CarMax (KMX) 10-Q 7 Jan 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2019	Dec. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2019
Document Transition Report	false
Entity File Number	1-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-29
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1821055
Entity Address, Address Line One	12800 Tuckahoe Creek Parkway
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23238
City Area Code	804
Local Phone Number	747-0422
Title of 12(b) Security	Common Stock
Trading Symbol	KMX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		163,385,139

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 4,790,028	$ 4,295,871	$ 15,357,497	$ 13,854,498
TOTAL COST OF SALES	4,176,381	3,726,634	13,308,014	11,973,285
GROSS PROFIT	613,647	569,237	2,049,483	1,881,213
CARMAX AUTO FINANCE INCOME	114,033	109,725	344,123	334,985
Selling, general and administrative expenses	484,848	409,520	1,455,339	1,301,308
Interest expense	21,843	18,814	60,700	54,816
Other (income) expense	(6,570)	2,820	(6,786)	3,097
Earnings before income taxes	227,559	247,808	884,353	856,977
Income tax provision	54,403	57,497	210,854	207,120
NET EARNINGS	$ 173,156	$ 190,311	$ 673,499	$ 649,857
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	164,273	173,816	165,321	176,088
Diluted, shares	166,534	175,321	167,154	177,656
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.05	$ 1.09	$ 4.07	$ 3.69
Diluted (in dollars per share)	$ 1.04	$ 1.09	$ 4.03	$ 3.66
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 4,028,811	$ 3,547,925	$ 12,915,763	$ 11,544,340
TOTAL COST OF SALES	3,615,704	3,177,953	11,549,445	10,305,945
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	610,983	603,584	1,951,718	1,849,225
TOTAL COST OF SALES	504,177	498,840	1,601,573	1,518,698
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	150,234	144,362	490,016	460,933
TOTAL COST OF SALES	$ 56,500	$ 49,841	$ 156,996	$ 148,642
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%	100.00%	100.00%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	87.20%	86.70%	86.70%	86.40%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	12.80%	13.30%	13.30%	13.60%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.40%	2.60%	2.20%	2.40%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	10.10%	9.50%	9.50%	9.40%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.50%	0.40%	0.40%	0.40%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	(0.10%)	0.10%	0.00%	0.00%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	4.80%	5.80%	5.80%	6.20%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	1.10%	1.30%	1.40%	1.50%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	3.60%	4.40%	4.40%	4.70%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	84.10%	82.60%	84.10%	83.30%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	12.80%	14.10%	12.70%	13.30%
NET SALES AND OPERATING REVENUES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	3.10%	3.40%	3.20%	3.30%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	75.50%	74.00%	75.20%	74.40%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	10.50%	11.60%	10.40%	11.00%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	1.20%	1.20%	1.00%	1.10%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 173,156	$ 190,311	$ 673,499	$ 649,857
Other comprehensive income (loss), net of taxes
Net change in retirement benefit plan unrecognized actuarial losses	355	370	1,066	1,109
Net change in cash flow hedge unrecognized losses	9,268	(72)	(15,063)	(934)
Other comprehensive income (loss), net of taxes	9,623	298	(13,997)	175
TOTAL COMPREHENSIVE INCOME	$ 182,779	$ 190,609	$ 659,502	$ 650,032

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 56,583	$ 46,938
Restricted cash from collections on auto loan receivables	458,493	440,669
Accounts receivable, net	142,737	139,850
Inventory	2,682,574	2,519,455
Other current assets	109,857	67,101
TOTAL CURRENT ASSETS	3,450,244	3,214,013
Auto loan receivables, net	13,276,654	12,428,487
Property and equipment, net of accumulated depreciation of $1,239,443 and $1,297,393 as of November 30, 2019 and February 28, 2019, respectively	3,036,663	2,828,058
Deferred income taxes	67,162	61,346
Operating lease assets	454,708	0
Other assets	201,799	185,963
TOTAL ASSETS	20,487,230	18,717,867
CURRENT LIABILITIES:
Accounts payable	641,434	593,171
Accrued expenses and other current liabilities	340,475	318,204
Accrued income taxes	1,497	3,784
Current portion of operating lease liabilities	30,813	0
Short-term debt	421	1,129
Current portion of long-term debt	8,541	10,177
Current portion of non-recourse notes payable	397,860	385,044
TOTAL CURRENT LIABILITIES	1,421,041	1,311,509
Long-term debt, excluding current portion	1,704,284	1,649,244
Non-recourse notes payable, excluding current portion	12,899,970	12,127,290
Operating lease liabilities, excluding current portion	446,302	0
Other liabilities	317,580	272,796
TOTAL LIABILITIES	16,789,177	15,360,839
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 163,795,082 and 167,478,924 shares issued and outstanding as of November 30, 2019 and February 28, 2019, respectively	81,897	83,739
Capital in excess of par value	1,321,567	1,237,153
Accumulated other comprehensive loss	(82,007)	(68,010)
Retained earnings	2,376,596	2,104,146
TOTAL SHAREHOLDERS’ EQUITY	3,698,053	3,357,028
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 20,487,230	$ 18,717,867

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 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	163,795,082	167,478,924
Common stock, shares outstanding	163,795,082	167,478,924
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,239,443	$ 1,297,393

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
OPERATING ACTIVITIES:
Net earnings	$ 673,499	$ 649,857
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	158,226	135,609
Share-based compensation expense	98,177	61,403
Provision for loan losses	132,650	111,703
Provision for cancellation reserves	65,166	54,952
Deferred income tax (benefit) provision	(744)	909
Other	(72)	4,104
Net (increase) decrease in:
Accounts receivable, net	(2,887)	22,165
Inventory	(163,119)	(34,006)
Other current assets	(41,869)	40,952
Auto loan receivables, net	(980,817)	(875,269)
Other assets	10,185	(6,734)
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	20,604	22,236
Other liabilities	(86,905)	(73,251)
Net Cash Provided by (Used in) Operating Activities	(117,906)	114,630
INVESTING ACTIVITIES:
Capital expenditures	(249,177)	(243,311)
Proceeds from disposal of property and equipment	3	680
Purchases of investments	(8,438)	(5,470)
Sales of investments	1,025	1,104
Net Cash Provided by (Used in) Investing Activities	(256,587)	(246,997)
FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net	(708)	309
Proceeds from issuances of long-term debt	4,707,500	2,758,000
Payments on long-term debt	(4,702,807)	(2,768,419)
Cash paid for debt issuance costs	(14,849)	(12,329)
Payments on finance lease obligations	(2,813)	(528)
Issuances of non-recourse notes payable	8,596,000	8,183,502
Payments on non-recourse notes payable	(7,810,958)	(7,435,128)
Repurchase and retirement of common stock	(458,587)	(633,170)
Equity issuances	96,367	54,580
Net Cash Provided by (Used in) Financing Activities	409,145	146,817
Increase in cash, cash equivalents, and restricted cash	34,652	14,450
Cash, cash equivalents, and restricted cash at beginning of year	595,377	554,898
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	630,029	569,348
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	56,583	35,049
Restricted cash from collections on auto loan receivables	458,493	426,613
Restricted cash included in other assets	114,953	107,686
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 630,029	$ 569,348

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)
APIC, Share-based Payment Arrangement, Increase for Cost 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
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		68,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(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, 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	649,857
Other Comprehensive Income (Loss), Net of Tax	175
BALANCE, SHARES at Nov. 30, 2018		171,785,000
BALANCE at Nov. 30, 2018	3,435,113	$ 85,893	1,255,966	2,147,391	(54,137)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	220,890			220,890
Other Comprehensive Income (Loss), Net of Tax	610				610
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9,695		9,695
Stock Repurchased and Retired During Period, Shares		(2,291,000)
Stock Repurchased and Retired During Period, Value	(171,226)	$ (1,146)	(16,334)	(153,746)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		860,000
Stock Issued During Period, Value, Stock Options Exercised	38,449	$ 430	38,019
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		1,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(61)	$ 1	(62)
BALANCE, SHARES at Aug. 31, 2018		175,290,000
BALANCE at Aug. 31, 2018	3,482,118	$ 87,645	1,265,930	2,182,978	(54,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	190,311			190,311
Other Comprehensive Income (Loss), Net of Tax	298				298
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9,654		9,654
Stock Repurchased and Retired During Period, Shares		(3,658,000)
Stock Repurchased and Retired During Period, Value	(254,328)	$ (1,829)	(26,601)	(225,898)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		153,000
Stock Issued During Period, Value, Stock Options Exercised	7,079	$ 77	7,002
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		0
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(19)	$ 0	(19)
BALANCE, SHARES at Nov. 30, 2018		171,785,000
BALANCE at Nov. 30, 2018	$ 3,435,113	$ 85,893	1,255,966	2,147,391	(54,137)
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)
APIC, Share-based Payment Arrangement, Increase for Cost 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
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		142,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(5,149)	$ 71	(5,220)
BALANCE, SHARES at May. 31, 2019		165,395,000
BALANCE at May. 31, 2019	$ 3,452,755	$ 82,697	1,261,742	2,189,522	(81,206)
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	673,499
Other Comprehensive Income (Loss), Net of Tax	$ (13,997)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,913,000
BALANCE, SHARES at Nov. 30, 2019	163,795,082	163,795,000
BALANCE at Nov. 30, 2019	$ 3,698,053	$ 81,897	1,321,567	2,376,596	(82,007)
BALANCE, SHARES at May. 31, 2019		165,395,000
BALANCE at May. 31, 2019	3,452,755	$ 82,697	1,261,742	2,189,522	(81,206)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	233,599			233,599
Other Comprehensive Income (Loss), Net of Tax	(10,424)				(10,424)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	10,757		10,757
Stock Repurchased and Retired During Period, Shares		(1,526,000)
Stock Repurchased and Retired During Period, Value	(128,362)	$ (763)	(11,933)	(115,666)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		1,008,000
Stock Issued During Period, Value, Stock Options Exercised	53,270	$ 504	52,766
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		9,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(38)	$ 4	(42)
BALANCE, SHARES at Aug. 31, 2019		164,886,000
BALANCE at Aug. 31, 2019	3,611,557	$ 82,442	1,313,290	2,307,455	(91,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	173,156			173,156
Other Comprehensive Income (Loss), Net of Tax	9,623				9,623
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	8,745		8,745
Stock Repurchased and Retired During Period, Shares		(1,270,000)
Stock Repurchased and Retired During Period, Value	(114,820)	$ (635)	(10,170)	(104,015)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		178,000
Stock Issued During Period, Value, Stock Options Exercised	9,846	$ 89	9,757
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		1,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (54)	$ 1	(55)
BALANCE, SHARES at Nov. 30, 2019	163,795,082	163,795,000
BALANCE at Nov. 30, 2019	$ 3,698,053	$ 81,897	$ 1,321,567	$ 2,376,596	$ (82,007)

Background

Background	9 Months Ended
	Nov. 30, 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. Effective in Future Periods . In June 2016, the Financial Accounting Standards Board (“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. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We have designed an allowance for loan loss methodology to comply with these new requirements, which will be adopted for our fiscal year beginning March 1, 2020. Based on information as of November 30, 2019, we expect to record a $200 - 250 million increase in the allowance for loan losses on our opening consolidated balance sheet as of March 1, 2020, with a corresponding net-of-tax adjustment to retained earnings. The expected increase in the allowance for loan losses is primarily the result of extending the loan loss forecast period from 12 months to the entire lifetime of the loan portfolio. The final adoption impact may vary depending on the company’s portfolio at the adoption date, as well as macroeconomic conditions and forecasts at that time. We expect this new methodology could increase volatility in our quarterly provision for loan losses, as we will be estimating loan losses over a longer forecast period. We are finalizing testing of the effectiveness of our new allowance for loan loss methodology, as well as designing the relevant controls and governance structure. In December 2019, the FASB issued an accounting pronouncement (FASB ASU 2019-12) related to simplifying the accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements, including potential early adoption.

Revenue

Revenue	9 Months Ended
	Nov. 30, 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 November 30 Nine Months Ended November 30 (In millions) 2019 2018 2019 2018 Used vehicle sales $ 4,028.8 $ 3,547.9 $ 12,915.8 $ 11,544.3 Wholesale vehicle sales 611.0 603.6 1,951.7 1,849.2 Other sales and revenues: Extended protection plan revenues 97.0 85.6 321.7 284.2 Third-party finance fees, net (9.4 ) (8.4 ) (35.2 ) (32.5 ) Service revenues 28.9 32.4 96.3 105.1 Other 33.7 34.8 107.2 104.1 Total other sales and revenues 150.2 144.4 490.0 460.9 Total net sales and operating revenues $ 4,790.0 $ 4,295.9 $ 15,357.5 $ 13,854.5 Used Vehicle Sales. Revenue from the sale of used vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 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 EPP revenues to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled, subject to various constraints, is recognized upon satisfying the performance obligation of selling the ESP. These constraints include factors that are outside of the company’s influence or control and the length of time until settlement. We apply the expected value method, utilizing historical claims and cancellation data from CarMax customers, as well as external data and other qualitative assumptions. This estimate is reassessed each reporting period with changes reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets. As of November 30, 2019 and February 28, 2019, we recognized a contract asset of $32.2 million and $25.7 million , respectively, related to cumulative profit-sharing payments to which we expect to be entitled. During the second quarter of fiscal 2020, this amount was reclassified from other assets to other current assets on our consolidated balance sheets, as we expect to begin receiving ESP profit-sharing payments in the first calendar quarter of 2020. While the initial payment could be up to $50 million , the revenue recognized to-date represents the amount for which we have determined it is probable it will not result in a significant revenue reversal. The first payment reflects the accumulation of profit-sharing for four years under our current contracts with the providers, while any subsequent profit-sharing payments we receive will only reflect one year of incremental earnings. 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.

CarMax Auto Finance

CarMax Auto Finance	9 Months Ended
	Nov. 30, 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 November 30 Nine Months Ended November 30 (In millions) 2019 % (1) 2018 % (1) 2019 % (1) 2018 % (1) Interest margin: Interest and fee income $ 278.9 8.4 $ 247.8 8.0 $ 820.8 8.4 $ 722.3 8.0 Interest expense (90.4 ) (2.7 ) (75.3 ) (2.4 ) (268.4 ) (2.8 ) (208.2 ) (2.3 ) Total interest margin 188.5 5.7 172.5 5.6 552.4 5.7 514.1 5.7 Provision for loan losses (49.0 ) (1.5 ) (40.8 ) (1.3 ) (132.7 ) (1.4 ) (111.7 ) (1.2 ) Total interest margin after provision for loan losses 139.5 4.2 131.7 4.3 419.7 4.3 402.4 4.5 Total other expense — — (0.1 ) — — — (0.4 ) — Direct expenses: Payroll and fringe benefit expense (10.8 ) (0.3 ) (9.4 ) (0.3 ) (31.3 ) (0.3 ) (28.6 ) (0.3 ) Other direct expenses (14.7 ) (0.4 ) (12.5 ) (0.4 ) (44.3 ) (0.5 ) (38.4 ) (0.4 ) Total direct expenses (25.5 ) (0.8 ) (21.9 ) (0.7 ) (75.6 ) (0.8 ) (67.0 ) (0.7 ) CarMax Auto Finance income $ 114.0 3.4 $ 109.7 3.6 $ 344.1 3.5 $ 335.0 3.7 Total average managed receivables $ 13,239.2 $ 12,321.0 $ 12,986.2 $ 12,054.6 (1)

Auto Loan Receivables

Auto Loan Receivables	9 Months Ended
	Nov. 30, 2019
Loans and Leases Receivable, Net Amount [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 $13.32 billion as of November 30, 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 November 30 As of February 28 (In millions) 2019 2019 Asset-backed term funding $ 10,616.9 $ 10,273.4 Warehouse facilities 2,305.7 1,877.0 Overcollateralization (1) 296.3 273.3 Other managed receivables (2) 133.7 86.5 Total ending managed receivables 13,352.6 12,510.2 Accrued interest and fees 59.9 49.6 Other 17.8 6.9 Less allowance for loan losses (153.6 ) (138.2 ) Auto loan receivables, net $ 13,276.7 $ 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 November 30 As of February 28 (In millions) 2019 (1) % (2) 2019 (1) % (2) A $ 6,691.4 50.1 $ 6,225.6 49.8 B 4,813.9 36.1 4,488.2 35.9 C and other 1,847.3 13.8 1,796.4 14.3 Total ending managed receivables $ 13,352.6 100.0 $ 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 November 30 Nine Months Ended November 30 (In millions) 2019 % (1) 2018 % (1) 2019 % (1) 2018 % (1) Balance as of beginning of period $ 150.4 1.15 $ 138.1 1.13 $ 138.2 1.10 $ 128.6 1.11 Charge-offs (81.2 ) (74.3 ) (223.4 ) (198.1 ) Recoveries 35.4 33.7 106.1 96.1 Provision for loan losses 49.0 40.8 132.7 111.7 Balance as of end of period $ 153.6 1.15 $ 138.3 1.12 $ 153.6 1.15 $ 138.3 1.12 (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 November 30 As of February 28 (In millions) 2019 % (1) 2019 % (1) Total ending managed receivables $ 13,352.6 100.0 $ 12,510.2 100.0 Delinquent loans: 31-60 days past due $ 323.0 2.4 $ 276.5 2.2 61-90 days past due 152.3 1.1 141.4 1.1 Greater than 90 days past due 35.6 0.3 33.9 0.3 Total past due $ 510.9 3.8 $ 451.8 3.6 (1)

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
	Nov. 30, 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 $7.1 million will be reclassified in AOCL as a decrease to CAF income. As of November 30, 2019 and February 28, 2019 , we had interest rate swaps outstanding with a combined notional amount of $2.59 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	9 Months Ended
	Nov. 30, 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 November 30, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 234,676 $ — $ 234,676 Mutual fund investments 21,905 — 21,905 Derivative instruments — 3,711 3,711 Total assets at fair value $ 256,581 $ 3,711 $ 260,292 Percent of total assets at fair value 98.6 % 1.4 % 100.0 % Percent of total assets 1.3 % — % 1.3 % Liabilities: Derivative instruments $ — $ (1,653 ) $ (1,653 ) Total liabilities at fair value $ — $ (1,653 ) $ (1,653 ) Percent of total liabilities — % — % — % 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 — % — % — % 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 November 30, 2019 and February 28, 2019 , respectively, are as follows: (In thousands) As of November 30, 2019 As of February 28, 2019 Carrying value $ 500,000 $ 500,000 Fair value $ 527,394 $ 488,590

Cancellation Reserves

Cancellation Reserves	9 Months Ended
	Nov. 30, 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 November 30 Nine Months Ended November 30 (In millions) 2019 2018 2019 2018 Balance as of beginning of period $ 111.6 $ 110.6 $ 102.8 $ 105.2 Cancellations (18.4 ) (17.2 ) (55.1 ) (50.5 ) Provision for future cancellations 19.6 16.3 65.1 55.0 Balance as of end of period $ 112.8 $ 109.7 $ 112.8 $ 109.7 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 November 30, 2019 and February 28, 2019 , the current portion of cancellation reserves was $60.8 million and $55.6 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $31.0 million of gross unrecognized tax benefits as of November 30, 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	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2019 2019 Revolving credit facility (2) June 2024 $ 377,521 $ 366,529 Term loan (2) June 2024 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 537,311 495,626 Non-recourse notes payable Various dates through April 2026 13,320,447 12,535,405 Total debt 15,035,279 14,197,560 Less: current portion (406,822 ) (396,350 ) Less: unamortized debt issuance costs (24,203 ) (24,676 ) Long-term debt, net $ 14,604,254 $ 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. Revolving Credit Facility. Borrowings under our $1.45 billion unsecured revolving credit facility (the “credit facility”) 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 November 30, 2019 , the unused capacity of $1.07 billion 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 April 2026 , 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 November 30, 2019 , are as follows: (In billions) Capacity Warehouse facilities: February 2020 expiration $ 1.95 August 2020 expiration 1.40 September 2020 expiration 0.15 Combined warehouse facility limit $ 3.50 Unused capacity $ 1.19 Non-recourse notes payable outstanding: Warehouse facilities $ 2.31 Asset-backed term funding transactions 11.01 Non-recourse notes payable $ 13.32 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 nine months ended November 30, 2019 and 2018 , we capitalized interest of $5.0 million and $4.8 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 November 30, 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	9 Months Ended
	Nov. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of November 30, 2019 , a total of $ 2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.67 billion remained available for repurchase. Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2019 2018 2019 2018 Number of shares repurchased (in thousands) 1,270.3 3,657.8 5,748.9 9,257.1 Average cost per share $ 90.38 $ 69.52 $ 77.92 $ 68.36 Available for repurchase, as of end of period (in millions) $ 1,666.0 $ 2,384.0 $ 1,666.0 $ 2,384.0 (B) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2019 2018 2019 2018 Cost of sales $ 2,128 $ (343 ) $ 6,293 $ 2,551 CarMax Auto Finance income 1,317 596 4,166 3,030 Selling, general and administrative expenses 26,251 7,275 89,047 57,027 Share-based compensation expense, before income taxes $ 29,696 $ 7,528 $ 99,506 $ 62,608 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2019 2018 2019 2018 Nonqualified stock options $ 6,151 $ 6,230 $ 24,314 $ 23,838 Cash-settled restricted stock units (RSUs) 20,545 (2,485 ) 59,763 25,409 Stock-settled market stock units (MSUs) 2,837 2,681 10,298 9,960 Other share-based incentives: Stock-settled performance stock units (PSUs) (244 ) 317 1,389 1,043 Restricted stock (RSAs) — — — 433 Stock-settled deferred stock units (DSUs) — 426 2,412 720 Employee stock purchase plan 407 359 1,330 1,205 Total other share-based incentives $ 163 $ 1,102 $ 5,131 $ 3,401 Share-based compensation expense, before income taxes $ 29,696 $ 7,528 $ 99,506 $ 62,608 (C) Stock Incentive Plan Information Share/Unit Activity Nine Months Ended November 30, 2019 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2019 7,869 509 164 1,609 Granted 1,595 131 83 562 Exercised or vested and converted (1,913 ) (150 ) (81 ) (504 ) Cancelled (16 ) (5 ) — (89 ) Outstanding as of November 30, 2019 7,535 485 166 1,578 Weighted average grant date fair value per share/unit: Granted $ 22.10 $ 98.63 $ 80.55 $ 78.61 Ending outstanding $ 18.16 $ 84.02 $ 70.97 $ 66.85 As of November 30, 2019 Unrecognized compensation ( in mil lions ) $ 47.0 $ 15.6 $ 3.1

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Nov. 30, 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 Nine Months Ended November 30 November 30 (In thousands except per share data) 2019 2018 2019 2018 Net earnings $ 173,156 $ 190,311 $ 673,499 $ 649,857 Weighted average common shares outstanding 164,273 173,816 165,321 176,088 Dilutive potential common shares: Stock options 1,820 1,109 1,466 1,165 Stock-settled stock units and awards 441 396 367 403 Weighted average common shares and dilutive potential common shares 166,534 175,321 167,154 177,656 Basic net earnings per share $ 1.05 $ 1.09 $ 4.07 $ 3.69 Diluted net earnings per share $ 1.04 $ 1.09 $ 4.03 $ 3.66 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended November 30, 2019 and 2018 , options to purchase 1,235,575 shares and 2,808,555 shares of common stock, respectively, were not included. For the nine months ended November 30, 2019 and 2018 , options to purchase 1,272,429 shares and 3,904,738 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Nov. 30, 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 — (16,807 ) (16,807 ) Amounts reclassified from accumulated other comprehensive loss 1,066 1,744 2,810 Other comprehensive income (loss) 1,066 (15,063 ) (13,997 ) Balance as of November 30, 2019 $ (69,412 ) $ (12,595 ) $ (82,007 ) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2019 2018 2019 2018 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 203 $ 206 $ 601 $ 611 CarMax Auto Finance income 12 13 36 38 Selling, general and administrative expenses 253 268 768 812 Total amortization reclassifications recognized in net pension expense 468 487 1,405 1,461 Tax expense (113 ) (117 ) (339 ) (352 ) Amortization reclassifications recognized in net pension expense, net of tax 355 370 1,066 1,109 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 355 370 1,066 1,109 Cash Flow Hedges (Note 5): Changes in fair value 10,529 1,986 (22,844 ) 3,786 Tax (expense) benefit (2,782 ) (523 ) 6,037 (998 ) Changes in fair value, net of tax 7,747 1,463 (16,807 ) 2,788 Reclassifications to CarMax Auto Finance income 2,067 (2,084 ) 2,370 (5,054 ) Tax (expense) benefit (546 ) 549 (626 ) 1,332 Reclassification of hedge losses (gains), net of tax 1,521 (1,535 ) 1,744 (3,722 ) Net change in cash flow hedge unrecognized losses, net of tax 9,268 (72 ) (15,063 ) (934 ) Total other comprehensive income (loss), net of tax $ 9,623 $ 298 $ (13,997 ) $ 175 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 $26.5 million as of November 30, 2019 and $ 21.4 million as of February 28, 2019 .

Leases (Notes)

Leases (Notes)	9 Months Ended
	Nov. 30, 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 November 30, 2019 Nine Months Ended November 30, 2019 Operating lease cost (1) $ 14,262 $ 43,074 Finance lease cost: Depreciation of lease assets 1,563 4,114 Interest on lease liabilities 2,053 5,499 Total finance lease cost 3,616 9,613 Total lease cost $ 17,878 $ 52,687 (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 November 30, 2019 Assets: Operating lease assets Operating lease assets $ 454,708 Finance lease assets Property and equipment, net (1) 77,304 Total lease assets $ 532,012 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,813 Finance leases Accrued expenses and other current liabilities 4,512 Long-term: Operating leases Operating lease liabilities, excluding current portion 446,302 Finance leases Other liabilities 79,551 Total lease liabilities $ 561,178 (1) Finance lease assets are recorded net of accumulated depreciation of $7.5 million as of November 30, 2019 . Lease term and discount rate information related to leases was as follows: Lease Term and Discount Rate As of November 30, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 20.06 Finance leases 13.78 Weighted Average Discount Rate Operating leases 5.40 % Finance leases 10.30 % Supplemental cash flow information related to leases was as follows: (In thousands) Nine Months Ended November 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42,712 Operating cash flows from finance leases 2,572 Financing cash flows from finance leases 2,813 Lease assets obtained in exchange for lease obligations: Operating leases 25,029 Finance leases 52,102 Maturities of lease liabilities were as follows: As of November 3 0, 20 19 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2020 , remaining $ 13,741 $ 2,793 Fiscal 2021 54,334 12,869 Fiscal 2022 50,796 13,662 Fiscal 2023 48,188 13,879 Fiscal 202 4 46,985 16,534 Thereafter 615,224 102,802 Total lease pa yments 829,268 162,539 Less: interest (352,153 ) (78,476 ) Present value of lease liabilities $ 477,115 $ 84,063 (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	9 Months Ended
	Nov. 30, 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: Nine Months Ended November 30 (In thousands) 2019 2018 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 4,603 $ (1,847 ) Increase in financing obligations $ 47,930 $ 21,854 See Note 13 for supplemental cash flow information related to leases.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Nov. 30, 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 lawsuit was remanded back to the Superior Court of California, County of Alameda on June 4, 2019. 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. Since April 25, 2017, the company has met and corresponded with representatives from multiple California municipality district attorney offices as part of an inquiry by those offices into the handling, storage and disposal of certain types of hazardous waste at our store locations in those municipalities. CarMax is cooperating with this inquiry and we do not expect the outcome of this matter to have a material adverse effect on our financial condition, results of operations or cash flows. 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 $8.6 million as of November 30, 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)	9 Months Ended
	Nov. 30, 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. Effective in Future Periods . In June 2016, the Financial Accounting Standards Board (“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. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. We have designed an allowance for loan loss methodology to comply with these new requirements, which will be adopted for our fiscal year beginning March 1, 2020. Based on information as of November 30, 2019, we expect to record a $200 - 250 million increase in the allowance for loan losses on our opening consolidated balance sheet as of March 1, 2020, with a corresponding net-of-tax adjustment to retained earnings. The expected increase in the allowance for loan losses is primarily the result of extending the loan loss forecast period from 12 months to the entire lifetime of the loan portfolio. The final adoption impact may vary depending on the company’s portfolio at the adoption date, as well as macroeconomic conditions and forecasts at that time. We expect this new methodology could increase volatility in our quarterly provision for loan losses, as we will be estimating loan losses over a longer forecast period. We are finalizing testing of the effectiveness of our new allowance for loan loss methodology, as well as designing the relevant controls and governance structure. In December 2019, the FASB issued an accounting pronouncement (FASB ASU 2019-12) related to simplifying the accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements, including potential early adoption.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2019 2018 2019 2018 Used vehicle sales $ 4,028.8 $ 3,547.9 $ 12,915.8 $ 11,544.3 Wholesale vehicle sales 611.0 603.6 1,951.7 1,849.2 Other sales and revenues: Extended protection plan revenues 97.0 85.6 321.7 284.2 Third-party finance fees, net (9.4 ) (8.4 ) (35.2 ) (32.5 ) Service revenues 28.9 32.4 96.3 105.1 Other 33.7 34.8 107.2 104.1 Total other sales and revenues 150.2 144.4 490.0 460.9 Total net sales and operating revenues $ 4,790.0 $ 4,295.9 $ 15,357.5 $ 13,854.5

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	9 Months Ended
	Nov. 30, 2019
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2019 % (1) 2018 % (1) 2019 % (1) 2018 % (1) Interest margin: Interest and fee income $ 278.9 8.4 $ 247.8 8.0 $ 820.8 8.4 $ 722.3 8.0 Interest expense (90.4 ) (2.7 ) (75.3 ) (2.4 ) (268.4 ) (2.8 ) (208.2 ) (2.3 ) Total interest margin 188.5 5.7 172.5 5.6 552.4 5.7 514.1 5.7 Provision for loan losses (49.0 ) (1.5 ) (40.8 ) (1.3 ) (132.7 ) (1.4 ) (111.7 ) (1.2 ) Total interest margin after provision for loan losses 139.5 4.2 131.7 4.3 419.7 4.3 402.4 4.5 Total other expense — — (0.1 ) — — — (0.4 ) — Direct expenses: Payroll and fringe benefit expense (10.8 ) (0.3 ) (9.4 ) (0.3 ) (31.3 ) (0.3 ) (28.6 ) (0.3 ) Other direct expenses (14.7 ) (0.4 ) (12.5 ) (0.4 ) (44.3 ) (0.5 ) (38.4 ) (0.4 ) Total direct expenses (25.5 ) (0.8 ) (21.9 ) (0.7 ) (75.6 ) (0.8 ) (67.0 ) (0.7 ) CarMax Auto Finance income $ 114.0 3.4 $ 109.7 3.6 $ 344.1 3.5 $ 335.0 3.7 Total average managed receivables $ 13,239.2 $ 12,321.0 $ 12,986.2 $ 12,054.6 (1)

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	9 Months Ended
	Nov. 30, 2019
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables, Net	Auto Loan Receivables, Net As of November 30 As of February 28 (In millions) 2019 2019 Asset-backed term funding $ 10,616.9 $ 10,273.4 Warehouse facilities 2,305.7 1,877.0 Overcollateralization (1) 296.3 273.3 Other managed receivables (2) 133.7 86.5 Total ending managed receivables 13,352.6 12,510.2 Accrued interest and fees 59.9 49.6 Other 17.8 6.9 Less allowance for loan losses (153.6 ) (138.2 ) Auto loan receivables, net $ 13,276.7 $ 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 November 30 As of February 28 (In millions) 2019 (1) % (2) 2019 (1) % (2) A $ 6,691.4 50.1 $ 6,225.6 49.8 B 4,813.9 36.1 4,488.2 35.9 C and other 1,847.3 13.8 1,796.4 14.3 Total ending managed receivables $ 13,352.6 100.0 $ 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 November 30 Nine Months Ended November 30 (In millions) 2019 % (1) 2018 % (1) 2019 % (1) 2018 % (1) Balance as of beginning of period $ 150.4 1.15 $ 138.1 1.13 $ 138.2 1.10 $ 128.6 1.11 Charge-offs (81.2 ) (74.3 ) (223.4 ) (198.1 ) Recoveries 35.4 33.7 106.1 96.1 Provision for loan losses 49.0 40.8 132.7 111.7 Balance as of end of period $ 153.6 1.15 $ 138.3 1.12 $ 153.6 1.15 $ 138.3 1.12 (1) Percent of total ending managed receivables.
Past Due Receivables	Past Due Receivables As of November 30 As of February 28 (In millions) 2019 % (1) 2019 % (1) Total ending managed receivables $ 13,352.6 100.0 $ 12,510.2 100.0 Delinquent loans: 31-60 days past due $ 323.0 2.4 $ 276.5 2.2 61-90 days past due 152.3 1.1 141.4 1.1 Greater than 90 days past due 35.6 0.3 33.9 0.3 Total past due $ 510.9 3.8 $ 451.8 3.6 (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 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 November 30, 2019 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 234,676 $ — $ 234,676 Mutual fund investments 21,905 — 21,905 Derivative instruments — 3,711 3,711 Total assets at fair value $ 256,581 $ 3,711 $ 260,292 Percent of total assets at fair value 98.6 % 1.4 % 100.0 % Percent of total assets 1.3 % — % 1.3 % Liabilities: Derivative instruments $ — $ (1,653 ) $ (1,653 ) Total liabilities at fair value $ — $ (1,653 ) $ (1,653 ) Percent of total liabilities — % — % — % 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 November 30, 2019 As of February 28, 2019 Carrying value $ 500,000 $ 500,000 Fair value $ 527,394 $ 488,590

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	9 Months Ended
	Nov. 30, 2019
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2019 2018 2019 2018 Balance as of beginning of period $ 111.6 $ 110.6 $ 102.8 $ 105.2 Cancellations (18.4 ) (17.2 ) (55.1 ) (50.5 ) Provision for future cancellations 19.6 16.3 65.1 55.0 Balance as of end of period $ 112.8 $ 109.7 $ 112.8 $ 109.7

Debt (Tables)

Debt (Tables)	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of November 30 As of February 28 Debt Description (1) Maturity Date 2019 2019 Revolving credit facility (2) June 2024 $ 377,521 $ 366,529 Term loan (2) June 2024 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 537,311 495,626 Non-recourse notes payable Various dates through April 2026 13,320,447 12,535,405 Total debt 15,035,279 14,197,560 Less: current portion (406,822 ) (396,350 ) Less: unamortized debt issuance costs (24,203 ) (24,676 ) Long-term debt, net $ 14,604,254 $ 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.
Schedule of Funding Vehicles [Table Text Block]	(In billions) Capacity Warehouse facilities: February 2020 expiration $ 1.95 August 2020 expiration 1.40 September 2020 expiration 0.15 Combined warehouse facility limit $ 3.50 Unused capacity $ 1.19 Non-recourse notes payable outstanding: Warehouse facilities $ 2.31 Asset-backed term funding transactions 11.01 Non-recourse notes payable $ 13.32

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	9 Months Ended
	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2019 2018 2019 2018 Number of shares repurchased (in thousands) 1,270.3 3,657.8 5,748.9 9,257.1 Average cost per share $ 90.38 $ 69.52 $ 77.92 $ 68.36 Available for repurchase, as of end of period (in millions) $ 1,666.0 $ 2,384.0 $ 1,666.0 $ 2,384.0
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2019 2018 2019 2018 Cost of sales $ 2,128 $ (343 ) $ 6,293 $ 2,551 CarMax Auto Finance income 1,317 596 4,166 3,030 Selling, general and administrative expenses 26,251 7,275 89,047 57,027 Share-based compensation expense, before income taxes $ 29,696 $ 7,528 $ 99,506 $ 62,608
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2019 2018 2019 2018 Nonqualified stock options $ 6,151 $ 6,230 $ 24,314 $ 23,838 Cash-settled restricted stock units (RSUs) 20,545 (2,485 ) 59,763 25,409 Stock-settled market stock units (MSUs) 2,837 2,681 10,298 9,960 Other share-based incentives: Stock-settled performance stock units (PSUs) (244 ) 317 1,389 1,043 Restricted stock (RSAs) — — — 433 Stock-settled deferred stock units (DSUs) — 426 2,412 720 Employee stock purchase plan 407 359 1,330 1,205 Total other share-based incentives $ 163 $ 1,102 $ 5,131 $ 3,401 Share-based compensation expense, before income taxes $ 29,696 $ 7,528 $ 99,506 $ 62,608
Share-based Payment Arrangement, Activity [Table Text Block]	Nine Months Ended November 30, 2019 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 28, 2019 7,869 509 164 1,609 Granted 1,595 131 83 562 Exercised or vested and converted (1,913 ) (150 ) (81 ) (504 ) Cancelled (16 ) (5 ) — (89 ) Outstanding as of November 30, 2019 7,535 485 166 1,578 Weighted average grant date fair value per share/unit: Granted $ 22.10 $ 98.63 $ 80.55 $ 78.61 Ending outstanding $ 18.16 $ 84.02 $ 70.97 $ 66.85 As of November 30, 2019 Unrecognized compensation ( in mil lions ) $ 47.0 $ 15.6 $ 3.1

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2019
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended Nine Months Ended November 30 November 30 (In thousands except per share data) 2019 2018 2019 2018 Net earnings $ 173,156 $ 190,311 $ 673,499 $ 649,857 Weighted average common shares outstanding 164,273 173,816 165,321 176,088 Dilutive potential common shares: Stock options 1,820 1,109 1,466 1,165 Stock-settled stock units and awards 441 396 367 403 Weighted average common shares and dilutive potential common shares 166,534 175,321 167,154 177,656 Basic net earnings per share $ 1.05 $ 1.09 $ 4.07 $ 3.69 Diluted net earnings per share $ 1.04 $ 1.09 $ 4.03 $ 3.66

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Nov. 30, 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 — (16,807 ) (16,807 ) Amounts reclassified from accumulated other comprehensive loss 1,066 1,744 2,810 Other comprehensive income (loss) 1,066 (15,063 ) (13,997 ) Balance as of November 30, 2019 $ (69,412 ) $ (12,595 ) $ (82,007 )
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2019 2018 2019 2018 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 203 $ 206 $ 601 $ 611 CarMax Auto Finance income 12 13 36 38 Selling, general and administrative expenses 253 268 768 812 Total amortization reclassifications recognized in net pension expense 468 487 1,405 1,461 Tax expense (113 ) (117 ) (339 ) (352 ) Amortization reclassifications recognized in net pension expense, net of tax 355 370 1,066 1,109 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 355 370 1,066 1,109 Cash Flow Hedges (Note 5): Changes in fair value 10,529 1,986 (22,844 ) 3,786 Tax (expense) benefit (2,782 ) (523 ) 6,037 (998 ) Changes in fair value, net of tax 7,747 1,463 (16,807 ) 2,788 Reclassifications to CarMax Auto Finance income 2,067 (2,084 ) 2,370 (5,054 ) Tax (expense) benefit (546 ) 549 (626 ) 1,332 Reclassification of hedge losses (gains), net of tax 1,521 (1,535 ) 1,744 (3,722 ) Net change in cash flow hedge unrecognized losses, net of tax 9,268 (72 ) (15,063 ) (934 ) Total other comprehensive income (loss), net of tax $ 9,623 $ 298 $ (13,997 ) $ 175

Leases (Tables)

Leases (Tables)	9 Months Ended	12 Months Ended
	Nov. 30, 2019	Feb. 28, 2019
Leases [Abstract]
Lease, Cost [Table Text Block]	(In thousands) Three Months Ended November 30, 2019 Nine Months Ended November 30, 2019 Operating lease cost (1) $ 14,262 $ 43,074 Finance lease cost: Depreciation of lease assets 1,563 4,114 Interest on lease liabilities 2,053 5,499 Total finance lease cost 3,616 9,613 Total lease cost $ 17,878 $ 52,687 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	(In thousands) Classification As of November 30, 2019 Assets: Operating lease assets Operating lease assets $ 454,708 Finance lease assets Property and equipment, net (1) 77,304 Total lease assets $ 532,012 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,813 Finance leases Accrued expenses and other current liabilities 4,512 Long-term: Operating leases Operating lease liabilities, excluding current portion 446,302 Finance leases Other liabilities 79,551 Total lease liabilities $ 561,178 (1) Finance lease assets are recorded net of accumulated depreciation of $7.5 million as of November 30, 2019 .
Other Lease Disclosures [Table Text Block]	(In thousands) Nine Months Ended November 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42,712 Operating cash flows from finance leases 2,572 Financing cash flows from finance leases 2,813 Lease assets obtained in exchange for lease obligations: Operating leases 25,029 Finance leases 52,102 Lease Term and Discount Rate As of November 30, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 20.06 Finance leases 13.78 Weighted Average Discount Rate Operating leases 5.40 % Finance leases 10.30 %
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of November 3 0, 20 19 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2020 , remaining $ 13,741 $ 2,793 Fiscal 2021 54,334 12,869 Fiscal 2022 50,796 13,662 Fiscal 2023 48,188 13,879 Fiscal 202 4 46,985 16,534 Thereafter 615,224 102,802 Total lease pa yments 829,268 162,539 Less: interest (352,153 ) (78,476 ) Present value of lease liabilities $ 477,115 $ 84,063 (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)	9 Months Ended
	Nov. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Nine Months Ended November 30 (In thousands) 2019 2018 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 4,603 $ (1,847 ) Increase in financing obligations $ 47,930 $ 21,854

Background (Narrative) (Details

Background (Narrative) (Details) $ in Millions	9 Months Ended
	Nov. 30, 2019USD ($)segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments | segment	2
Minimum | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 200
Maximum | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 250

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 4,790	$ 4,295.9	$ 15,357.5	$ 13,854.5
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,028.8	3,547.9	12,915.8	11,544.3
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	611	603.6	1,951.7	1,849.2
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	97	85.6	321.7	284.2
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(9.4)	(8.4)	(35.2)	(32.5)
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	28.9	32.4	96.3	105.1
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33.7	34.8	107.2	104.1
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 150.2	$ 144.4	$ 490	$ 460.9

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 30, 2019	Feb. 28, 2019
Revenue from Contract with Customer [Abstract]
Receivables, Long-term Contracts or Programs	$ 32.2	$ 25.7
Estimated ESP Profit-Sharing Payment	$ 50

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Auto Finance Income [Line Items]
Interest and fee income	$ 278,900	$ 247,800	$ 820,800	$ 722,300
Interest expense	(90,400)	(75,300)	(268,400)	(208,200)
Total interest margin	188,500	172,500	552,400	514,100
Provision for loan losses	(49,000)	(40,800)	(132,700)	(111,700)
Total interest margin after provision for loan losses	139,500	131,700	419,700	402,400
Total other expense	0	(100)	0	(400)
Payroll and fringe benefit expense	(10,800)	(9,400)	(31,300)	(28,600)
Other direct expenses	(14,700)	(12,500)	(44,300)	(38,400)
Total direct expenses	(25,500)	(21,900)	(75,600)	(67,000)
CarMax Auto Finance income	114,033	109,725	344,123	334,985
Total average managed receivables	$ 13,239,200	$ 12,321,000	$ 12,986,200	$ 12,054,600
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.40%	8.00%	8.40%	8.00%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(2.70%)	(2.40%)	(2.80%)	(2.30%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.70%	5.60%	5.70%	5.70%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.50%)	(1.30%)	(1.40%)	(1.20%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.20%	4.30%	4.30%	4.50%
Total other expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.00%	0.00%	0.00%	0.00%
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.30%)	(0.30%)	(0.30%)	(0.30%)
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.40%)	(0.50%)	(0.40%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.80%)	(0.70%)	(0.80%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	3.40%	3.60%	3.50%	3.70%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Aug. 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	Feb. 28, 2018
Non-recourse notes payable	$ 13,320,447		$ 12,535,405
Total ending managed receivables	13,352,600		12,510,200
Accrued interest and fees	59,900		49,600
Other	17,800		6,900
Less allowance for loan losses	(153,600)	$ (150,400)	(138,200)	$ (138,300)	$ (138,100)	$ (128,600)
Auto loan receivables, net	13,276,654		12,428,487
Asset-backed term funding
Total ending managed receivables	10,616,900		10,273,400
Warehouse facilities
Total ending managed receivables	2,305,700		1,877,000
Overcollateralization
Total ending managed receivables	296,300		273,300
Other managed receivables
Total ending managed receivables	$ 133,700		$ 86,500

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 13,352.6	$ 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	$ 6,691.4	$ 6,225.6
Total ending managed receivables as percentage by major credit grade	50.10%	49.80%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 4,813.9	$ 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	$ 1,847.3	$ 1,796.4
Total ending managed receivables as percentage by major credit grade	13.80%	14.30%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018	Aug. 31, 2019	Feb. 28, 2019	Aug. 31, 2018	Feb. 28, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 150.4	$ 138.1	$ 138.2	$ 128.6
Charge-offs	(81.2)	(74.3)	(223.4)	(198.1)
Recoveries	35.4	33.7	106.1	96.1
Provision for loan losses	49	40.8	132.7	111.7
Balance as of end of period	$ 153.6	$ 138.3	$ 153.6	$ 138.3
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Item as percent of total ending managed receivables	1.15%	1.12%	1.15%	1.12%	1.15%	1.10%	1.13%	1.11%

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 13,352.6	$ 12,510.2
Total past due	$ 510.9	$ 451.8
Past due receivables as a percentage of total ending managed receivables	3.80%	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	$ 323	$ 276.5
Past due receivables as a percentage of total ending managed receivables	2.40%	2.20%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 152.3	$ 141.4
Past due receivables as a percentage of total ending managed receivables	1.10%	1.10%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 35.6	$ 33.9
Past due receivables as a percentage of total ending managed receivables	0.30%	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	9 Months Ended
	Nov. 30, 2019	Feb. 28, 2019
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months	$ 7.1
Derivative, Notional Amount	$ 2,590	$ 2,230

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 234,676	$ 372,448
Mutual fund investments	21,905	19,263
Derivative instruments	3,711	1,844
Total assets at fair value	$ 260,292	$ 393,555
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	1.30%	2.10%
Liabilities: Derivative instruments	$ (1,653)	$ (6,120)
Total liabilities at fair value	$ (1,653)	$ (6,120)
Percent of total liabilities	0.00%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 234,676	$ 372,448
Mutual fund investments	21,905	19,263
Derivative instruments	0	0
Total assets at fair value	$ 256,581	$ 391,711
Percent of total assets at fair value	98.60%	99.50%
Percent of total assets	1.30%	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	3,711	1,844
Total assets at fair value	$ 3,711	$ 1,844
Percent of total assets at fair value	1.40%	0.50%
Percent of total assets	0.00%	0.00%
Liabilities: Derivative instruments	$ (1,653)	$ (6,120)
Total liabilities at fair value	$ (1,653)	$ (6,120)
Percent of total liabilities	0.00%	0.00%

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 527,394	$ 488,590

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 60.8	$ 55.6

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 111.6	$ 110.6	$ 102.8	$ 105.2
Cancellations	(18.4)	(17.2)	(55.1)	(50.5)
Provision for future cancellations	19.6	16.3	65.1	55
Balance as of end of period	$ 112.8	$ 109.7	$ 112.8	$ 109.7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 31	$ 30.3

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Debt Instrument [Line Items]
Financing obligations	$ 537,311	$ 495,626
Non-Recourse Debt	13,320,447	12,535,405
Total debt	15,035,279	14,197,560
Less: current portion	(406,822)	(396,350)
Unamortized Debt Issuance Expense	(24,203)	(24,676)
Long-term debt, net	14,604,254	13,776,534
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	377,521	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	Nov. 30, 2019	Feb. 28, 2019
Schedule of Funding Vehicles [Line Items]
Non-Recourse Debt	$ 13,320,447	$ 12,535,405
Warehouse Facility One
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,950,000
Warehouse Facility Three
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,400,000
Warehouse Facility Two
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	150,000
Warehouse Facilities [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	3,500,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,190,000
Non-Recourse Debt	2,310,000
Asset-backed term funding transactions
Schedule of Funding Vehicles [Line Items]
Non-Recourse Debt	$ 11,010,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Feb. 28, 2019
Debt Instrument [Line Items]
Non-recourse notes payable	$ 13,320,447		$ 12,535,405
Capitalized interest	5,000	$ 4,800
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,450,000
Unused capacity	1,070,000
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding Balance	300,000
Senior Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance	$ 500,000
Financing obligation | Minimum
Debt Instrument [Line Items]
Initial lease terms, in years	15 years
Financing obligation | Maximum
Debt Instrument [Line Items]
Initial lease terms, in years	20 years

Stock and Stock-Based Incenti_3

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Narrative) (Details) - Share Repurchase Program - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 2,000
Available for repurchase, as of end of period	$ 1,666	$ 2,384

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		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	1,270,300	3,657,800	5,748,900	9,257,100
Average Cost Per Share	$ 90.38	$ 69.52	$ 77.92	$ 68.36
Available for repurchase, as of end of period	$ 1,666	$ 2,384	$ 1,666	$ 2,384

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		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 29,696	$ 7,528	$ 99,506	$ 62,608
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	2,128	(343)	6,293	2,551
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,317	596	4,166	3,030
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 26,251	$ 7,275	$ 89,047	$ 57,027

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		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 29,696	$ 7,528	$ 99,506	$ 62,608
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	6,151	6,230	24,314	23,838
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	20,545	(2,485)	59,763	25,409
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	2,837	2,681	10,298	9,960
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	(244)	317	1,389	1,043
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	0	0	433
Stock-settled deferred stock units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	0	426	2,412	720
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	407	359	1,330	1,205
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 163	$ 1,102	$ 5,131	$ 3,401

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans Schedule of Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Nov. 30, 2019	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	7,535	7,869
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,595
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,913)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(16)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 22.10
Options Outstanding Weighted Average Grant Date Fair Value	$ 18.16
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 47
Stock-settled market stock units
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	485	509
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	131
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(150)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(5)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 98.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 84.02
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 15.6
Other share-based incentives
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	166	164
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	83
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(81)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 80.55
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 70.97
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 3.1
Cash-settled restricted stock units (RSUs)
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	1,578	1,609
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	562
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(504)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(89)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 78.61
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 66.85

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2019	Nov. 30, 2018
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 173,156	$ 233,599	$ 266,744	$ 190,311	$ 220,890	$ 238,656	$ 673,499	$ 649,857
Weighted average common shares outstanding, shares	164,273			173,816			165,321	176,088
Weighted average common shares and dilutive potential common shares, shares	166,534			175,321			167,154	177,656
Basic net earnings per share (in dollars per share)	$ 1.05			$ 1.09			$ 4.07	$ 3.69
Diluted net earnings per share (in dollars per share)	$ 1.04			$ 1.09			$ 4.03	$ 3.66
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,820			1,109			1,466	1,165
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	441			396			367	403

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	1,235,575	2,808,555	1,272,429	3,904,738

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2019	Nov. 30, 2018
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (68,010)				$ (68,010)
Other comprehensive loss before reclassifications							(16,807)
Amounts reclassified from accumulated other comprehensive loss							2,810
Other comprehensive income (loss), net of taxes	$ 9,623	$ (10,424)	(13,196)	$ 298	$ 610	$ (733)	(13,997)	$ 175
Ending balance	(82,007)						(82,007)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(70,478)				(70,478)
Other comprehensive loss before reclassifications							0
Amounts reclassified from accumulated other comprehensive loss							1,066
Other comprehensive income (loss), net of taxes							1,066
Ending balance	(69,412)						(69,412)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ 2,468				2,468
Other comprehensive loss before reclassifications							(16,807)
Amounts reclassified from accumulated other comprehensive loss							1,744
Other comprehensive income (loss), net of taxes							(15,063)
Ending balance	$ (12,595)						$ (12,595)

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		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Total amortization reclassifications recognized in net pension expense	$ 468	$ 487	$ 1,405	$ 1,461
Tax expense	(113)	(117)	(339)	(352)
Amortization reclassifications recognized in net pension expense, net of tax	355	370	1,066	1,109
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	355	370	1,066	1,109
Changes in fair value	10,529	1,986	(22,844)	3,786
Tax (expense) benefit	(2,782)	(523)	6,037	(998)
Changes in fair value, net of tax	7,747	1,463	(16,807)	2,788
Reclassifications to CarMax Auto Finance income	2,067	(2,084)	2,370	(5,054)
Tax (expense) benefit	(546)	549	(626)	1,332
Reclassification of hedge losses (gains), net of tax	1,521	(1,535)	1,744	(3,722)
Net change in cash flow hedge unrecognized losses, net of tax	9,268	(72)	(15,063)	(934)
Total other comprehensive income (loss), net of tax	9,623	298	(13,997)	175
Cost of sales
Total amortization reclassifications recognized in net pension expense	203	206	601	611
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	12	13	36	38
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 253	$ 268	$ 768	$ 812

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 26.5	$ 21.4

Leases Narrative (Details)

Leases Narrative (Details)	9 Months Ended
	Nov. 30, 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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2019
Leases [Abstract]
Operating Lease, Cost	$ 14,262	$ 43,074
Finance Lease, Right-of-Use Asset, Amortization	1,563	4,114
Finance Lease, Interest Expense	2,053	5,499
Finance Lease, Cost	3,616	9,613
Lease, Cost	$ 17,878	$ 52,687

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Leases [Abstract]
Operating lease assets	$ 454,708	$ 0
Finance Lease, Right-of-Use Asset	77,304
Total lease assets	532,012
Current portion of operating lease liabilities	30,813	0
Finance Lease, Liability, Current	4,512
Operating lease liabilities, excluding current portion	446,302	$ 0
Finance Lease, Liability, Noncurrent	79,551
Total lease liabilities	561,178
Finance Lease Accumulated Depreciation	$ 7,500

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	Nov. 30, 2019Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	20 years 21 days
Finance Lease, Weighted Average Remaining Lease Term	13 years 9 months 10 days
Operating Lease, Weighted Average Discount Rate, Percent	5.40%
Finance Lease, Weighted Average Discount Rate, Percent	10.30%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Nov. 30, 2019USD ($)
Leases [Abstract]
Operating Lease, Payments	$ 42,712
Finance Lease, Interest Payment on Liability	2,572
Finance Lease, Principal Payments	2,813
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	25,029
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 52,102

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Nov. 30, 2019USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 13,741
Lessee, Operating Lease, Liability, Payments, Due Year Two	54,334
Lessee, Operating Lease, Liability, Payments, Due Year Three	50,796
Lessee, Operating Lease, Liability, Payments, Due Year Four	48,188
Lessee, Operating Lease, Liability, Payments, Due Year Five	46,985
Lessee, Operating Lease, Liability, Payments, Due after Year Five	615,224
Lessee, Operating Lease, Liability, Payments, Due	829,268
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(352,153)
Operating Lease, Liability	477,115
Finance Lease, Liability, Payments, Remainder of Fiscal Year	2,793
Finance Lease, Liability, Payments, Due Year Two	12,869
Finance Lease, Liability, Payments, Due Year Three	13,662
Finance Lease, Liability, Payments, Due Year Four	13,879
Finance Lease, Liability, Payments, Due Year Five	16,534
Finance Lease, Liability, Payments, Due after Year Five	102,802
Finance Lease, Liability, Payment, Due	162,539
Finance Lease, Liability, Undiscounted Excess Amount	(78,476)
Finance Lease, Liability	84,063
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	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Increase (decrease) in accrued capital expenditures	$ 4,603	$ (1,847)
Increase in financing obligations	$ 47,930	$ 21,854

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	Nov. 30, 2019	Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 8.6	$ 7.4