CarMax (KMX) 10-Q 6 Jan 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2020	Dec. 31, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2020
Document Transition Report	false
Entity File Number	1-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2021
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		162,541,451

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 5,184,944	$ 4,790,028	$ 13,785,892	$ 15,357,497
TOTAL COST OF SALES	4,553,514	4,176,381	12,048,136	13,308,014
GROSS PROFIT	631,430	613,647	1,737,756	2,049,483
CARMAX AUTO FINANCE INCOME	176,445	114,033	374,590	344,123
Selling, general and administrative expenses	478,797	484,848	1,342,721	1,455,339
Interest expense	19,462	21,843	65,889	60,700
Other (income) expense	(887)	(6,570)	728	(6,786)
Earnings before income taxes	310,503	227,559	703,008	884,353
Income tax provision	75,203	54,403	166,034	210,854
NET EARNINGS	$ 235,300	$ 173,156	$ 536,974	$ 673,499
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	163,732	164,273	163,278	165,321
Diluted, shares	165,773	166,534	164,976	167,154
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 1.44	$ 1.05	$ 3.29	$ 4.07
Diluted (in dollars per share)	$ 1.42	$ 1.04	$ 3.25	$ 4.03
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 4,209,748	$ 4,028,811	$ 11,385,183	$ 12,915,763
TOTAL COST OF SALES	3,791,134	3,615,704	10,223,875	11,549,445
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	828,362	610,983	1,990,296	1,951,718
TOTAL COST OF SALES	713,961	504,177	1,669,595	1,601,573
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	146,834	150,234	410,413	490,016
TOTAL COST OF SALES	$ 48,419	$ 56,500	$ 154,666	$ 156,996
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	87.80%	87.20%	87.40%	86.70%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	12.20%	12.80%	12.60%	13.30%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	3.40%	2.40%	2.70%	2.20%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	9.20%	10.10%	9.70%	9.50%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.40%	0.50%	0.50%	0.40%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.00%	(0.10%)	0.00%	0.00%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	6.00%	4.80%	5.10%	5.80%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	1.50%	1.10%	1.20%	1.40%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	4.50%	3.60%	3.90%	4.40%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	81.20%	84.10%	82.60%	84.10%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	16.00%	12.80%	14.40%	12.70%
NET SALES AND OPERATING REVENUES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	2.80%	3.10%	3.00%	3.20%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	73.10%	75.50%	74.20%	75.20%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	13.80%	10.50%	12.10%	10.40%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.90%	1.20%	1.10%	1.00%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 235,300	$ 173,156	$ 536,974	$ 673,499
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	727	355	2,183	1,066
Net change in cash flow hedge unrecognized losses	6,775	9,268	(5,036)	(15,063)
Other comprehensive income (loss), net of taxes	7,502	9,623	(2,853)	(13,997)
TOTAL COMPREHENSIVE INCOME	$ 242,802	$ 182,779	$ 534,121	$ 659,502

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 29, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 236,643	$ 58,211
Restricted cash from collections on auto loans receivable	492,610	481,043
Accounts receivable, net	168,979	191,090
Inventory	2,780,205	2,846,416
Other current assets	58,660	86,927
TOTAL CURRENT ASSETS	3,737,097	3,663,687
Auto loans receivable, net of allowance for loan losses of $431,592 and $157,796 as of November 30, 2020 and February 29, 2020, respectively	13,267,364	13,551,711
Property and equipment, net of accumulated depreciation of $1,386,094 and $1,266,920 as of November 30, 2020 and February 29, 2020, respectively	3,043,345	3,069,102
Deferred Income Tax Assets, Net	159,209	89,842
Operating lease assets	439,074	449,094
Other assets	286,759	258,746
TOTAL ASSETS	20,932,848	21,082,182
CURRENT LIABILITIES:
Accounts payable	570,174	737,144
Accrued expenses and other current liabilities	372,429	331,738
Accrued income taxes	18,322	1,389
Current portion of operating lease liabilities	30,726	30,980
Short-term debt	1,008	40
Current portion of long-term debt	10,228	9,251
Current portion of non-recourse notes payable	434,900	424,165
TOTAL CURRENT LIABILITIES	1,437,787	1,534,707
Long-term debt, excluding current portion	1,319,496	1,778,672
Non-recourse notes payable, excluding current portion	13,161,504	13,165,384
Operating lease liabilities, excluding current portion	431,068	440,671
Other liabilities	454,517	393,873
TOTAL LIABILITIES	16,804,372	17,313,307
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 163,033,971 and 163,081,376 shares issued and outstanding as of November 30, 2020 and February 29, 2020, respectively	81,517	81,541
Capital in excess of par value	1,462,130	1,348,988
Accumulated other comprehensive loss	(152,924)	(150,071)
Retained earnings	2,737,753	2,488,417
TOTAL SHAREHOLDERS’ EQUITY	4,128,476	3,768,875
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 20,932,848	$ 21,082,182

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 29, 2020
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.50	$ 0.50
Common Stock, Shares Authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	163,033,971	163,081,376
Common stock, shares outstanding	163,033,971	163,081,376
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,386,094	$ 1,266,920
Financing Receivable, Allowance for Credit Loss	$ 431,592	$ 157,796

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
OPERATING ACTIVITIES:
Net earnings	$ 536,974	$ 673,499
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	180,495	158,226
Share-based compensation expense	73,946	98,177
Provision for loan losses	156,147	132,650
Provision for cancellation reserves	53,511	65,166
Deferred income tax benefit	(19,529)	(744)
Other	5,966	(72)
Net decrease (increase) in:
Accounts receivable, net	22,111	(2,887)
Inventory	66,211	(163,119)
Other current assets	29,478	(41,869)
Auto loans receivable, net	(73,827)	(980,817)
Other assets	(8,151)	10,185
Net (decrease) increase in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(124,092)	20,604
Other liabilities	(30,854)	(86,905)
Net Cash Provided by (Used in) Operating Activities	868,386	(117,906)
INVESTING ACTIVITIES:
Capital expenditures	(123,952)	(249,177)
Proceeds from disposal of property and equipment	1,846	3
Purchases of investments	(2,709)	(8,438)
Sales of investments	2,739	1,025
Net Cash Provided by (Used in) Investing Activities	(122,076)	(256,587)
FINANCING ACTIVITIES:
Increase (decrease) in short-term debt, net	968	(708)
Proceeds from issuances of long-term debt	1,562,300	4,707,500
Payments on long-term debt	(2,022,586)	(4,702,807)
Cash paid for debt issuance costs	(12,797)	(14,849)
Payments on finance lease obligations	(4,871)	(2,813)
Issuances of non-recourse notes payable	7,947,313	8,596,000
Payments on non-recourse notes payable	(7,940,254)	(7,810,958)
Repurchase and retirement of common stock	(158,625)	(458,587)
Equity issuances	94,295	96,367
Net Cash Provided by (Used in) Financing Activities	(534,257)	409,145
Increase in cash, cash equivalents, and restricted cash	212,053	34,652
Cash, cash equivalents, and restricted cash at beginning of year	656,390	595,377
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	868,443	630,029
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	236,643	56,583
Restricted cash from collections on auto loans receivable	492,610	458,493
Restricted cash included in other assets	139,190	114,953
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 868,443	$ 630,029

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]
BALANCE, SHARES at Feb. 28, 2019		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		167,479,000
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)
BALANCE, SHARES at Nov. 30, 2019		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		163,795,000
BALANCE at Nov. 30, 2019	$ 3,698,053	$ 81,897	1,321,567	2,376,596	(82,007)
BALANCE, SHARES at Feb. 29, 2020	163,081,376	163,081,000
BALANCE at Feb. 29, 2020	$ 3,768,875	$ 81,541	1,348,988	2,488,417	(150,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	4,978			4,978
Other Comprehensive Income (Loss), Net of Tax	(15,334)				(15,334)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	17,652		17,652
Stock Repurchased and Retired During Period, Shares		(515,000)
Stock Repurchased and Retired During Period, Value	(40,709)	$ (258)	(4,271)	(36,180)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		35,000
Stock Issued During Period, Value, Stock Options Exercised	1,706	$ 18	1,688
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		154,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(5,552)	$ 77	(5,629)
New Accounting Pronouncement or Change in Accounting Principle, Cummulative Effect | Accounting Standards Update 2016-13 [Member]	(153,306)			(153,306)
BALANCE, SHARES at May. 31, 2020		162,755,000
BALANCE at May. 31, 2020	$ 3,578,310	$ 81,378	1,358,428	2,303,909	(165,405)
BALANCE, SHARES at Feb. 29, 2020	163,081,376	163,081,000
BALANCE at Feb. 29, 2020	$ 3,768,875	$ 81,541	1,348,988	2,488,417	(150,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	536,974
Other Comprehensive Income (Loss), Net of Tax	$ (2,853)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,481,000)
BALANCE, SHARES at Nov. 30, 2020	163,033,971	163,034,000
BALANCE at Nov. 30, 2020	$ 4,128,476	$ 81,517	1,462,130	2,737,753	(152,924)
BALANCE, SHARES at May. 31, 2020		162,755,000
BALANCE at May. 31, 2020	3,578,310	$ 81,378	1,358,428	2,303,909	(165,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	296,696			296,696
Other Comprehensive Income (Loss), Net of Tax	4,979				4,979
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,568		12,568
Stock Repurchased and Retired During Period, Shares		0
Stock Repurchased and Retired During Period, Value	0	$ 0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		1,403,000
Stock Issued During Period, Value, Stock Options Exercised	90,019	$ 701	89,318
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		4,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(12)	$ 2	(14)
BALANCE, SHARES at Aug. 31, 2020		164,162,000
BALANCE at Aug. 31, 2020	3,982,560	$ 82,081	1,460,300	2,600,605	(160,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	235,300			235,300
Other Comprehensive Income (Loss), Net of Tax	7,502				7,502
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9,942		9,942
Stock Repurchased and Retired During Period, Shares		(1,176,000)
Stock Repurchased and Retired During Period, Value	(109,249)	$ (588)	(10,509)	(98,152)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		43,000
Stock Issued During Period, Value, Stock Options Exercised	2,570	$ 21	2,549
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		5,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (149)	$ 3	(152)
BALANCE, SHARES at Nov. 30, 2020	163,033,971	163,034,000
BALANCE at Nov. 30, 2020	$ 4,128,476	$ 81,517	$ 1,462,130	$ 2,737,753	$ (152,924)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2020
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) 2020 2019 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (28,862) $ 4,603 Increase in financing obligations $ — $ 47,930 See Note 13 for supplemental cash flow information related to leases.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Nine Months Ended November 30 (In thousands) 2020 2019 Non-cash investing and financing activities: (Decrease) increase in accrued capital expenditures $ (28,862) $ 4,603 Increase in financing obligations $ — $ 47,930

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ (28,862)	$ 4,603
Increase in financing obligations	$ 0	$ 47,930

Background

Background	9 Months Ended
	Nov. 30, 2020
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 nation’s largest and most profitable retailer of used vehicles. 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. Our omni-channel experience, which gives us the largest addressable market in the used car industry, empowers customers to buy a car on their terms – online, in-store or a seamless combination of both. Customers can choose to complete the car-buying experience in-person at one of our stores; or buy the car online and receive delivery through contactless curbside pickup, available nationwide, or home delivery, available to most customers. We offer customers 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 or virtual 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 29, 2020 (the “2020 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year as disclosed in the company's Quarterly Report on Form 10-Q for the period ended May 31, 2020 (the “first quarter 2021 10-Q”). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the 2020 Annual Report and the unaudited consolidated financial statements and footnotes included in the first quarter 2021 10-Q. 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. In particular, the novel coronavirus (“COVID-19”) pandemic and the resulting adverse impacts to global economic conditions, as well as our operations, may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, downward adjustments to investments in equity securities, asset impairment charges, the effectiveness of the company’s hedging instruments, deferred tax valuation allowances, cancellation reserves, actuarial losses on our retirement benefit plans and discount rate assumptions. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding.

Revenue

Revenue	9 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue 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) 2020 2019 2020 2019 Used vehicle sales $ 4,209.7 $ 4,028.8 $ 11,385.2 $ 12,915.8 Wholesale vehicle sales 828.4 611.0 1,990.3 1,951.7 Other sales and revenues: Extended protection plan revenues 101.7 97.0 294.5 321.7 Third-party finance fees, net (10.6) (9.4) (36.7) (35.2) Service revenues 24.6 28.9 70.6 96.3 Other 31.1 33.7 82.0 107.2 Total other sales and revenues 146.8 150.2 410.4 490.0 Total net sales and operating revenues $ 5,184.9 $ 4,790.0 $ 13,785.9 $ 15,357.5 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 are 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, or refund liability, 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, 2020 and February 29, 2020, no long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. 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, 2020
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 loans receivable, 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 loans receivable 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 loans receivable, 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) 2020 % (1) 2019 % (1) 2020 % (1) 2019 % (1) Interest margin: Interest and fee income $ 288.5 8.5 $ 278.9 8.4 $ 851.1 8.5 $ 820.8 8.4 Interest expense (77.1) (2.3) (90.4) (2.7) (243.0) (2.4) (268.4) (2.8) Total interest margin 211.4 6.3 188.5 5.7 608.1 6.1 552.4 5.7 Provision for loan losses (8.2) (0.2) (49.0) (1.5) (156.1) (1.6) (132.7) (1.4) Total interest margin after provision for loan losses 203.2 6.0 139.5 4.2 452.0 4.5 419.7 4.3 Total other expense — — — — (2.2) — — — Direct expenses: Payroll and fringe benefit expense (11.6) (0.3) (10.8) (0.3) (34.2) (0.3) (31.3) (0.3) Other direct expenses (15.2) (0.4) (14.7) (0.4) (41.0) (0.4) (44.3) (0.5) Total direct expenses (26.8) (0.8) (25.5) (0.8) (75.2) (0.7) (75.6) (0.8) CarMax Auto Finance income $ 176.4 5.2 $ 114.0 3.4 $ 374.6 3.7 $ 344.1 3.5 Total average managed receivables $ 13,517.5 $ 13,239.2 $ 13,381.6 $ 12,986.2

Auto Loan Receivables

Auto Loan Receivables	9 Months Ended
	Nov. 30, 2020
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables	Auto Loans Receivable Auto loans receivable 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 loans receivable 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 loans receivable into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of $13.62 billion as of November 30, 2020 and $13.61 billion as of February 29, 2020. See Note 9 for additional information on non-recourse notes payable. Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loans receivable is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge-off. When a charge-off occurs, accrued interest is written off by reversing interest income. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income. Auto Loans Receivable, Net As of November 30 As of February 29 (In millions) 2020 2020 Asset-backed term funding $ 10,878.5 $ 11,007.1 Warehouse facilities 2,308.0 2,181.7 Overcollateralization (1) 337.0 289.0 Other managed receivables (2) 112.6 140.0 Total ending managed receivables 13,636.1 13,617.8 Accrued interest and fees 61.9 56.2 Other 1.0 35.5 Less: allowance for loan losses (431.6) (157.8) Auto loans receivable, net $ 13,267.4 $ 13,551.7 (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 with the highest probability of repayment are A-grade customers. 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. After origination, credit grades are generally not updated. CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans receivable 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, 2020 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,081.9 $ 2,393.0 $ 1,316.6 $ 686.7 $ 271.8 $ 53.8 $ 6,803.8 49.9 B 1,507.9 1,571.3 977.8 554.1 246.1 77.2 4,934.4 36.2 C and other 564.4 594.2 357.6 209.6 122.3 49.8 1,897.9 13.9 Total ending managed receivables $ 4,154.2 $ 4,558.5 $ 2,652.0 $ 1,450.4 $ 640.2 $ 180.8 $ 13,636.1 100.0 As of February 29 (In millions) 2020 (1) % (2) A $ 6,915.9 50.8 B 4,841.2 35.6 C and other 1,860.7 13.6 Total ending managed receivables $ 13,617.8 100.0 (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. The allowance for loan losses at November 30, 2020 represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for loan losses is determined using a net loss timing curve, primarily based on the composition of the portfolio of managed receivables and historical gross loss and recovery trends. For receivables that have less than 18 months of performance history, the net loss estimate takes into account the credit grades of the receivables and historical losses by credit grade to supplement actual loss data in estimating future performance. Once the receivables have 18 months of performance history, the net loss estimate reflects actual loss experience of those receivables to date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a receivable’s life. The output of the net loss timing curve is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the National Automobile Dealers Association (“NADA”) used vehicle price index are used to predict changes in gross loss and recovery rate, respectively. An economic adjustment factor is developed to capture the relationship between changes in these forecasts and changes in gross loss and recovery rates. This factor is applied to the output of the net loss timing curve for the reasonable and supportable forecast period of two years. After the end of this two-year period, the impact of the economic factor is phased out of the allowance for loan loss calculation on a straight-line basis over a period of 12 months. We periodically consider whether the use of alternative metrics would result in improved model performance and revise the models when appropriate. The provision for loan losses is the periodic expense of maintaining an adequate allowance. Allowance for Loan Losses Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2020 % (1) 2019 (2) % (1) 2020 % (1) 2019 (2) % (1) Balance as of beginning of period $ 432.5 3.23 $ 150.4 1.15 $ 157.8 1.16 $ 138.2 1.10 Adoption of CECL — — 202.0 — Adjusted balance as of beginning of period 432.5 3.23 150.4 1.15 359.8 2.64 138.2 1.10 Charge-offs (49.9) (81.2) (174.5) (223.4) Recoveries (3) 40.8 35.4 90.2 106.1 Provision for loan losses 8.2 49.0 156.1 132.7 Balance as of end of period $ 431.6 3.17 $ 153.6 1.15 $ 431.6 3.17 $ 153.6 1.15 (1) Percent of total ending managed receivables. (2) The comparative information has not been restated and continues to be reported under the accounting guidance in effect during fiscal 2020. (3) Net of costs incurred to recover vehicle. During the first quarter of fiscal 2021, we adopted a new accounting pronouncement related to the measurement of credit losses on financial instruments (ASU 2016-13 or “CECL”). The adoption of this pronouncement resulted in the recognition of a $202.0 million increase in the allowance for loan losses as of March 1, 2020, with a corresponding net-of-tax decrease of $153.3 million in retained earnings. During the first nine months of fiscal 2021, we recorded a provision for loan losses of $156.1 million. The first quarter provision of $122.0 million included an increase in our estimate of lifetime losses on existing loans, largely resulting from worsening economic factors in response to COVID-19. In particular, the U.S. unemployment rate rose significantly during the first quarter. This rate is used in loss prediction to incorporate how current and forecasted economic conditions impact customer hardship, or ability to pay. Changes in the NADA used vehicle price index were not significant. During the second and third quarters of fiscal 2021, we experienced favorable loss performance in comparison to our loss expectations set at the end of the then previous quarter, resulting in favorable adjustments of $29.6 million and $55.8 million, respectively, for receivables then outstanding. These adjustments were more than offset by increases to the provision related to our estimate of lifetime losses on originations of $55.6 million in the second quarter and $64.0 million in the third quarter. While we experienced some loss favorability during the second and third quarter of fiscal 2021, this favorability was tempered by economic adjustment factors and other qualitative considerations applied to the provision, particularly the uncertainty surrounding the COVID-19 pandemic. The allowance for loan losses as of November 30, 2020 reflects the unpredictability of the current environment and the uncertain consumer situation. Past Due Receivables. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the receivable is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the receivable is otherwise deemed uncollectible. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment. Past Due Receivables As of November 30, 2020 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,776.7 $ 4,761.3 $ 1,698.3 $ 13,236.3 97.07 Delinquent loans: 31-60 days past due 17.5 112.8 121.7 252.0 1.85 61-90 days past due 7.2 49.0 65.6 121.8 0.89 Greater than 90 days past due 2.4 11.3 12.3 26.0 0.19 Total past due 27.1 173.1 199.6 399.8 2.93 Total ending managed receivables $ 6,803.8 $ 4,934.4 $ 1,897.9 $ 13,636.1 100.00 As of February 29 (In millions) 2020 % (1) Total ending managed receivables $ 13,617.8 100.00 Delinquent loans: 31-60 days past due $ 296.4 2.18 61-90 days past due 138.3 1.01 Greater than 90 days past due 34.2 0.25 Total past due $ 468.9 3.44

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
	Nov. 30, 2020
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 generally designate these derivative instruments as cash flow hedges for accounting purposes. In certain cases, we may choose not to designate a derivative instrument as a cash flow hedge for accounting purposes due to uncertainty around the probability that future hedged transactions will occur. 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 loans receivable, and (ii) exposure to variable interest rates associated with our term loan. For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the 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 $19.8 million will be reclassified in AOCL as a decrease to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the three and nine months ended November 30, 2020, we recognized income of $0.1 million and a loss of $2.1 million, respectively, in CAF income representing these changes in fair value. As of November 30, 2020 and February 29, 2020, we had interest rate swaps outstanding with a combined notional amount of $2.41 billion and $2.62 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of November 30, 2020, we had an interest rate swap with a notional amount of $0.17 billion outstanding that was not designated as a cash flow hedge. 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, 2020
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 loans receivable 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, 2020 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 524,297 $ — $ 524,297 Mutual fund investments 21,978 — 21,978 Derivative instruments designated as hedges — 1,189 1,189 Derivative instruments not designated as hedges — 65 65 Total assets at fair value $ 546,275 $ 1,254 $ 547,529 Percent of total assets at fair value 99.8 % 0.2 % 100.0 % Percent of total assets 2.6 % — % 2.6 % Liabilities: Derivative instruments designated as hedges $ — $ (7,164) $ (7,164) Total liabilities at fair value $ — $ (7,164) $ (7,164) Percent of total liabilities — % — % — % As of February 29, 2020 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 273,203 $ — $ 273,203 Mutual fund investments 22,668 — 22,668 Total assets at fair value $ 295,871 $ — $ 295,871 Percent of total assets at fair value 100.0 % — % 100.0 % Percent of total assets 1.4 % — % 1.4 % Liabilities: Derivative instruments designated as hedges $ — $ (23,992) $ (23,992) Total liabilities at fair value $ — $ (23,992) $ (23,992) Percent of total liabilities — % 0.1 % 0.1 % 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 loans receivable 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, 2020 and February 29, 2020, respectively, are as follows: (In thousands) As of November 30, 2020 As of February 29, 2020 Carrying value $ 500,000 $ 500,000 Fair value $ 560,115 $ 546,197

Cancellation Reserves

Cancellation Reserves	9 Months Ended
	Nov. 30, 2020
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, or refund liability, 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) 2020 2019 2020 2019 Balance as of beginning of period $ 122.6 $ 111.6 $ 117.9 $ 102.8 Cancellations (17.4) (18.4) (48.3) (55.1) Provision for future cancellations 17.9 19.6 53.5 65.1 Balance as of end of period $ 123.1 $ 112.8 $ 123.1 $ 112.8 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of November 30, 2020 and February 29, 2020, the current portion of cancellation reserves was $66.2 million and $63.5 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $28.7 million of gross unrecognized tax benefits as of November 30, 2020, and $30.9 million as of February 29, 2020. There were no significant changes to the gross unrecognized tax benefits as reported for the year ended February 29, 2020.

Debt

Debt	9 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of November 30 As of February 29 Debt Description (1) Maturity Date 2020 2020 Revolving credit facility (2) June 2024 $ 1,008 $ 452,740 Term loan 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 531,030 536,739 Non-recourse notes payable Various dates through September 2027 13,620,332 13,613,272 Total debt 14,952,370 15,402,751 Less: current portion (446,136) (433,456) Less: unamortized debt issuance costs (25,234) (25,240) Long-term debt, net $ 14,481,000 $ 14,944,055 (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 of November 30, 2020, the unused capacity of $1.45 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 loans receivable 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 loans receivable. 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 September 2027, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable. Information on our funding vehicles for non-recourse notes payable as of November 30, 2020, are as follows: (In billions) Capacity Warehouse facilities: February 2021 expiration $ 1.95 August 2021 expiration 1.40 September 2021 expiration 0.18 Combined warehouse facility limit $ 3.53 Unused capacity $ 1.22 Non-recourse notes payable outstanding: Warehouse facilities $ 2.31 Asset-backed term funding transactions 11.31 Non-recourse notes payable $ 13.62 We generally enter into warehouse facility agreements for one-year terms and typically 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 loans receivable. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. For the nine months ended November 30, 2020 and 2019, we capitalized interest of $2.1 million and $5.0 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, 2020, 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, 2020
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, 2020, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.40 billion remained available for repurchase. In March 2020, our current stock repurchase program was suspended. The repurchase authorization remained effective and the program resumed in September 2020. Common Stock Repurchases Three Months Ended Nine Months Ended November 30 November 30 2020 2019 2020 2019 Number of shares repurchased (in thousands) 1,175.8 1,270.3 1,691.3 5,748.9 Average cost per share $ 92.90 $ 90.38 $ 88.65 $ 77.92 Available for repurchase, as of end of period (in millions) $ 1,402.4 $ 1,666.0 $ 1,402.4 $ 1,666.0 (B) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2020 2019 2020 2019 Cost of sales $ 11 $ 2,128 $ 3,202 $ 6,293 CarMax Auto Finance income 938 1,317 3,750 4,166 Selling, general and administrative expenses 10,728 26,251 68,680 89,047 Share-based compensation expense, before income taxes $ 11,677 $ 29,696 $ 75,632 $ 99,506 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2020 2019 2020 2019 Nonqualified stock options $ 6,630 $ 6,151 $ 25,237 $ 24,314 Cash-settled restricted stock units (RSUs) 1,210 20,545 33,784 59,763 Stock-settled market stock units (MSUs) 3,161 2,837 12,516 10,298 Other share-based incentives: Stock-settled performance stock units (PSUs) 112 (244) 378 1,389 Restricted stock (RSAs) 39 — 106 — Stock-settled deferred stock units (DSUs) — — 1,925 2,412 Employee stock purchase plan 525 407 1,686 1,330 Total other share-based incentives $ 676 $ 163 $ 4,095 $ 5,131 Share-based compensation expense, before income taxes $ 11,677 $ 29,696 $ 75,632 $ 99,506 (C) Stock Incentive Plan Information Share/Unit Activity Nine Months Ended November 30, 2020 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 29, 2020 6,994 477 130 1,557 Granted 1,602 199 23 670 Exercised or vested and converted (1,481) (148) (69) (512) Cancelled (29) (8) — (72) Outstanding as of November 30, 2020 7,086 520 84 1,643 Weighted average grant date fair value per share/unit: Granted $ 22.77 $ 93.70 $ 86.88 $ 71.08 Ending outstanding $ 19.41 $ 90.46 $ 81.80 $ 70.86 As of November 30, 2020 Unrecognized compensation (in millions) $ 49.8 $ 17.8 $ 1.0

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Nov. 30, 2020
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) 2020 2019 2020 2019 Net earnings $ 235,300 $ 173,156 $ 536,974 $ 673,499 Weighted average common shares outstanding 163,732 164,273 163,278 165,321 Dilutive potential common shares: Stock options 1,636 1,820 1,341 1,466 Stock-settled stock units and awards 405 441 357 367 Weighted average common shares and dilutive potential common shares 165,773 166,534 164,976 167,154 Basic net earnings per share $ 1.44 $ 1.05 $ 3.29 $ 4.07 Diluted net earnings per share $ 1.42 $ 1.04 $ 3.25 $ 4.03 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, 2020 and 2019, options to purchase 115,509 shares and 1,235,575 shares of common stock, respectively, were not included. For the nine months ended November 30, 2020 and 2019, options to purchase 2,158,503 shares and 1,272,429 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Nov. 30, 2020
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 Comprehensive (In thousands, net of income taxes) Losses Losses Loss Balance as of February 29, 2020 $ (121,302) $ (28,769) $ (150,071) Other comprehensive loss before reclassifications — (16,113) (16,113) Amounts reclassified from accumulated other comprehensive loss 2,183 11,077 13,260 Other comprehensive income (loss) 2,183 (5,036) (2,853) Balance as of November 30, 2020 $ (119,119) $ (33,805) $ (152,924) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2020 2019 2020 2019 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 402 $ 203 $ 1,212 $ 601 CarMax Auto Finance income 27 12 83 36 Selling, general and administrative expenses 530 253 1,583 768 Total amortization reclassifications recognized in net pension expense 959 468 2,878 1,405 Tax expense (232) (113) (695) (339) Amortization reclassifications recognized in net pension expense, net of tax 727 355 2,183 1,066 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 727 355 2,183 1,066 Cash Flow Hedges (Note 5): Changes in fair value 2,877 10,529 (21,906) (22,844) Tax (expense) benefit (761) (2,782) 5,793 6,037 Changes in fair value, net of tax 2,116 7,747 (16,113) (16,807) Reclassifications to CarMax Auto Finance income 6,334 2,067 15,060 2,370 Tax expense (1,675) (546) (3,983) (626) Reclassification of hedge losses, net of tax 4,659 1,521 11,077 1,744 Net change in cash flow hedge unrecognized losses, net of tax 6,775 9,268 (5,036) (15,063) Total other comprehensive income (loss), net of tax $ 7,502 $ 9,623 $ (2,853) $ (13,997) 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 $49.9 million as of November 30, 2020 and $48.8 million as of February 29, 2020.

Leases (Notes)

Leases (Notes)	9 Months Ended
	Nov. 30, 2020
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: Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2020 2019 2020 2019 Operating lease cost (1) $ 14,340 $ 14,262 $ 43,075 $ 43,074 Finance lease cost: Depreciation of lease assets 2,149 1,563 5,523 4,114 Interest on lease liabilities 2,680 2,053 7,328 5,499 Total finance lease cost 4,829 3,616 12,851 9,613 Total lease cost $ 19,169 $ 17,878 $ 55,926 $ 52,687 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of November 30 As of February 29 (In thousands) Classification 2020 2020 Assets: Operating lease assets Operating lease assets $ 439,074 $ 449,094 Finance lease assets Property and equipment, net (1) 97,281 75,320 Total lease assets $ 536,355 $ 524,414 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,726 $ 30,980 Finance leases Accrued expenses and other current liabilities 9,520 5,066 Long-term: Operating leases Operating lease liabilities, excluding current portion 431,068 440,671 Finance leases Other liabilities 102,154 79,327 Total lease liabilities $ 573,468 $ 556,044 (1) Finance lease assets are recorded net of accumulated depreciation of $14.6 million as of November 30, 2020 and $9.1 million as of February 29, 2020. Lease term and discount rate information related to leases was as follows: As of November 30 As of February 29 Lease Term and Discount Rate 2020 2020 Weighted Average Remaining Lease Term (in years) Operating leases 19.49 19.98 Finance leases 12.72 13.55 Weighted Average Discount Rate Operating leases 5.37 % 5.40 % Finance leases 11.34 % 10.32 % Supplemental cash flow information related to leases was as follows: Nine Months Ended November 30 (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42,711 $ 42,712 Operating cash flows from finance leases $ 5,972 $ 2,572 Financing cash flows from finance leases $ 4,871 $ 2,813 Lease assets obtained in exchange for lease obligations: Operating leases $ 13,650 $ 25,029 Finance leases $ 30,596 $ 52,102 Maturities of lease liabilities were as follows: As of November 30, 2020 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2021, remaining $ 13,411 $ 5,071 Fiscal 2022 53,101 20,803 Fiscal 2023 50,891 18,902 Fiscal 2024 50,017 21,647 Fiscal 2025 48,920 17,964 Thereafter 574,547 130,878 Total lease payments 790,887 215,265 Less: interest (329,093) (103,591) Present value of lease liabilities $ 461,794 $ 111,674 (1) Lease payments exclude $112.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Nov. 30, 2020
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. CarMax has reached a global agreement settling the Weiss, Gomez and McElhannon lawsuits on a class basis. The settlement agreement was approved by the Superior Court of California, County of Placer on December 10, 2020. In anticipation of the consolidation of claims under the global settlement agreement, on March 11, 2020, the Gomez and McElhannon lawsuits were dismissed, as the claims of the plaintiffs are addressed in the global settlement. The monetary settlement under this agreement is for an immaterial amount that has been fully accrued. The Sabanovich lawsuit is not included in the global settlement agreement. 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. As previously reported, the company has cooperated with representatives from multiple California municipality district attorney offices in 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 and the district attorney offices have reached a settlement agreement, which was entered and approved by the Superior Court of California, County of Orange on June 8, 2020. The settlement includes an immaterial monetary payment covering penalties, costs, and supplemental environmental projects as well as certain injunctive relief. The company is a class member in a consolidated and settled class action lawsuit (In re: Takata Airbag Product Liability Litigation (U.S. District Court, Southern District of Florida)) against Toyota, Mazda, Subaru, BMW, Honda, Nissan and Ford related to the economic loss associated with defective Takata airbags installed as original equipment in certain model vehicles from model years 2000-2018. On April 15, 2020, CarMax received $40.3 million in net recoveries from the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlement funds. CarMax remains a class member for the Ford settlement fund. We are unable to make a reasonable estimate of the amount or range of gain that could result from CarMax’s participation in the Ford settlement fund. 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 $13.6 million as of November 30, 2020, and $10.5 million as of February 29, 2020, and is included in accrued expenses and other current liabilities.

Background Basis of Accounting

Background Basis of Accounting (Policies)	9 Months Ended
	Nov. 30, 2020
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 nation’s largest and most profitable retailer of used vehicles. 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. Our omni-channel experience, which gives us the largest addressable market in the used car industry, empowers customers to buy a car on their terms – online, in-store or a seamless combination of both. Customers can choose to complete the car-buying experience in-person at one of our stores; or buy the car online and receive delivery through contactless curbside pickup, available nationwide, or home delivery, available to most customers. We offer customers 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 or virtual 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 29, 2020 (the “2020 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year as disclosed in the company's Quarterly Report on Form 10-Q for the period ended May 31, 2020 (the “first quarter 2021 10-Q”). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the 2020 Annual Report and the unaudited consolidated financial statements and footnotes included in the first quarter 2021 10-Q.
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.  In particular, the novel coronavirus (“COVID-19”) pandemic and the resulting adverse impacts to global economic conditions, as well as our operations, may impact future estimates including, but not limited to, our allowance for loan losses, inventory valuations, fair value measurements, downward adjustments to investments in equity securities, asset impairment charges, the effectiveness of the company’s hedging instruments, deferred tax valuation allowances, cancellation reserves, actuarial losses on our retirement benefit plans and discount rate assumptions. Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2020 2019 2020 2019 Used vehicle sales $ 4,209.7 $ 4,028.8 $ 11,385.2 $ 12,915.8 Wholesale vehicle sales 828.4 611.0 1,990.3 1,951.7 Other sales and revenues: Extended protection plan revenues 101.7 97.0 294.5 321.7 Third-party finance fees, net (10.6) (9.4) (36.7) (35.2) Service revenues 24.6 28.9 70.6 96.3 Other 31.1 33.7 82.0 107.2 Total other sales and revenues 146.8 150.2 410.4 490.0 Total net sales and operating revenues $ 5,184.9 $ 4,790.0 $ 13,785.9 $ 15,357.5

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	9 Months Ended
	Nov. 30, 2020
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) 2020 % (1) 2019 % (1) 2020 % (1) 2019 % (1) Interest margin: Interest and fee income $ 288.5 8.5 $ 278.9 8.4 $ 851.1 8.5 $ 820.8 8.4 Interest expense (77.1) (2.3) (90.4) (2.7) (243.0) (2.4) (268.4) (2.8) Total interest margin 211.4 6.3 188.5 5.7 608.1 6.1 552.4 5.7 Provision for loan losses (8.2) (0.2) (49.0) (1.5) (156.1) (1.6) (132.7) (1.4) Total interest margin after provision for loan losses 203.2 6.0 139.5 4.2 452.0 4.5 419.7 4.3 Total other expense — — — — (2.2) — — — Direct expenses: Payroll and fringe benefit expense (11.6) (0.3) (10.8) (0.3) (34.2) (0.3) (31.3) (0.3) Other direct expenses (15.2) (0.4) (14.7) (0.4) (41.0) (0.4) (44.3) (0.5) Total direct expenses (26.8) (0.8) (25.5) (0.8) (75.2) (0.7) (75.6) (0.8) CarMax Auto Finance income $ 176.4 5.2 $ 114.0 3.4 $ 374.6 3.7 $ 344.1 3.5 Total average managed receivables $ 13,517.5 $ 13,239.2 $ 13,381.6 $ 12,986.2

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	9 Months Ended
	Nov. 30, 2020
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of November 30 As of February 29 (In millions) 2020 2020 Asset-backed term funding $ 10,878.5 $ 11,007.1 Warehouse facilities 2,308.0 2,181.7 Overcollateralization (1) 337.0 289.0 Other managed receivables (2) 112.6 140.0 Total ending managed receivables 13,636.1 13,617.8 Accrued interest and fees 61.9 56.2 Other 1.0 35.5 Less: allowance for loan losses (431.6) (157.8) Auto loans receivable, net $ 13,267.4 $ 13,551.7 (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, 2020 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,081.9 $ 2,393.0 $ 1,316.6 $ 686.7 $ 271.8 $ 53.8 $ 6,803.8 49.9 B 1,507.9 1,571.3 977.8 554.1 246.1 77.2 4,934.4 36.2 C and other 564.4 594.2 357.6 209.6 122.3 49.8 1,897.9 13.9 Total ending managed receivables $ 4,154.2 $ 4,558.5 $ 2,652.0 $ 1,450.4 $ 640.2 $ 180.8 $ 13,636.1 100.0 As of February 29 (In millions) 2020 (1) % (2) A $ 6,915.9 50.8 B 4,841.2 35.6 C and other 1,860.7 13.6 Total ending managed receivables $ 13,617.8 100.0 (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) 2020 % (1) 2019 (2) % (1) 2020 % (1) 2019 (2) % (1) Balance as of beginning of period $ 432.5 3.23 $ 150.4 1.15 $ 157.8 1.16 $ 138.2 1.10 Adoption of CECL — — 202.0 — Adjusted balance as of beginning of period 432.5 3.23 150.4 1.15 359.8 2.64 138.2 1.10 Charge-offs (49.9) (81.2) (174.5) (223.4) Recoveries (3) 40.8 35.4 90.2 106.1 Provision for loan losses 8.2 49.0 156.1 132.7 Balance as of end of period $ 431.6 3.17 $ 153.6 1.15 $ 431.6 3.17 $ 153.6 1.15 (1) Percent of total ending managed receivables. (2) The comparative information has not been restated and continues to be reported under the accounting guidance in effect during fiscal 2020. (3) Net of costs incurred to recover vehicle.
Past Due Receivables	Past Due Receivables As of November 30, 2020 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,776.7 $ 4,761.3 $ 1,698.3 $ 13,236.3 97.07 Delinquent loans: 31-60 days past due 17.5 112.8 121.7 252.0 1.85 61-90 days past due 7.2 49.0 65.6 121.8 0.89 Greater than 90 days past due 2.4 11.3 12.3 26.0 0.19 Total past due 27.1 173.1 199.6 399.8 2.93 Total ending managed receivables $ 6,803.8 $ 4,934.4 $ 1,897.9 $ 13,636.1 100.00 As of February 29 (In millions) 2020 % (1) Total ending managed receivables $ 13,617.8 100.00 Delinquent loans: 31-60 days past due $ 296.4 2.18 61-90 days past due 138.3 1.01 Greater than 90 days past due 34.2 0.25 Total past due $ 468.9 3.44

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2020
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, 2020 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 524,297 $ — $ 524,297 Mutual fund investments 21,978 — 21,978 Derivative instruments designated as hedges — 1,189 1,189 Derivative instruments not designated as hedges — 65 65 Total assets at fair value $ 546,275 $ 1,254 $ 547,529 Percent of total assets at fair value 99.8 % 0.2 % 100.0 % Percent of total assets 2.6 % — % 2.6 % Liabilities: Derivative instruments designated as hedges $ — $ (7,164) $ (7,164) Total liabilities at fair value $ — $ (7,164) $ (7,164) Percent of total liabilities — % — % — % As of February 29, 2020 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 273,203 $ — $ 273,203 Mutual fund investments 22,668 — 22,668 Total assets at fair value $ 295,871 $ — $ 295,871 Percent of total assets at fair value 100.0 % — % 100.0 % Percent of total assets 1.4 % — % 1.4 % Liabilities: Derivative instruments designated as hedges $ — $ (23,992) $ (23,992) Total liabilities at fair value $ — $ (23,992) $ (23,992) Percent of total liabilities — % 0.1 % 0.1 %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of November 30, 2020 As of February 29, 2020 Carrying value $ 500,000 $ 500,000 Fair value $ 560,115 $ 546,197

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	9 Months Ended
	Nov. 30, 2020
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended November 30 Nine Months Ended November 30 (In millions) 2020 2019 2020 2019 Balance as of beginning of period $ 122.6 $ 111.6 $ 117.9 $ 102.8 Cancellations (17.4) (18.4) (48.3) (55.1) Provision for future cancellations 17.9 19.6 53.5 65.1 Balance as of end of period $ 123.1 $ 112.8 $ 123.1 $ 112.8

Debt (Tables)

Debt (Tables)	9 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of November 30 As of February 29 Debt Description (1) Maturity Date 2020 2020 Revolving credit facility (2) June 2024 $ 1,008 $ 452,740 Term loan 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 531,030 536,739 Non-recourse notes payable Various dates through September 2027 13,620,332 13,613,272 Total debt 14,952,370 15,402,751 Less: current portion (446,136) (433,456) Less: unamortized debt issuance costs (25,234) (25,240) Long-term debt, net $ 14,481,000 $ 14,944,055 (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 2021 expiration $ 1.95 August 2021 expiration 1.40 September 2021 expiration 0.18 Combined warehouse facility limit $ 3.53 Unused capacity $ 1.22 Non-recourse notes payable outstanding: Warehouse facilities $ 2.31 Asset-backed term funding transactions 11.31 Non-recourse notes payable $ 13.62

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	9 Months Ended
	Nov. 30, 2020
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 2020 2019 2020 2019 Number of shares repurchased (in thousands) 1,175.8 1,270.3 1,691.3 5,748.9 Average cost per share $ 92.90 $ 90.38 $ 88.65 $ 77.92 Available for repurchase, as of end of period (in millions) $ 1,402.4 $ 1,666.0 $ 1,402.4 $ 1,666.0
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended Nine Months Ended November 30 November 30 (In thousands) 2020 2019 2020 2019 Cost of sales $ 11 $ 2,128 $ 3,202 $ 6,293 CarMax Auto Finance income 938 1,317 3,750 4,166 Selling, general and administrative expenses 10,728 26,251 68,680 89,047 Share-based compensation expense, before income taxes $ 11,677 $ 29,696 $ 75,632 $ 99,506
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) 2020 2019 2020 2019 Nonqualified stock options $ 6,630 $ 6,151 $ 25,237 $ 24,314 Cash-settled restricted stock units (RSUs) 1,210 20,545 33,784 59,763 Stock-settled market stock units (MSUs) 3,161 2,837 12,516 10,298 Other share-based incentives: Stock-settled performance stock units (PSUs) 112 (244) 378 1,389 Restricted stock (RSAs) 39 — 106 — Stock-settled deferred stock units (DSUs) — — 1,925 2,412 Employee stock purchase plan 525 407 1,686 1,330 Total other share-based incentives $ 676 $ 163 $ 4,095 $ 5,131 Share-based compensation expense, before income taxes $ 11,677 $ 29,696 $ 75,632 $ 99,506
Share-based Payment Arrangement, Activity	Share/Unit Activity Nine Months Ended November 30, 2020 Equity Classified Liability Classified (Shares/units in thousands) Options MSUs Other RSUs Outstanding as of February 29, 2020 6,994 477 130 1,557 Granted 1,602 199 23 670 Exercised or vested and converted (1,481) (148) (69) (512) Cancelled (29) (8) — (72) Outstanding as of November 30, 2020 7,086 520 84 1,643 Weighted average grant date fair value per share/unit: Granted $ 22.77 $ 93.70 $ 86.88 $ 71.08 Ending outstanding $ 19.41 $ 90.46 $ 81.80 $ 70.86 As of November 30, 2020 Unrecognized compensation (in millions) $ 49.8 $ 17.8 $ 1.0

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2020
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) 2020 2019 2020 2019 Net earnings $ 235,300 $ 173,156 $ 536,974 $ 673,499 Weighted average common shares outstanding 163,732 164,273 163,278 165,321 Dilutive potential common shares: Stock options 1,636 1,820 1,341 1,466 Stock-settled stock units and awards 405 441 357 367 Weighted average common shares and dilutive potential common shares 165,773 166,534 164,976 167,154 Basic net earnings per share $ 1.44 $ 1.05 $ 3.29 $ 4.07 Diluted net earnings per share $ 1.42 $ 1.04 $ 3.25 $ 4.03

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Nov. 30, 2020
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 Comprehensive (In thousands, net of income taxes) Losses Losses Loss Balance as of February 29, 2020 $ (121,302) $ (28,769) $ (150,071) Other comprehensive loss before reclassifications — (16,113) (16,113) Amounts reclassified from accumulated other comprehensive loss 2,183 11,077 13,260 Other comprehensive income (loss) 2,183 (5,036) (2,853) Balance as of November 30, 2020 $ (119,119) $ (33,805) $ (152,924)
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) 2020 2019 2020 2019 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 402 $ 203 $ 1,212 $ 601 CarMax Auto Finance income 27 12 83 36 Selling, general and administrative expenses 530 253 1,583 768 Total amortization reclassifications recognized in net pension expense 959 468 2,878 1,405 Tax expense (232) (113) (695) (339) Amortization reclassifications recognized in net pension expense, net of tax 727 355 2,183 1,066 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 727 355 2,183 1,066 Cash Flow Hedges (Note 5): Changes in fair value 2,877 10,529 (21,906) (22,844) Tax (expense) benefit (761) (2,782) 5,793 6,037 Changes in fair value, net of tax 2,116 7,747 (16,113) (16,807) Reclassifications to CarMax Auto Finance income 6,334 2,067 15,060 2,370 Tax expense (1,675) (546) (3,983) (626) Reclassification of hedge losses, net of tax 4,659 1,521 11,077 1,744 Net change in cash flow hedge unrecognized losses, net of tax 6,775 9,268 (5,036) (15,063) Total other comprehensive income (loss), net of tax $ 7,502 $ 9,623 $ (2,853) $ (13,997)

Leases (Tables)

Leases (Tables)	9 Months Ended
	Nov. 30, 2020
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended November 30 Nine Months Ended November 30 (In thousands) 2020 2019 2020 2019 Operating lease cost (1) $ 14,340 $ 14,262 $ 43,075 $ 43,074 Finance lease cost: Depreciation of lease assets 2,149 1,563 5,523 4,114 Interest on lease liabilities 2,680 2,053 7,328 5,499 Total finance lease cost 4,829 3,616 12,851 9,613 Total lease cost $ 19,169 $ 17,878 $ 55,926 $ 52,687 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of November 30 As of February 29 (In thousands) Classification 2020 2020 Assets: Operating lease assets Operating lease assets $ 439,074 $ 449,094 Finance lease assets Property and equipment, net (1) 97,281 75,320 Total lease assets $ 536,355 $ 524,414 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,726 $ 30,980 Finance leases Accrued expenses and other current liabilities 9,520 5,066 Long-term: Operating leases Operating lease liabilities, excluding current portion 431,068 440,671 Finance leases Other liabilities 102,154 79,327 Total lease liabilities $ 573,468 $ 556,044 (1) Finance lease assets are recorded net of accumulated depreciation of $14.6 million as of November 30, 2020 and $9.1 million as of February 29, 2020.
Other Lease Disclosures [Table Text Block]	As of November 30 As of February 29 Lease Term and Discount Rate 2020 2020 Weighted Average Remaining Lease Term (in years) Operating leases 19.49 19.98 Finance leases 12.72 13.55 Weighted Average Discount Rate Operating leases 5.37 % 5.40 % Finance leases 11.34 % 10.32 % Nine Months Ended November 30 (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42,711 $ 42,712 Operating cash flows from finance leases $ 5,972 $ 2,572 Financing cash flows from finance leases $ 4,871 $ 2,813 Lease assets obtained in exchange for lease obligations: Operating leases $ 13,650 $ 25,029 Finance leases $ 30,596 $ 52,102
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of November 30, 2020 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2021, remaining $ 13,411 $ 5,071 Fiscal 2022 53,101 20,803 Fiscal 2023 50,891 18,902 Fiscal 2024 50,017 21,647 Fiscal 2025 48,920 17,964 Thereafter 574,547 130,878 Total lease payments 790,887 215,265 Less: interest (329,093) (103,591) Present value of lease liabilities $ 461,794 $ 111,674 (1) Lease payments exclude $112.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Background (Narrative) (Details

Background (Narrative) (Details)	9 Months Ended
	Nov. 30, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 5,184.9	$ 4,790	$ 13,785.9	$ 15,357.5
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,209.7	4,028.8	11,385.2	12,915.8
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	828.4	611	1,990.3	1,951.7
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	101.7	97	294.5	321.7
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(10.6)	(9.4)	(36.7)	(35.2)
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	24.6	28.9	70.6	96.3
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	31.1	33.7	82	107.2
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 146.8	$ 150.2	$ 410.4	$ 490

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Revenue from Contract with Customer [Abstract]
Receivables, Long-term Contracts or Programs	$ 0	$ 0

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, 2020	May 31, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Auto Finance Income [Line Items]
Interest and fee income	$ 288,500		$ 278,900	$ 851,100	$ 820,800
Interest expense	(77,100)		(90,400)	(243,000)	(268,400)
Total interest margin	211,400		188,500	608,100	552,400
Provision for loan losses	(8,200)	$ (122,000)	(49,000)	(156,100)	(132,700)
Total interest margin after provision for loan losses	203,200		139,500	452,000	419,700
Total other expense	0		0	(2,200)	0
Payroll and fringe benefit expense	(11,600)		(10,800)	(34,200)	(31,300)
Other direct expenses	(15,200)		(14,700)	(41,000)	(44,300)
Total direct expenses	(26,800)		(25,500)	(75,200)	(75,600)
CarMax Auto Finance income	176,445		114,033	374,590	344,123
Total average managed receivables	$ 13,517,500		$ 13,239,200	$ 13,381,600	$ 12,986,200
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.50%		8.40%	8.50%	8.40%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(2.30%)		(2.70%)	(2.40%)	(2.80%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.30%		5.70%	6.10%	5.70%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.20%)		(1.50%)	(1.60%)	(1.40%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.00%		4.20%	4.50%	4.30%
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%)	(0.40%)	(0.50%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.80%)		(0.80%)	(0.70%)	(0.80%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5.20%		3.40%	3.70%	3.50%

Auto Loan Receivables Auto Loan

Auto Loan Receivables Auto Loan Receivables (Narrative) (Details) - USD ($) $ in Thousands	Mar. 01, 2020	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	Feb. 29, 2020	Aug. 31, 2019	Feb. 28, 2019
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-Recourse Debt		$ 13,620,332				$ 13,620,332		$ 13,613,272
Provision for loan losses		8,200		$ 122,000	$ 49,000	156,100	$ 132,700
Financing Receivable, Allowance for Credit Loss	$ 359,800	431,592	$ 432,500		$ 153,600	$ 431,592	$ 153,600	$ 157,796	$ 150,400	$ 138,200
Accounting Standards Update 2016-13 [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cummulative Effect				$ (153,306)
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cummulative Effect	153,300
Accounting Standards Update 2016-13 [Member] | Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 202,000
Existing originations [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Provision for loan losses		55,800	29,600
Current Period Originations [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Provision for loan losses		$ 64,000	$ 55,600

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Mar. 01, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	Feb. 28, 2019
Total ending managed receivables	$ 13,636,100			$ 13,617,800
Accrued interest and fees	61,900			56,200
Other	1,000			35,500
Less: allowance for loan losses	(431,592)	$ (432,500)	$ (359,800)	(157,796)	$ (153,600)	$ (150,400)	$ (138,200)
Auto loans receivable, net	13,267,364			13,551,711
Asset-backed term funding
Total ending managed receivables	10,878,500			11,007,100
Warehouse facilities
Total ending managed receivables	2,308,000			2,181,700
Overcollateralization
Total ending managed receivables	337,000			289,000
Other managed receivables
Total ending managed receivables	$ 112,600			$ 140,000

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 4,154.2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	4,558.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,652
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,450.4
Financing Receivable, Originated Four Years before Latest Fiscal Year	640.2
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	180.8
Total ending managed receivables	$ 13,636.1	$ 13,617.8
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]
Financing Receivable, Originated in Current Fiscal Year	$ 2,081.9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,393
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,316.6
Financing Receivable, Originated Three Years before Latest Fiscal Year	686.7
Financing Receivable, Originated Four Years before Latest Fiscal Year	271.8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	53.8
Total ending managed receivables	$ 6,803.8	$ 6,915.9
Total ending managed receivables as percentage by major credit grade	49.90%	50.80%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 1,507.9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,571.3
Financing Receivable, Originated Two Years before Latest Fiscal Year	977.8
Financing Receivable, Originated Three Years before Latest Fiscal Year	554.1
Financing Receivable, Originated Four Years before Latest Fiscal Year	246.1
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	77.2
Total ending managed receivables	$ 4,934.4	$ 4,841.2
Total ending managed receivables as percentage by major credit grade	36.20%	35.60%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 564.4
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	594.2
Financing Receivable, Originated Two Years before Latest Fiscal Year	357.6
Financing Receivable, Originated Three Years before Latest Fiscal Year	209.6
Financing Receivable, Originated Four Years before Latest Fiscal Year	122.3
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	49.8
Total ending managed receivables	$ 1,897.9	$ 1,860.7
Total ending managed receivables as percentage by major credit grade	13.90%	13.60%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Nov. 30, 2020	May 31, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Aug. 31, 2020	Mar. 01, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	Feb. 28, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 432,500	$ 157,796	$ 150,400	$ 157,796	$ 138,200
Financing Receivable, Allowance for Credit Loss	432,500	157,796	153,600	157,796	153,600	$ 431,592	$ 432,500	$ 359,800	$ 157,796	$ 153,600	$ 150,400	$ 138,200
Financing Receivable, Allowance for Credit Loss, Writeoff	(49,900)		(81,200)	(174,500)	(223,400)
Financing Receivable, Allowance for Credit Loss, Recovery	40,800		35,400	90,200	106,100
Provision for loan losses	8,200	$ 122,000	49,000	156,100	132,700
Balance as of end of period	$ 431,592		$ 153,600	$ 431,592	$ 153,600
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Item as percent of total ending managed receivables						3.17%	3.23%	2.64%	1.16%	1.15%	1.15%	1.10%
Accounting Standards Update 2016-13 [Member] | Financing Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss								$ 202,000

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 13,236.3
Total ending managed receivables	13,636.1	$ 13,617.8
Total past due	$ 399.8	$ 468.9
Past due receivables as a percentage of total ending managed receivables	2.93%	3.44%
Total ending managed receivables, percent
Financing Receivable, Past Due [Line Items]
Item as percent of total ending managed receivables	100.00%	100.00%
Financial Asset, Current
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	97.07%
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 252	$ 296.4
Past due receivables as a percentage of total ending managed receivables	1.85%	2.18%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 121.8	$ 138.3
Past due receivables as a percentage of total ending managed receivables	0.89%	1.01%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 26	$ 34.2
Past due receivables as a percentage of total ending managed receivables	0.19%	0.25%
Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 6,776.7
Total ending managed receivables	6,803.8	$ 6,915.9
Total past due	27.1
Credit Grade A | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	17.5
Credit Grade A | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	7.2
Credit Grade A | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	2.4
Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	4,761.3
Total ending managed receivables	4,934.4	4,841.2
Total past due	173.1
Credit Grade B | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	112.8
Credit Grade B | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	49
Credit Grade B | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	11.3
Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,698.3
Total ending managed receivables	1,897.9	$ 1,860.7
Total past due	199.6
Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	121.7
Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	65.6
Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total past due	$ 12.3

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 30, 2020	Nov. 30, 2020	Feb. 29, 2020
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months		$ 19.8
Derivative, Notional Amount	$ 2,410	2,410	$ 2,620
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0.1	(2.1)
Derivative, Notional Amount	$ 170	$ 170

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 29, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 524,297	$ 273,203
Mutual fund investments	21,978	22,668
Total assets at fair value	$ 547,529	$ 295,871
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	2.60%	1.40%
Total liabilities at fair value	$ (7,164)	$ (23,992)
Percent of total liabilities	0.00%	0.10%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 524,297	$ 273,203
Mutual fund investments	21,978	22,668
Total assets at fair value	$ 546,275	$ 295,871
Percent of total assets at fair value	99.80%	100.00%
Percent of total assets	2.60%	1.40%
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
Total assets at fair value	$ 1,254	$ 0
Percent of total assets at fair value	0.20%	0.00%
Percent of total assets	0.00%	0.00%
Total liabilities at fair value	$ (7,164)	$ (23,992)
Percent of total liabilities	0.00%	0.10%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 1,189
Liabilities: Derivative instruments	(7,164)	$ (23,992)
Designated As Hedging Instrument | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Liabilities: Derivative instruments	0	0
Designated As Hedging Instrument | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	1,189
Liabilities: Derivative instruments	(7,164)	$ (23,992)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	65
Not Designated as Hedging Instrument [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0
Not Designated as Hedging Instrument [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 65

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, 2020	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 560,115	$ 546,197

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 66.2	$ 63.5

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 122.6	$ 111.6	$ 117.9	$ 102.8
Cancellations	(17.4)	(18.4)	(48.3)	(55.1)
Provision for future cancellations	17.9	19.6	53.5	65.1
Balance as of end of period	$ 123.1	$ 112.8	$ 123.1	$ 112.8

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 28.7	$ 30.9

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Long-term Debt	$ 14,481,000	$ 14,944,055
Financing Obligations	531,030	536,739
Non-Recourse Debt	13,620,332	13,613,272
Total debt	14,952,370	15,402,751
Less: current portion	(446,136)	(433,456)
Unamortized Debt Issuance Expense	(25,234)	(25,240)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	1,008	452,740
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, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Non-Recourse Debt	$ 13,620,332	$ 13,613,272
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,400,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	180,000
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,950,000
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	3,530,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,220,000
Non-Recourse Debt	2,310,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-Recourse Debt	$ 11,310,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Feb. 29, 2020
Debt Instrument [Line Items]
Outstanding Balance	$ 14,481,000		$ 14,944,055
Non-recourse notes payable	13,620,332		$ 13,613,272
Capitalized interest	2,100	$ 5,000
Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,450,000
Unused capacity	1,450,000
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, 2020	Nov. 30, 2019
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 2,000
Available for repurchase, as of end of period	$ 1,402.4	$ 1,666

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	1,175,800	1,270,300	1,691,300	5,748,900
Average Cost Per Share	$ 92.90	$ 90.38	$ 88.65	$ 77.92
Available for repurchase, as of end of period	$ 1,402.4	$ 1,666	$ 1,402.4	$ 1,666

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 11,677	$ 29,696	$ 75,632	$ 99,506
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	11	2,128	3,202	6,293
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	938	1,317	3,750	4,166
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 10,728	$ 26,251	$ 68,680	$ 89,047

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 11,677	$ 29,696	$ 75,632	$ 99,506
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	6,630	6,151	25,237	24,314
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	1,210	20,545	33,784	59,763
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,161	2,837	12,516	10,298
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	112	(244)	378	1,389
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	39	0	106	0
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	0	1,925	2,412
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	525	407	1,686	1,330
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 676	$ 163	$ 4,095	$ 5,131

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Nov. 30, 2020	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	7,086,000	6,994,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,602,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(1,481,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(29,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 22.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 19.41
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 49.8
Stock-settled market stock units (MSUs)
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	520,000	477,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	199,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(148,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(8,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 93.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 90.46
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.8
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	84,000	130,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	23,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(69,000)
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	$ 86.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 81.80
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 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	1,643,000	1,557,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	670,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(512,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(72,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 71.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 70.86

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, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2020	Nov. 30, 2019
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 235,300	$ 296,696	$ 4,978	$ 173,156	$ 233,599	$ 266,744	$ 536,974	$ 673,499
Weighted average common shares outstanding, shares	163,732			164,273			163,278	165,321
Weighted average common shares and dilutive potential common shares, shares	165,773			166,534			164,976	167,154
Basic net earnings per share (in dollars per share)	$ 1.44			$ 1.05			$ 3.29	$ 4.07
Diluted net earnings per share (in dollars per share)	$ 1.42			$ 1.04			$ 3.25	$ 4.03
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	1,636			1,820			1,341	1,466
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	405			441			357	367

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	115,509	1,235,575	2,158,503	1,272,429

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2020	Nov. 30, 2019
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (150,071)				$ (150,071)
Other comprehensive loss before reclassifications							(16,113)
Amounts reclassified from accumulated other comprehensive loss							13,260
Other comprehensive income (loss), net of taxes	$ 7,502	$ 4,979	(15,334)	$ 9,623	$ (10,424)	$ (13,196)	(2,853)	$ (13,997)
Ending balance	(152,924)						(152,924)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			(121,302)				(121,302)
Other comprehensive loss before reclassifications							0
Amounts reclassified from accumulated other comprehensive loss							2,183
Other comprehensive income (loss), net of taxes							2,183
Ending balance	(119,119)						(119,119)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance			$ (28,769)				(28,769)
Other comprehensive loss before reclassifications							(16,113)
Amounts reclassified from accumulated other comprehensive loss							11,077
Other comprehensive income (loss), net of taxes							(5,036)
Ending balance	$ (33,805)						$ (33,805)

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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Total amortization reclassifications recognized in net pension expense	$ 959	$ 468	$ 2,878	$ 1,405
Tax expense	(232)	(113)	(695)	(339)
Amortization reclassifications recognized in net pension expense, net of tax	727	355	2,183	1,066
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	727	355	2,183	1,066
Changes in fair value	2,877	10,529	(21,906)	(22,844)
Tax (expense) benefit	(761)	(2,782)	5,793	6,037
Changes in fair value, net of tax	2,116	7,747	(16,113)	(16,807)
Reclassifications to CarMax Auto Finance income	6,334	2,067	15,060	2,370
Tax expense	(1,675)	(546)	(3,983)	(626)
Reclassification of hedge losses, net of tax	4,659	1,521	11,077	1,744
Net change in cash flow hedge unrecognized losses, net of tax	6,775	9,268	(5,036)	(15,063)
Total other comprehensive income (loss), net of tax	7,502	9,623	(2,853)	(13,997)
Cost of sales
Total amortization reclassifications recognized in net pension expense	402	203	1,212	601
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	27	12	83	36
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 530	$ 253	$ 1,583	$ 768

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 49.9	$ 48.8

Leases Narrative (Details)

Leases Narrative (Details)	9 Months Ended
	Nov. 30, 2020
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Real Estate Lease Term	5 years
Equipment Lease Term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	20 years
Real Estate Lease Term	20 years
Equipment 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, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Leases [Abstract]
Operating Lease, Cost	$ 14,340	$ 14,262	$ 43,075	$ 43,074
Finance Lease, Right-of-Use Asset, Amortization	2,149	1,563	5,523	4,114
Finance Lease, Interest Expense	2,680	2,053	7,328	5,499
Finance Lease, Cost	4,829	3,616	12,851	9,613
Lease, Cost	$ 19,169	$ 17,878	$ 55,926	$ 52,687

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 29, 2020
Leases [Abstract]
Operating lease assets	$ 439,074	$ 449,094
Finance Lease, Right-of-Use Asset	97,281	75,320
Total lease assets	536,355	524,414
Current portion of operating lease liabilities	30,726	30,980
Finance Lease, Liability, Current	9,520	5,066
Operating lease liabilities, excluding current portion	431,068	440,671
Finance Lease, Liability, Noncurrent	102,154	79,327
Total lease liabilities	573,468	556,044
Finance Lease Accumulated Depreciation	$ 14,600	$ 9,100

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	Nov. 30, 2020Rate	Feb. 29, 2020Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	19 years 5 months 26 days	19 years 11 months 23 days
Finance Lease, Weighted Average Remaining Lease Term	12 years 8 months 19 days	13 years 6 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	5.37%	5.40%
Finance Lease, Weighted Average Discount Rate, Percent	11.34%	10.32%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Leases [Abstract]
Operating Lease, Payments	$ 42,711	$ 42,712
Finance Lease, Interest Payment on Liability	5,972	2,572
Finance Lease, Principal Payments	4,871	2,813
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	13,650	25,029
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 30,596	$ 52,102

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Nov. 30, 2020USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 13,411
Lessee, Operating Lease, Liability, Payments, Due Year Two	53,101
Lessee, Operating Lease, Liability, Payments, Due Year Three	50,891
Lessee, Operating Lease, Liability, Payments, Due Year Four	50,017
Lessee, Operating Lease, Liability, Payments, Due Year Five	48,920
Lessee, Operating Lease, Liability, Payments, Due after Year Five	574,547
Lessee, Operating Lease, Liability, Payments, Due	790,887
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(329,093)
Operating Lease, Liability	461,794
Finance Lease, Liability, Payments, Remainder of Fiscal Year	5,071
Finance Lease, Liability, Payments, Due Year Two	20,803
Finance Lease, Liability, Payments, Due Year Three	18,902
Finance Lease, Liability, Payments, Due Year Four	21,647
Finance Lease, Liability, Payments, Due Year Five	17,964
Finance Lease, Liability, Payments, Due after Year Five	130,878
Finance Lease, Liability, Payment, Due	215,265
Finance Lease, Liability, Undiscounted Excess Amount	(103,591)
Finance Lease, Liability	111,674
Lessee Lease Not Yet Commenced Amount	$ 112,100

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	Nov. 30, 2020	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Former Gain Contingency, Recognized in Current Period	$ 40.3
Liability associated with guarantee	$ 13.6	$ 10.5