , the unused capacity of $925.6 million was fully available to us. Term Loan. Borrowings under our $300 million term loan are available for working capital and general corporate purposes. The term loan was classified as long-term debt, as no repayments are scheduled to be made within the next 12 months. Senior Notes. Borrowings under our unsecured senior notes totaling $500 million are available for working capital and general corporate purposes. These notes were classified as long-term debt as no repayments are scheduled to be made within the next 12 months. Financing Obligations. Financing obligations relate to stores subject to sale-leaseback transactions that did not qualify for sale accounting. The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. We have not entered into any new sale-leaseback transactions since fiscal 2009. In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification. Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loan receivables funded through non-recourse funding vehicles. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loan receivables. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through October 2025 , but may mature earlier, depending upon the repayment rate of the underlying auto loan receivables. Information on our funding vehicles for non-recourse notes payable as of May 31, 2019 , are as follows: (in billions) Capacity Warehouse facilities August 2019 expiration $ 1.40 September 2019 expiration 0.15 February 2020 expiration 1.95 Combined warehouse facility limit $ 3.50 Unused capacity $ 1.32 Non-recourse notes payable outstanding: Warehouse facilities $ 2.18 Asset-backed term funding transactions 10.71 Non-recourse notes payable $ 12.89 We enter into warehouse facility agreements for one-year terms and generally renew the agreements annually. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions. At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs. See Note 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, 2019 and 2018 , we capitalized interest of $1.6 million and $1.4 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 financing obligations. The agreements governing our non-recourse funding vehicles contain representations and warranties, financial covenants and performance triggers. As of May 31, 2019 , we were in compliance with all financial covenants and our non-recourse funding vehicles were in compliance with the related performance triggers.

Stock and Stock-Based Incentive

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans	3 Months Ended
	May 31, 2019
Share-based Compensation [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of May 31, 2019 , a total of $2 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.91 billion remained available for repurchase. Common Stock Repurchases Three Months Ended May 31 2019 2018 Number of shares repurchased (in thousands) 2,953.1 3,307.6 Average cost per share $ 69.35 $ 62.69 Available for repurchase, as of end of period (in millions) $ 1,909.1 $ 809.5 (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 no t 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, stock-settled restricted stock units 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 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. The initial grant date fair values are based on the volume-weighted average prices of our common stock on the grant dates. 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. The grant date fair values are determined using a Monte-Carlo simulation and are based on the expected market price of our common stock on the vesting date and the expected number of converted common shares. MSUs do not have voting rights. Other Share-Based Incentives Stock-Settled Performance Stock Units . Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three -year vesting period. For the fiscal 2018 grants, the conversion ratio is based on the company reaching certain target levels set by the board of directors for cumulative three-year pretax diluted earnings per share at the end of the three-year period, with the resulting quotient subject to meeting a minimum 25% threshold and capped at 200% . For the fiscal 2020 grants, the conversion ratio is based on the company reaching certain target levels set by the board of directors for annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies at the end of the each one-year period for one-third of the granted units, with the resulting quotients subject to meeting a minimum 25% threshold and capped at 200% . These quotients are then multiplied by the number of PSUs granted to yield the number of shares awarded. The grant date fair values are based on the volume-weighted average prices of our common stock on the grant dates. PSUs do not have voting rights. As of May 31, 2019 , 128,487 units were outstanding at a weighted average grant date fair value per share of $68.32 . Stock-Settled Deferred Stock Units . Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board of directors that are converted into one share of common stock for each unit granted. Conversion occurs at the end of the one -year vesting period unless the director has exercised the option to defer conversion until separation of service to the company. The grant date fair values are based on the volume-weighted average prices of our common stock on the grant dates. DSUs have no voting rights. As of May 31, 2019 , 24,712 units were outstanding at a grant date fair value of $72.58 . Restricted Stock Awards . Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one - to three -year period from the date of the grant. The grant date fair values are based on the volume-weighted average prices of our common stock on the grant dates. Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote. As of May 31, 2019 , there were no units outstanding. (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2019 2018 Cost of sales $ 2,825 $ 1,291 CarMax Auto Finance income 1,805 1,197 Selling, general and administrative expenses 40,893 26,977 Share-based compensation expense, before income taxes $ 45,523 $ 29,465 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2019 2018 Nonqualified stock options $ 11,842 $ 11,115 Cash-settled restricted stock units (RSUs) 26,113 12,354 Stock-settled market stock units (MSUs) 4,409 4,636 Other share-based incentives: Stock-settled performance stock units (PSUs) 2,209 406 Restricted stock (RSAs) — 487 Stock-settled deferred stock units (DSUs) 452 — Employee stock purchase plan 498 467 Total other share-based incentives $ 3,159 $ 1,360 Share-based compensation expense, before income taxes $ 45,523 $ 29,465 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2019 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 59.0 2.8 Stock-settled market stock units 21.4 1.9 Other share-based incentives: Stock-settled performance stock units 2.4 0.1 Stock-settled deferred stock units 0.2 1.9 Total other share-based incentives 2.6 1.6 Total $ 83.0 2.5 We recognize compensation expense for stock options, MSUs, PSUs, DSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award. The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with RSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the volume-weighted average price 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, 2019 or 2018 . Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2019 7,869 $ 57.96 Options granted 1,575 78.61 Options exercised (727 ) 45.76 Options forfeited or expired — — Outstanding as of May 31, 2019 8,717 $ 62.71 4.7 $ 136,236 Exercisable as of May 31, 2019 4,488 $ 58.98 3.7 $ 86,617 Stock Option Information Three Months Ended May 31 2019 2018 Options granted 1,574,735 1,720,387 Weighted average grant date fair value per share $ 22.08 $ 18.71 Cash received from options exercised (in millions) $ 33.3 $ 9.1 Intrinsic value of options exercised (in millions) $ 19.4 $ 4.2 Realized tax benefits (in millions) $ 5.3 $ 1.2 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 2019 2018 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 27.3 % - 29.5 % 29.0 % - 31.4 % Weighted average expected volatility 29.3 % 29.1 % Risk-free interest rate (2) 2.3 % - 2.4 % 1.7 % - 2.9 % 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, 2019 1,609 $ 58.00 Stock units granted 563 $ 78.61 Stock units vested and converted (491 ) $ 51.66 Stock units cancelled (31 ) $ 61.05 Outstanding as of May 31, 2019 1,650 $ 66.86 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2019 2018 Stock units granted 562,586 628,547 Initial weighted average grant date fair value per share $ 78.61 $ 63.04 Payments (before payroll tax withholdings) upon vesting (in millions) $ 36.5 $ 20.0 Realized tax benefits (in millions) $ 10.0 $ 5.6 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2019 (In thousands) Minimum (1) Maximum (1) Fiscal 2021 $ 26,783 $ 71,420 Fiscal 2022 21,645 57,721 Fiscal 2023 23,835 63,561 Total expected cash settlements $ 72,263 $ 192,702 (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, 2019 509 $ 74.36 Stock units granted 128 $ 98.43 Stock units vested and converted (148 ) $ 63.97 Stock units cancelled — $ — Outstanding as of May 31, 2019 489 $ 83.83 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2019 2018 Stock units granted 128,376 202,043 Weighted average grant date fair value per share $ 98.43 $ 81.86 Realized tax benefits (in millions) $ 3.8 $ 1.4

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	May 31, 2019
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) 2019 2018 Net earnings $ 266,744 $ 238,656 Weighted average common shares outstanding 166,324 178,139 Dilutive potential common shares: Stock options 1,000 925 Stock-settled stock units and awards 319 357 Weighted average common shares and dilutive potential common shares 167,643 179,421 Basic net earnings per share $ 1.60 $ 1.34 Diluted net earnings per share $ 1.59 $ 1.33 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, 2019 and 2018 , options to purchase 3,083,172 shares and 3,434,764 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	May 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Gains Comprehensive (In thousands, net of income taxes) Losses (Losses) Loss Balance as of February 28, 2019 $ (70,478 ) $ 2,468 $ (68,010 ) Other comprehensive loss before reclassifications — (13,200 ) (13,200 ) Amounts reclassified from accumulated other comprehensive loss 355 (351 ) 4 Other comprehensive income (loss) 355 (13,551 ) (13,196 ) Balance as of May 31, 2019 $ (70,123 ) $ (11,083 ) $ (81,206 ) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended May 31 (In thousands) 2019 2018 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 197 $ 201 CarMax Auto Finance income 12 13 Selling, general and administrative expenses 259 273 Total amortization reclassifications recognized in net pension expense 468 487 Tax expense (113 ) (118 ) Amortization reclassifications recognized in net pension expense, net of tax 355 369 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 355 369 Cash Flow Hedges (Note 5): Changes in fair value (17,942 ) (387 ) Tax benefit 4,742 102 Changes in fair value, net of tax (13,200 ) (285 ) Reclassifications to CarMax Auto Finance income (477 ) (1,109 ) Tax benefit 126 292 Reclassification of hedge gains, net of tax (351 ) (817 ) Net change in cash flow hedge unrecognized losses, net of tax (13,551 ) (1,102 ) Total other comprehensive loss, net of tax $ (13,196 ) $ (733 ) Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive loss. The cumulative balances are net of deferred taxes of $26.1 million as of May 31, 2019 and $ 21.4 million as of February 28, 2019 .

Leases (Notes)

Leases (Notes)	3 Months Ended
	May 31, 2019
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Leases Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that did not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 9. The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use ("ROU") assets and lease liabilities, when it is reasonably certain that we will exercise that option. ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities. Our lease agreements do not contain any material residual value guarantees or material restricted covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: (In thousands) Three Months Ended May 31, 2019 Operating lease cost (1) $ 14,555 Finance lease cost: Depreciation of lease assets 1,098 Interest on lease liabilities 1,477 Total finance lease cost 2,575 Total lease cost $ 17,130 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: (In thousands) Classification As of May 31, 2019 Assets: Operating lease assets Operating lease assets $ 466,380 Finance lease assets Property and equipment, net (1) 71,560 Total lease assets $ 537,940 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 29,822 Finance leases Accrued expenses and other current liabilities 3,357 Long-term: Operating leases Operating lease liabilities, excluding current portion 458,788 Finance leases Other liabilities 71,717 Total lease liabilities $ 563,684 (1) Finance lease assets are recorded net of accumulated depreciation of $4.4 million as of May 31, 2019. Lease term and discount rate information related to leases was as follows: Lease Term and Discount Rate As of May 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 20.55 Finance leases 14.49 Weighted Average Discount Rate Operating leases 5.41 % Finance leases 10.53 % Supplemental cash flow information related to leases was as follows: (In thousands) Three Months Ended May 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14,370 Operating cash flows from finance leases 766 Financing cash flows from finance leases 745 Lease assets obtained in exchange for lease obligations: Operating leases 21,629 Finance leases 43,261 Maturities of lease liabilities were as follows: As of May 31, 20 19 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2020 , remaining $ 41,018 $ 6,437 Fiscal 2021 52,938 12,032 Fiscal 2022 49,841 12,253 Fiscal 2023 47,416 12,450 Fiscal 202 4 46,295 15,085 Thereafter 621,894 95,087 Total lease pa yments 859,402 153,344 Less: interest (370,792 ) (78,270 ) Present value of lease liabilities $ 488,610 $ 75,074 (1) Lease payments exclude $36.9 million of legally binding minimum lease payments for leases signed but not yet commenced. As previously disclosed in our 2019 Annual Report and under the previous lease accounting standard, future minimum lease obligations were as follows: As of February 28, 2019 Capital Operating Lease (In thousands) Leases (1) Commitments (1) Fiscal 2020 $ 5,139 $ 55,295 Fiscal 2021 6,055 52,142 Fiscal 2022 6,185 48,886 Fiscal 2023 6,288 46,235 Fiscal 2024 5,186 45,067 Fiscal 2025 and thereafter 11,445 595,047 Total minimum lease payments 40,298 $ 842,672 Less amounts representing interest (8,518 ) Present value of net minimum lease payments $ 31,780 (1) Excludes taxes, insurance and other costs payable directly by us. These costs vary from year to year and are incurred in the ordinary course of business.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	May 31, 2019
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) 2019 2018 Non-cash investing and financing activities: Increase in accrued capital expenditures $ 2,868 $ 645 Increase in financing obligations $ 22,000 $ 9,704 See Note 13 for supplemental cash flow information related to leases.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	May 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . CarMax entities are defendants in four proceedings asserting wage and hour claims with respect to CarMax sales consultants and non-exempt employees in California. The asserted claims include failure to pay minimum wage, provide meal periods and rest breaks, pay statutory/contractual wages, reimburse for work-related expenses and provide accurate itemized wage statements; unfair competition; and Private 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 October 31, 2017, Joshua Sabanovich v. CarMax Superstores California, LLC et. al., a putative class action, was filed in the Superior Court of California, County of Stanislaus. The Sabanovich lawsuit seeks unspecified damages, restitution, statutory penalties, interest, cost and attorneys’ fees. On November 21, 2018, Derek Mcelhannon et al v. CarMax Auto Superstores California, LLC and CarMax Auto Superstores West Coast, Inc., a putative class action, was filed in Superior Court of California, County of Alameda. On February 1, 2019, the Mcelhannon lawsuit was removed to the U.S. District Court, Northern District of California, San Francisco Division. The Mcelhannon lawsuit seeks unspecified damages, restitution, statutory and/or civil penalties, interest, cost and attorneys’ fees. Based upon our evaluation of information currently available, we believe that the ultimate resolution of the foregoing proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows. On September 7, 2016, James Rowland v. CarMax Auto Superstores California, LLC, and CarMax Auto Superstores West Coast, Inc., a putative class action asserting wage and hour claims, was filed in the U.S. District Court, Eastern District of California, Sacramento Division. On April 11, 2019, the court dismissed the Rowland lawsuit, including the class claims, and compelled arbitration of the plaintiff’s claims on an individualized basis. On April 25, 2017 and October 11, 2018, 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. We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in these matters. We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows. Other Matters. In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease. Additionally, in accordance with the terms of agreements entered into for the sale of properties, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements. We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements. As part of our customer service strategy, we guarantee the used vehicles we retail with a 90-day/4,000 mile limited warranty. A vehicle in need of repair within this period will be repaired free of charge. As a result, each vehicle sold has an implied liability associated with it. Accordingly, based on historical trends, we record a provision for estimated future repairs during the guarantee period for each vehicle sold. The liability for this guarantee was $8.8 million as of May 31, 2019 , and $7.4 million as of February 28, 2019 , and is included in accrued expenses and other current liabilities.

Background Basis of Accounting

Background Basis of Accounting (Policies)	3 Months Ended
	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Business. CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the 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 quality used vehicles and related products and services at competitive, 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.
Basis of Presentation	Basis of Presentation and Use of Estimates. The accompanying interim unaudited consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such interim consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The accounting policies followed in the presentation of our interim financial results are consistent with those included in the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2019 (the “2019 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2019 Annual Report.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. Adopted in the Current Period . In February 2016, the Financing Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases . This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-02, requires lessees to record most leases on their balance sheet and disclose 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 is generally consistent with the classification criteria to distinguish between capital and operating leases under previous lease accounting guidance, Leases (“ASC 840”). This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. We adopted ASC 842 for our fiscal year beginning March 1, 2019 using the modified retrospective transition approach applied at the beginning of the period of adoption, which did not result in a cumulative-effect adjustment to retained earnings. Comparative periods presented in the financial statements continue to be presented in accordance with ASC 840. As permitted under the standard, we have elected the package of practical expedients, under which we did not reassess our prior conclusions regarding lease identification, lease classification or initial direct costs for contracts existing as of the transition date. We have also elected the practical expedient to not assess whether existing or expired land easements not previously accounted for as leases are or contain a lease under ASC 842. We have not elected the hindsight practical expedient. The adoption of ASC 842 resulted in the recognition of $452 million of operating lease assets, which included an adjustment for deferred rent, and $474 million of operating lease liabilities on our opening consolidated balance sheet. We did not subsequently remeasure any leases based on changes in assessment of the lease term due to adoption of the standard. The adoption of the new standard did not have a material impact on our sale-leaseback transactions previously accounted for as financing obligations, nor did it have a material effect on our expense recognition pattern or, in turn, our consolidated statements of operations. The new standard does not impact our compliance with current debt covenants. As an accounting policy, we plan to separate lease and nonlease components when accounting for all leases commencing, modified or reassessed subsequent to adoption of the new standard. Additionally, we plan to elect the short-term lease exemption for all qualifying leases. We have implemented new business processes, accounting policies, systems and internal controls as part of adopting the new standard. See Note 13 for additional information on leases. In August 2017, the FASB issued an accounting pronouncement (FASB ASU 2017-12) related to the accounting for derivatives and hedging. The pronouncement expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. It also includes certain targeted improvements to simplify the application of current guidance related to hedge accounting. We prospectively adopted this pronouncement for our fiscal year beginning March 1, 2019, and it did not have a material effect on our consolidated financial statements. In June 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-07) to expand the scope of Compensation - Stock Compensation (Topic 718) , to include share-based payment transactions for acquiring goods and services from nonemployees. We adopted this pronouncement for our fiscal year beginning March 1, 2019, and it did not have a material effect on our consolidated financial statements. In August 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-15) related to a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is considered a service contract. This pronouncement aligns the requirements for capitalizing implementation costs in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We early adopted this pronouncement for our fiscal year beginning March 1, 2019, prospectively for all implementation costs incurred after the date of adoption. As a result of the adoption, we began capitalizing certain implementation costs that were previously expensed as incurred. Such amounts were immaterial to our consolidated financial statements. In October 2018, the FASB issued an accounting pronouncement (FASB ASU 2018-16) to permit the use of the Overnight Index Swap Rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Derivatives and Hedging (Topic 815) . For entities that have not already adopted ASU 2017-12, the amendments in this pronouncement are required to be adopted concurrently with the amendments in ASU 2017-12. We adopted this pronouncement for our fiscal year beginning March 1, 2019, concurrently with the adoption of ASU 2017-12, and it did not have a material effect on our consolidated financial statements. Effective in Future Periods . In June 2016, the FASB issued an accounting pronouncement (FASB ASU 2016-13) related to the measurement of credit losses on financial instruments. This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2020. We are currently evaluating the effect on our consolidated financial statements, as well as the impacts on our business processes, systems and internal controls, and expect that the standard will have a material impact on our calculation of the allowance for loan losses.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended May 31 (In millions) 2019 2018 Used vehicle sales $ 4,540.7 $ 4,021.0 Wholesale vehicle sales 662.4 617.7 Other sales and revenues: Extended protection plan revenues 111.3 100.1 Third-party finance fees, net (15.5 ) (14.5 ) Service revenues 34.0 36.5 Other 33.4 31.8 Total other sales and revenues 163.2 153.9 Total net sales and operating revenues $ 5,366.3 $ 4,792.6

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	3 Months Ended
	May 31, 2019
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended May 31 (In millions) 2019 % (1) 2018 % (1) Interest margin: Interest and fee income $ 266.2 8.4 $ 232.3 7.9 Interest expense (87.4 ) (2.8 ) (63.8 ) (2.2 ) Total interest margin 178.8 5.6 168.5 5.7 Provision for loan losses (38.2 ) (1.2 ) (30.9 ) (1.0 ) Total interest margin after provision for loan losses 140.6 4.4 137.6 4.7 Direct expenses: Payroll and fringe benefit expense (10.1 ) (0.3 ) (9.6 ) (0.3 ) Other direct expenses (14.5 ) (0.5 ) (12.4 ) (0.4 ) Total direct expenses (24.6 ) (0.8 ) (22.0 ) (0.7 ) CarMax Auto Finance income $ 116.0 3.7 $ 115.6 3.9 Total average managed receivables $ 12,707.3 $ 11,775.4 (1) Annualized percentage of total average managed receivables.

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	3 Months Ended
	May 31, 2019
Loans Receivable, Net [Abstract]
Auto Loan Receivables, Net	Auto Loan Receivables, Net As of May 31 As of February 28 (In millions) 2019 2019 Asset-backed term funding $ 10,298.3 $ 10,273.4 Warehouse facilities 2,178.0 1,877.0 Overcollateralization (1) 291.9 273.3 Other managed receivables (2) 91.2 86.5 Total ending managed receivables 12,859.4 12,510.2 Accrued interest and fees 56.7 49.6 Other 8.2 6.9 Less allowance for loan losses (147.0 ) (138.2 ) Auto loan receivables, net $ 12,777.3 $ 12,428.5 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of May 31 As of February 28 (In millions) 2019 (1) % (2) 2019 (1) % (2) A $ 6,385.2 49.7 $ 6,225.6 49.8 B 4,641.0 36.1 4,488.2 35.9 C and other 1,833.2 14.2 1,796.4 14.3 Total ending managed receivables $ 12,859.4 100.0 $ 12,510.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended May 31 (In millions) 2019 % (1) 2018 % (1) Balance as of beginning of period $ 138.2 1.10 $ 128.6 1.11 Charge-offs (65.9 ) (58.9 ) Recoveries 36.5 33.7 Provision for loan losses 38.2 30.9 Balance as of end of period $ 147.0 1.14 $ 134.3 1.13 (1) Percent of total ending managed receivables.
Past Due Receivables	Past Due Receivables As of May 31 As of February 28 (In millions) 2019 % (1) 2019 % (1) Total ending managed receivables $ 12,859.4 100.0 $ 12,510.2 100.0 Delinquent loans: 31-60 days past due $ 276.7 2.2 $ 276.5 2.2 61-90 days past due 124.0 1.0 141.4 1.1 Greater than 90 days past due 31.1 0.2 33.9 0.3 Total past due $ 431.8 3.4 $ 451.8 3.6 (1) Percent of total ending managed receivables.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 31, 2019
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, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 415,713 $ — $ 415,713 Mutual fund investments 21,329 — 21,329 Derivative instruments — 593 593 Total assets at fair value $ 437,042 $ 593 $ 437,635 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 2.2 % — % 2.2 % Liabilities: Derivative instruments $ — $ (13,213 ) $ (13,213 ) Total liabilities at fair value $ — $ (13,213 ) $ (13,213 ) Percent of total liabilities — % 0.1 % 0.1 % As of February 28, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 372,448 $ — $ 372,448 Mutual fund investments 19,263 — 19,263 Derivative instruments — 1,844 1,844 Total assets at fair value $ 391,711 $ 1,844 $ 393,555 Percent of total assets at fair value 99.5 % 0.5 % 100.0 % Percent of total assets 2.1 % — % 2.1 % Liabilities: Derivative instruments $ — $ (6,120 ) $ (6,120 ) Total liabilities at fair value $ — $ (6,120 ) $ (6,120 ) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of May 31, 2019 As of February 28, 2019 Carrying value $ 500,000 $ 500,000 Fair value $ 513,199 $ 488,590

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	3 Months Ended
	May 31, 2019
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended May 31 (In millions) 2019 2018 Balance as of beginning of period $ 102.8 $ 105.2 Cancellations (18.8 ) (16.6 ) Provision for future cancellations 25.5 20.1 Balance as of end of period $ 109.5 $ 108.7

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2019 2019 Revolving credit facility (2) August 2020 $ 274,371 $ 366,529 Term loan (3) August 2020 300,000 300,000 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 516,029 495,626 Non-recourse notes payable Various dates through October 2025 12,893,596 12,535,405 Total debt 14,483,996 14,197,560 Less: current portion (432,342 ) (396,350 ) Less: unamortized debt issuance costs (23,940 ) (24,676 ) Long-term debt, net $ 14,027,714 $ 13,776,534 (1) Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually. (2) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), the federal funds rate, or the prime rate, depending on the type of borrowing. In June 2019, the credit facility was amended to increase the credit limit to $1.45 billion and extend the maturity date to June 2024. (3) Borrowings accrue interest at variable rates based on the Eurodollar rate (LIBOR), the federal funds rate, or the prime rate, depending on the type of borrowing. In June 2019, the term loan was amended to extend the maturity date to June 2024.
Schedule of Funding Vehicles [Table Text Block]	(in billions) Capacity Warehouse facilities August 2019 expiration $ 1.40 September 2019 expiration 0.15 February 2020 expiration 1.95 Combined warehouse facility limit $ 3.50 Unused capacity $ 1.32 Non-recourse notes payable outstanding: Warehouse facilities $ 2.18 Asset-backed term funding transactions 10.71 Non-recourse notes payable $ 12.89

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	3 Months Ended
	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended May 31 2019 2018 Number of shares repurchased (in thousands) 2,953.1 3,307.6 Average cost per share $ 69.35 $ 62.69 Available for repurchase, as of end of period (in millions) $ 1,909.1 $ 809.5
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2019 2018 Cost of sales $ 2,825 $ 1,291 CarMax Auto Finance income 1,805 1,197 Selling, general and administrative expenses 40,893 26,977 Share-based compensation expense, before income taxes $ 45,523 $ 29,465
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) 2019 2018 Nonqualified stock options $ 11,842 $ 11,115 Cash-settled restricted stock units (RSUs) 26,113 12,354 Stock-settled market stock units (MSUs) 4,409 4,636 Other share-based incentives: Stock-settled performance stock units (PSUs) 2,209 406 Restricted stock (RSAs) — 487 Stock-settled deferred stock units (DSUs) 452 — Employee stock purchase plan 498 467 Total other share-based incentives $ 3,159 $ 1,360 Share-based compensation expense, before income taxes $ 45,523 $ 29,465 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2019 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 59.0 2.8 Stock-settled market stock units 21.4 1.9 Other share-based incentives: Stock-settled performance stock units 2.4 0.1 Stock-settled deferred stock units 0.2 1.9 Total other share-based incentives 2.6 1.6 Total $ 83.0 2.5
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2019 7,869 $ 57.96 Options granted 1,575 78.61 Options exercised (727 ) 45.76 Options forfeited or expired — — Outstanding as of May 31, 2019 8,717 $ 62.71 4.7 $ 136,236 Exercisable as of May 31, 2019 4,488 $ 58.98 3.7 $ 86,617 Stock Option Information Three Months Ended May 31 2019 2018 Options granted 1,574,735 1,720,387 Weighted average grant date fair value per share $ 22.08 $ 18.71 Cash received from options exercised (in millions) $ 33.3 $ 9.1 Intrinsic value of options exercised (in millions) $ 19.4 $ 4.2 Realized tax benefits (in millions) $ 5.3 $ 1.2
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended May 31 2019 2018 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 27.3 % - 29.5 % 29.0 % - 31.4 % Weighted average expected volatility 29.3 % 29.1 % Risk-free interest rate (2) 2.3 % - 2.4 % 1.7 % - 2.9 % 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.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2019 1,609 $ 58.00 Stock units granted 563 $ 78.61 Stock units vested and converted (491 ) $ 51.66 Stock units cancelled (31 ) $ 61.05 Outstanding as of May 31, 2019 1,650 $ 66.86 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2019 2018 Stock units granted 562,586 628,547 Initial weighted average grant date fair value per share $ 78.61 $ 63.04 Payments (before payroll tax withholdings) upon vesting (in millions) $ 36.5 $ 20.0 Realized tax benefits (in millions) $ 10.0 $ 5.6 Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2019 509 $ 74.36 Stock units granted 128 $ 98.43 Stock units vested and converted (148 ) $ 63.97 Stock units cancelled — $ — Outstanding as of May 31, 2019 489 $ 83.83 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2019 2018 Stock units granted 128,376 202,043 Weighted average grant date fair value per share $ 98.43 $ 81.86 Realized tax benefits (in millions) $ 3.8 $ 1.4
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, 2019 (In thousands) Minimum (1) Maximum (1) Fiscal 2021 $ 26,783 $ 71,420 Fiscal 2022 21,645 57,721 Fiscal 2023 23,835 63,561 Total expected cash settlements $ 72,263 $ 192,702 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	May 31, 2019
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) 2019 2018 Net earnings $ 266,744 $ 238,656 Weighted average common shares outstanding 166,324 178,139 Dilutive potential common shares: Stock options 1,000 925 Stock-settled stock units and awards 319 357 Weighted average common shares and dilutive potential common shares 167,643 179,421 Basic net earnings per share $ 1.60 $ 1.34 Diluted net earnings per share $ 1.59 $ 1.33

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	May 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Loss By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Gains Comprehensive (In thousands, net of income taxes) Losses (Losses) Loss Balance as of February 28, 2019 $ (70,478 ) $ 2,468 $ (68,010 ) Other comprehensive loss before reclassifications — (13,200 ) (13,200 ) Amounts reclassified from accumulated other comprehensive loss 355 (351 ) 4 Other comprehensive income (loss) 355 (13,551 ) (13,196 ) Balance as of May 31, 2019 $ (70,123 ) $ (11,083 ) $ (81,206 )
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) 2019 2018 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 197 $ 201 CarMax Auto Finance income 12 13 Selling, general and administrative expenses 259 273 Total amortization reclassifications recognized in net pension expense 468 487 Tax expense (113 ) (118 ) Amortization reclassifications recognized in net pension expense, net of tax 355 369 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 355 369 Cash Flow Hedges (Note 5): Changes in fair value (17,942 ) (387 ) Tax benefit 4,742 102 Changes in fair value, net of tax (13,200 ) (285 ) Reclassifications to CarMax Auto Finance income (477 ) (1,109 ) Tax benefit 126 292 Reclassification of hedge gains, net of tax (351 ) (817 ) Net change in cash flow hedge unrecognized losses, net of tax (13,551 ) (1,102 ) Total other comprehensive loss, net of tax $ (13,196 ) $ (733 )

Leases (Tables)

Leases (Tables)	3 Months Ended	12 Months Ended
	May 31, 2019	Feb. 28, 2019
Leases [Abstract]
Lease, Cost [Table Text Block]	(In thousands) Three Months Ended May 31, 2019 Operating lease cost (1) $ 14,555 Finance lease cost: Depreciation of lease assets 1,098 Interest on lease liabilities 1,477 Total finance lease cost 2,575 Total lease cost $ 17,130 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	(In thousands) Classification As of May 31, 2019 Assets: Operating lease assets Operating lease assets $ 466,380 Finance lease assets Property and equipment, net (1) 71,560 Total lease assets $ 537,940 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 29,822 Finance leases Accrued expenses and other current liabilities 3,357 Long-term: Operating leases Operating lease liabilities, excluding current portion 458,788 Finance leases Other liabilities 71,717 Total lease liabilities $ 563,684 (1) Finance lease assets are recorded net of accumulated depreciation of $4.4 million as of May 31, 2019.
Other Lease Disclosures [Table Text Block]	(In thousands) Three Months Ended May 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14,370 Operating cash flows from finance leases 766 Financing cash flows from finance leases 745 Lease assets obtained in exchange for lease obligations: Operating leases 21,629 Finance leases 43,261 Lease Term and Discount Rate As of May 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 20.55 Finance leases 14.49 Weighted Average Discount Rate Operating leases 5.41 % Finance leases 10.53 %
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of May 31, 20 19 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2020 , remaining $ 41,018 $ 6,437 Fiscal 2021 52,938 12,032 Fiscal 2022 49,841 12,253 Fiscal 2023 47,416 12,450 Fiscal 202 4 46,295 15,085 Thereafter 621,894 95,087 Total lease pa yments 859,402 153,344 Less: interest (370,792 ) (78,270 ) Present value of lease liabilities $ 488,610 $ 75,074 (1) Lease payments exclude $36.9 million of legally binding minimum lease payments for leases signed but not yet commenced.	As of February 28, 2019 Capital Operating Lease (In thousands) Leases (1) Commitments (1) Fiscal 2020 $ 5,139 $ 55,295 Fiscal 2021 6,055 52,142 Fiscal 2022 6,185 48,886 Fiscal 2023 6,288 46,235 Fiscal 2024 5,186 45,067 Fiscal 2025 and thereafter 11,445 595,047 Total minimum lease payments 40,298 $ 842,672 Less amounts representing interest (8,518 ) Present value of net minimum lease payments $ 31,780 (1) Excludes taxes, insurance and other costs payable directly by us. These costs vary from year to year and are incurred in the ordinary course of business.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	3 Months Ended
	May 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2019 2018 Non-cash investing and financing activities: Increase in accrued capital expenditures $ 2,868 $ 645 Increase in financing obligations $ 22,000 $ 9,704

Background (Narrative) (Details

Background (Narrative) (Details) $ in Millions	Mar. 01, 2019USD ($)	May 31, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments | segment		2
Assets, Total [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 452
Liabilities, Total [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 474

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 5,366.3	$ 4,792.6
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,540.7	4,021
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	662.4	617.7
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	111.3	100.1
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(15.5)	(14.5)
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34	36.5
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33.4	31.8
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 163.2	$ 153.9

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) $ in Millions	May 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Receivables, Long-term Contracts or Programs	$ 25.7

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Auto Finance Income [Line Items]
Interest and fee income	$ 266,200	$ 232,300
Interest expense	(87,400)	(63,800)
Total interest margin	178,800	168,500
Provision for loan losses	(38,200)	(30,900)
Total interest margin after provision for loan losses	140,600	137,600
Payroll and fringe benefit expense	(10,100)	(9,600)
Other direct expenses	(14,500)	(12,400)
Total direct expenses	(24,600)	(22,000)
CarMax Auto Finance income	115,959	115,593
Total average managed receivables	$ 12,707,300	$ 11,775,400
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.40%	7.90%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(2.80%)	(2.20%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.60%	5.70%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.20%)	(1.00%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.40%	4.70%
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	(0.50%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.80%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	3.70%	3.90%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019	May 31, 2018	Feb. 28, 2018
Non-recourse notes payable	$ 12,893,596	$ 12,535,405
Total ending managed receivables	12,859,400	12,510,200
Accrued interest and fees	56,700	49,600
Other	8,200	6,900
Less allowance for loan losses	(147,000)	(138,200)	$ (134,300)	$ (128,600)
Auto loan receivables, net	12,777,257	12,428,487
Asset-backed term funding
Total ending managed receivables	10,298,300	10,273,400
Warehouse facilities
Total ending managed receivables	2,178,000	1,877,000
Overcollateralization
Total ending managed receivables	291,900	273,300
Other managed receivables
Total ending managed receivables	$ 91,200	$ 86,500

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 12,859.4	$ 12,510.2
Total ending managed receivables as percentage by major credit grade	100.00%	100.00%
Credit Grade A
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 6,385.2	$ 6,225.6
Total ending managed receivables as percentage by major credit grade	49.70%	49.80%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 4,641	$ 4,488.2
Total ending managed receivables as percentage by major credit grade	36.10%	35.90%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 1,833.2	$ 1,796.4
Total ending managed receivables as percentage by major credit grade	14.20%	14.30%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018	Feb. 28, 2019	Feb. 28, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance as of beginning of period	$ 138.2	$ 128.6
Charge-offs	(65.9)	(58.9)
Recoveries	36.5	33.7
Provision for loan losses	38.2	30.9
Balance as of end of period	$ 147	$ 134.3
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Item as percent of total ending managed receivables	1.14%	1.13%	1.10%	1.11%

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 12,859.4	$ 12,510.2
Total past due	$ 431.8	$ 451.8
Past due receivables as a percentage of total ending managed receivables	3.40%	3.60%
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	$ 276.7	$ 276.5
Past due receivables as a percentage of total ending managed receivables	2.20%	2.20%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 124	$ 141.4
Past due receivables as a percentage of total ending managed receivables	1.00%	1.10%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 31.1	$ 33.9
Past due receivables as a percentage of total ending managed receivables	0.20%	0.30%

Derivative Instruments And He_2

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, 2019	Feb. 28, 2019
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months	$ 5
Derivative notional amount	$ 2,470	$ 2,230

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 415,713	$ 372,448
Mutual fund investments	21,329	19,263
Derivative instruments	593	1,844
Total assets at fair value	$ 437,635	$ 393,555
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	2.20%	2.10%
Liabilities: Derivative instruments	$ (13,213)	$ (6,120)
Total liabilities at fair value	$ (13,213)	$ (6,120)
Percent of total liabilities	0.10%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 415,713	$ 372,448
Mutual fund investments	21,329	19,263
Derivative instruments	0	0
Total assets at fair value	$ 437,042	$ 391,711
Percent of total assets at fair value	99.90%	99.50%
Percent of total assets	2.20%	2.10%
Liabilities: Derivative instruments	$ 0	$ 0
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0.00%	0.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 0	$ 0
Mutual fund investments	0	0
Derivative instruments	593	1,844
Total assets at fair value	$ 593	$ 1,844
Percent of total assets at fair value	0.10%	0.50%
Percent of total assets	0.00%	0.00%
Liabilities: Derivative instruments	$ (13,213)	$ (6,120)
Total liabilities at fair value	$ (13,213)	$ (6,120)
Percent of total liabilities	0.10%	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, 2019	Feb. 28, 2019
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 513,199	$ 488,590

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 58.7	$ 55.6

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 102.8	$ 105.2
Cancellations	(18.8)	(16.6)
Provision for future cancellations	25.5	20.1
Balance as of end of period	$ 109.5	$ 108.7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 29.7	$ 30.3

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
Debt Instrument [Line Items]
Financing obligations	$ 516,029	$ 495,626
Non-Recourse Debt	12,893,596	12,535,405
Total debt	14,483,996	14,197,560
Less: current portion	(432,342)	(396,350)
Unamortized Debt Issuance Expense	(23,940)	(24,676)
Long-term debt, net	14,027,714	13,776,534
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	274,371	366,529
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 (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
Schedule of Funding Vehicles [Line Items]
Non-Recourse Debt	$ 12,893,596	$ 12,535,405
Warehouse Facility One
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,400,000
Warehouse Facility Three
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	150,000
Warehouse Facility Two
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,950,000
Warehouse Facilities [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	3,500,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,320,000
Non-Recourse Debt	2,180,000
Asset-backed term funding transactions
Schedule of Funding Vehicles [Line Items]
Non-Recourse Debt	$ 10,710,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018	Jun. 30, 2019	Feb. 28, 2019
Debt Instrument [Line Items]
Non-recourse notes payable	$ 12,893,596			$ 12,535,405
Capitalized interest	1,600	$ 1,400
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,200,000
Unused capacity	925,600
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding Balance	300,000
Senior Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 500,000
Financing obligation | Minimum
Debt Instrument [Line Items]
Initial lease terms, in years	15 years
Financing obligation | Maximum
Debt Instrument [Line Items]
Initial lease terms, in years	20 years
Subsequent Event [Member] | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,450,000

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2019	Feb. 28, 2019	May 31, 2018
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 2,000
Available for repurchase, as of end of period	$ 1,909.1		$ 809.5
Equity Option [Member]
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 (RSUs)
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,650,000	1,609,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 66.86	$ 58
Cash-settled restricted stock units (RSUs) | Maximum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	200.00%
Cash-settled restricted stock units (RSUs) | Minimum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	75.00%
Stock-settled market stock units (MSUs)
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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	489,000	509,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 83.83	$ 74.36
Stock-settled market stock units (MSUs) | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	2
Stock-settled market stock units (MSUs) | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	0
Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	128,487
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 68.32
Performance Shares [Member] | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	2
PSU conversion threshold	200.00%
Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	0
PSU conversion threshold	25.00%
Deferred Stock Units [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Stock units converted to common stock for each unit granted	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	24,712
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 72.58
Restricted Stock [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	0
Restricted Stock [Member] | Maximum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member] | Minimum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Stock and Stock-Based Incenti_4

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	2,953,100	3,307,600
Average Cost Per Share	$ 69.35	$ 62.69
Available for repurchase, as of end of period	$ 1,909.1	$ 809.5

Stock and Stock-Based Incenti_5

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	$ 45,523	$ 29,465
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	2,825	1,291
Carmax Auto Finance Income
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense, before income taxes	1,805	1,197
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	$ 40,893	$ 26,977

Stock and Stock-Based Incenti_6

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 45,523	$ 29,465
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	11,842	11,115
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	26,113	12,354
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	4,409	4,636
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	2,209	406
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	487
Stock-settled deferred stock units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	452	0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	498	467
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 3,159	$ 1,360

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Unrecognized Compensation Costs) (Details) $ in Millions	3 Months Ended
	May 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 83
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 6 months
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 59
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 9 months 12 days
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 21.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 month 6 days
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 2.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days

Stock and Stock-Based Incenti_8

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Stock Option Activity) (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018	Feb. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,717,000		7,869,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 62.71		$ 57.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 136,236
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,574,735	1,720,387
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 78.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(727,000)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 45.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	4,488,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 58.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 86,617

Stock and Stock-Based Incenti_9

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Settled) (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,574,735	1,720,387
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 22.08	$ 18.71
Proceeds from Stock Options Exercised	$ 33.3	$ 9.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	19.4	4.2
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	$ 5.3	$ 1.2

Stock and Stock-Based Incent_10

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Assumptions Used to Estimate Option Values) (Details)	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	27.30%	29.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	29.50%	31.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	29.30%	29.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	2.30%	1.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	2.40%	2.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years 7 months 6 days	4 years 7 months 6 days

Stock and Stock-Based Incent_11

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018	Feb. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,650,000		1,609,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 66.86		$ 58
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	562,586	628,547
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 78.61	$ 63.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(491,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 51.66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(31,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 61.05
Share-based Compensation Arrangement by Share-based Payment Award, Payments Upon Vesting	$ 36.5	$ 20
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	$ 10	$ 5.6

Stock and Stock-Based Incent_12

Stock and Stock-Based Incentive Plans 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, 2019USD ($)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Next Fiscal Year	$ 26,783
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Two Years	21,645
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Three Years	23,835
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting	72,263
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Next Fiscal Year	71,420
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Two Years	57,721
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Three Years	63,561
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting	$ 192,702

Stock and Stock-Based Incent_13

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - Stock-settled market stock units (MSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018	Feb. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	489,000		509,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 83.83		$ 74.36
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	128,376	202,043
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 98.43	$ 81.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(148,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 63.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	$ 3.8	$ 1.4

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, 2019	May 31, 2018
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 266,744	$ 238,656
Weighted average common shares outstanding, shares	166,324	178,139
Weighted average common shares and dilutive potential common shares, shares	167,643	179,421
Basic net earnings per share (in dollars per share)	$ 1.60	$ 1.34
Diluted net earnings per share (in dollars per share)	$ 1.59	$ 1.33
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,000	925
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	319	357

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2019	May 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	3,083,172	3,434,764

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ (68,010)
Other comprehensive loss before reclassifications	(13,200)
Amounts reclassified from accumulated other comprehensive loss	4
Other comprehensive income (loss), net of taxes	(13,196)	$ (733)
Ending balance	(81,206)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(70,478)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	355
Other comprehensive income (loss), net of taxes	355
Ending balance	(70,123)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	2,468
Other comprehensive loss before reclassifications	(13,200)
Amounts reclassified from accumulated other comprehensive loss	(351)
Other comprehensive income (loss), net of taxes	(13,551)
Ending balance	$ (11,083)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Total amortization reclassifications recognized in net pension expense	$ 468	$ 487
Tax expense	(113)	(118)
Amortization reclassifications recognized in net pension expense, net of tax	355	369
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	355	369
Changes in fair value	(17,942)	(387)
Tax benefit	4,742	102
Changes in fair value, net of tax	(13,200)	(285)
Reclassifications to CarMax Auto Finance income	(477)	(1,109)
Tax benefit	126	292
Reclassification of hedge gains, net of tax	(351)	(817)
Net change in cash flow hedge unrecognized losses, net of tax	(13,551)	(1,102)
Total other comprehensive loss, net of tax	(13,196)	(733)
Cost of sales
Total amortization reclassifications recognized in net pension expense	197	201
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	12	13
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 259	$ 273

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 26.1	$ 21.4

Leases Narrative (Details)

Leases Narrative (Details)	3 Months Ended
	May 31, 2019
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	20 years
Real Estate [Member] | Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Real Estate [Member] | Maximum
Lessee, Lease, Description [Line Items]
Lease term	20 years
Equipment [Member] | Minimum
Lessee, Lease, Description [Line Items]
Lease term	3 years
Equipment [Member] | Maximum
Lessee, Lease, Description [Line Items]
Lease term	8 years

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) $ in Thousands	3 Months Ended
	May 31, 2019USD ($)
Leases [Abstract]
Operating Lease, Cost	$ 14,555
Finance Lease, Right-of-Use Asset, Amortization	1,098
Finance Lease, Interest Expense	1,477
Finance Lease, Cost	2,575
Lease, Cost	$ 17,130

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019
Leases [Abstract]
Operating lease assets	$ 466,380	$ 0
Finance Lease, Right-of-Use Asset	71,560
Total lease assets	537,940
Current portion of operating lease liabilities	29,822	0
Finance Lease, Liability, Current	3,357
Operating lease liabilities, excluding current portion	458,788	$ 0
Finance Lease, Liability, Noncurrent	71,717
Total lease liabilities	563,684
Finance Lease Accumulated Depreciation	$ 4,400

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	May 31, 2019Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	20 years 6 months 20 days
Finance Lease, Weighted Average Remaining Lease Term	14 years 5 months 28 days
Operating Lease, Weighted Average Discount Rate, Percent	5.41%
Finance Lease, Weighted Average Discount Rate, Percent	10.53%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	May 31, 2019USD ($)
Leases [Abstract]
Operating Lease, Payments	$ 14,370
Finance Lease, Interest Payment on Liability	766
Finance Lease, Principal Payments	745
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	21,629
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 43,261

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	May 31, 2019USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 41,018
Lessee, Operating Lease, Liability, Payments, Due Year Two	52,938
Lessee, Operating Lease, Liability, Payments, Due Year Three	49,841
Lessee, Operating Lease, Liability, Payments, Due Year Four	47,416
Lessee, Operating Lease, Liability, Payments, Due Year Five	46,295
Lessee, Operating Lease, Liability, Payments, Due after Year Five	621,894
Lessee, Operating Lease, Liability, Payments, Due	859,402
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(370,792)
Finance Lease, Liability, Payments, Remainder of Fiscal Year	6,437
Finance Lease, Liability, Payments, Due Year Two	12,032
Finance Lease, Liability, Payments, Due Year Three	12,253
Finance Lease, Liability, Payments, Due Year Four	12,450
Finance Lease, Liability, Payments, Due Year Five	15,085
Finance Lease, Liability, Payments, Due after Year Five	95,087
Finance Lease, Liability, Payments, Due	153,344
Finance Lease, Liability, Undiscounted Excess Amount	(78,270)
Operating Lease, Liability	488,610
Finance Lease, Liability	75,074
Lessee Lease Not Yet Commenced Amount	$ 36,900

Leases Leases - Prior Period Di

Leases Leases - Prior Period Disclosures (Details) $ in Thousands	Feb. 28, 2019USD ($)
Leases [Abstract]
Capital Leases, Future Minimum Payments Due, Next Twelve Months	$ 5,139
Capital Leases, Future Minimum Payments Due in Two Years	6,055
Capital Leases, Future Minimum Payments Due in Three Years	6,185
Capital Leases, Future Minimum Payments Due in Four Years	6,288
Capital Leases, Future Minimum Payments Due in Five Years	5,186
Capital Leases, Future Minimum Payments Due Thereafter	11,445
Capital Leases, Future Minimum Payments Due	40,298
Capital Leases, Future Minimum Payments, Interest Included in Payments	(8,518)
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments	31,780
Operating Leases, Future Minimum Payments Due, Next Twelve Months	55,295
Operating Leases, Future Minimum Payments, Due in Two Years	52,142
Operating Leases, Future Minimum Payments, Due in Three Years	48,886
Operating Leases, Future Minimum Payments, Due in Four Years	46,235
Operating Leases, Future Minimum Payments, Due in Five Years	45,067
Operating Leases, Future Minimum Payments, Due Thereafter	595,047
Operating Leases, Future Minimum Payments Due	$ 842,672

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2019	May 31, 2018
Supplemental Cash Flow Elements [Abstract]
Increase in accrued capital expenditures	$ 2,868	$ 645
Increase in financing obligations	$ 22,000	$ 9,704

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	May 31, 2019	Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 8.8	$ 7.4