CarMax (KMX) 10-Q 28 Jun 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2021	Jun. 24, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2021
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	2022
Document Fiscal Period Focus	Q1
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		162,935,057

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 7,697,599	$ 3,228,782
TOTAL COST OF SALES	6,773,090	2,874,599
GROSS PROFIT	924,509	354,183
CARMAX AUTO FINANCE INCOME	241,731	50,950
Selling, general and administrative expenses	554,069	324,891
Depreciation, Depletion and Amortization, Nonproduction	49,890	48,825
Interest expense	20,534	23,958
Other (income) expense	(25,577)	3,295
Earnings before income taxes	567,324	4,164
Income tax provision	130,568	(814)
NET EARNINGS	$ 436,756	$ 4,978
WEIGHTED AVERAGE COMMON SHARES:
Basic, shares	163,151	162,673
Diluted, shares	166,295	163,537
NET EARNINGS PER SHARE:
Basic (in dollars per share)	$ 2.68	$ 0.03
Diluted (in dollars per share)	$ 2.63	$ 0.03
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 6,157,344	$ 2,786,202
TOTAL COST OF SALES	5,560,337	2,524,676
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	1,374,357	342,852
TOTAL COST OF SALES	1,188,513	280,922
Total other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	165,898	99,728
TOTAL COST OF SALES	$ 24,240	$ 69,001
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100.00%	100.00%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	88.00%	89.00%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	12.00%	11.00%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	3.10%	1.60%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	7.20%	10.10%
Depreciation and Amortization, Nonproduction
Percentage of Sales
Item as a percent of net sales and operating revenues	0.60%	1.50%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.30%	0.70%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	(0.30%)	0.10%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	7.40%	0.10%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	1.70%	0.00%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	5.70%	0.20%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	80.00%	86.30%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	17.90%	10.60%
NET SALES AND OPERATING REVENUES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	3.10%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	72.20%	78.20%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	15.40%	8.70%
TOTAL COST OF SALES | Total other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	0.30%	2.10%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 436,756	$ 4,978
Other comprehensive income (loss), net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	659	728
Net change in cash flow hedge unrecognized losses	2,278	(16,062)
Other comprehensive income (loss), net of taxes	2,937	(15,334)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 439,693	$ (10,356)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 377,954	$ 132,319
Restricted cash from collections on auto loans receivable	549,578	496,415
Accounts receivable, net	413,219	239,070
Inventory	3,248,849	3,157,159
Other current assets	101,005	91,833
TOTAL CURRENT ASSETS	4,690,605	4,116,796
Auto loans receivable, net of allowance for loan losses of $379,481 and $411,150 as of May 31, 2021 and February 28, 2021, respectively	14,159,044	13,489,819
Property and equipment, net of accumulated depreciation of $1,452,335 and $1,414,264 as of May 31, 2021 and February 28, 2021, respectively	3,076,173	3,055,563
Deferred Income Tax Assets, Net	138,487	164,261
Operating lease assets	453,851	431,652
Other assets	314,729	283,450
TOTAL ASSETS	22,832,889	21,541,541
CURRENT LIABILITIES:
Accounts payable	1,058,005	799,333
Accrued expenses and other current liabilities	401,043	415,465
Accrued income taxes	96,624	218
Current portion of operating lease liabilities	30,836	30,953
Current portion of long-term debt	10,210	9,927
Current portion of non-recourse notes payable	496,669	442,652
TOTAL CURRENT LIABILITIES	2,093,387	1,698,548
Long-term debt, excluding current portion	1,320,208	1,322,415
Non-recourse notes payable, excluding current portion	13,840,787	13,297,504
Operating lease liabilities, excluding current portion	446,497	423,618
Other liabilities	428,529	434,843
TOTAL LIABILITIES	18,129,408	17,176,928
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 162,802,762 and 163,172,333 shares issued and outstanding as of May 31, 2021 and February 28, 2021, respectively	81,401	81,586
Capital in excess of par value	1,527,876	1,513,821
Accumulated other comprehensive loss	(115,754)	(118,691)
Retained earnings	3,209,958	2,887,897
TOTAL SHAREHOLDERS’ EQUITY	4,703,481	4,364,613
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 22,832,889	$ 21,541,541

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 379,481	$ 411,150
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,452,335	$ 1,414,264
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	162,802,762	163,172,333
Common stock, shares outstanding	162,802,762	163,172,333

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
OPERATING ACTIVITIES:
Net earnings	$ 436,756	$ 4,978
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	62,356	58,340
Share-based compensation expense	41,074	25,057
Provision for loan losses	(24,375)	122,018
Provision for cancellation reserves	34,128	13,552
Deferred income tax provision	24,751	25,041
Other	(21,037)	5,386
Net (increase) decrease in:
Accounts receivable, net	(174,149)	46,072
Inventory	(91,690)	946,986
Other current assets	(9,873)	(13,769)
Auto loans receivable, net	(644,850)	433,044
Other assets	(2,853)	(3,247)
Net increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	315,784	(382,102)
Other liabilities	(57,905)	(31,797)
Net Cash Provided by (Used in) Operating Activities	(111,883)	1,249,559
INVESTING ACTIVITIES:
Capital expenditures	(59,145)	(62,871)
Proceeds from Sales of Business, Affiliate and Productive Assets	617	0
Purchases of investments	(4,701)	(2,369)
Sales and returns of investments	86	168
Net Cash Provided by (Used in) Investing Activities	(63,143)	(65,072)
FINANCING ACTIVITIES:
Increase in short-term debt, net	0	46
Proceeds from issuances of long-term debt	388,600	977,500
Payments on long-term debt	(391,235)	(1,062,578)
Cash paid for debt issuance costs	(3,910)	(2,610)
Payments on finance lease obligations	(2,789)	(1,370)
Issuances of non-recourse notes payable	3,610,819	1,982,000
Payments on non-recourse notes payable	(3,014,131)	(2,420,291)
Repurchase and retirement of common stock	(133,838)	(54,140)
Equity issuances	21,589	1,706
Net Cash Provided by (Used in) Financing Activities	475,105	(579,737)
Increase in cash, cash equivalents, and restricted cash	300,079	604,750
Cash, cash equivalents, and restricted cash at beginning of year	771,947	656,390
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	1,072,026	1,261,140
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	377,954	658,022
Restricted cash from collections on auto loans receivable	549,578	480,565
Restricted cash included in other assets	144,494	122,553
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 1,072,026	$ 1,261,140

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. 29, 2020		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]
New Accounting Pronouncement or Change in Accounting Principle, Cummulative Effect | Accounting Standards Update 2016-13 [Member]	(153,306)			(153,306)
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)
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. 28, 2021	163,172,333	163,172,000
BALANCE at Feb. 28, 2021	$ 4,364,613	$ 81,586	1,513,821	2,887,897	(118,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	436,756			436,756
Other Comprehensive Income (Loss), Net of Tax	2,937				2,937
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	20,102		20,102
Stock Repurchased and Retired During Period, Shares		(998,000)
Stock Repurchased and Retired During Period, Value	(124,542)	$ (499)	(9,348)	(114,695)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		375,000
Stock Issued During Period, Value, Stock Options Exercised	21,590	$ 187	21,403
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		254,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ (17,975)	$ 127	(18,102)
BALANCE, SHARES at May. 31, 2021	162,802,762	162,803,000
BALANCE at May. 31, 2021	$ 4,703,481	$ 81,401	$ 1,527,876	$ 3,209,958	$ (115,754)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	May 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental Cash Flow Information Supplemental disclosures of cash flow information: Three Months Ended May 31 (In thousands) 2021 2020 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 2,568 $ (20,778) See Note 13 for supplemental cash flow information related to leases.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information	3 Months Ended
	May 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	Three Months Ended May 31 (In thousands) 2021 2020 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 2,568 $ (20,778)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Supplemental Cash Flow Elements [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 2,568	$ (20,778)

Background

Background	3 Months Ended
	May 31, 2021
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 platform, which gives us the largest addressable market in the used car industry, empowers our retail 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 28, 2021 (the “2021 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2021 Annual Report. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic continues to have an adverse impact on global economic conditions and 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. Depreciation and amortization previously included in selling, general, and administrative expenses is now separately presented on the consolidated statements of earnings. Prior period amounts have been reclassified to conform to the current period’s presentation. Depreciation and amortization related to other areas of our business, including cost of sales and CAF, is included in its respective line item on the consolidated statements of earnings. Certain other prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. Recent Accounting Pronouncements. Adopted in the Current Period. In December 2019, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2019-12) related to simplifying the accounting for income taxes. We adopted this pronouncement for our fiscal year beginning March 1, 2021, and it did not have a material effect on our consolidated financial statements.

Revenue

Revenue	3 Months Ended
	May 31, 2021
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 May 31 (In millions) 2021 2020 Used vehicle sales $ 6,157.3 $ 2,786.2 Wholesale vehicle sales 1,374.4 342.9 Other sales and revenues: Extended protection plan revenues 134.2 73.4 Third-party finance fees, net (4.6) (10.7) Service revenues 22.2 19.5 Other 14.1 17.5 Total other sales and revenues 165.9 99.7 Total net sales and operating revenues $ 7,697.6 $ 3,228.8 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 30-day/1,500 mile, 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 May 31, 2021 and February 28, 2021, no current or 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	3 Months Ended
	May 31, 2021
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 May 31 (In millions) 2021 % (1) 2020 % (1) Interest margin: Interest and fee income $ 310.3 8.8 $ 282.5 8.4 Interest expense (65.8) (1.9) (84.6) (2.5) Total interest margin 244.5 6.9 197.9 5.9 Provision for loan losses 24.4 0.7 (122.0) (3.6) Total interest margin after provision for loan losses 268.9 7.6 75.9 2.3 Total other expense — — (1.9) (0.1) Direct expenses: Payroll and fringe benefit expense (12.6) (0.4) (11.2) (0.3) Depreciation and amortization (0.2) — (0.2) — Other direct expenses (14.4) (0.4) (11.6) (0.3) Total direct expenses (27.2) (0.8) (23.0) (0.7) CarMax Auto Finance income $ 241.7 6.8 $ 51.0 1.5 Total average managed receivables $ 14,148.7 $ 13,408.5

Auto Loan Receivables

Auto Loan Receivables	3 Months Ended
	May 31, 2021
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. These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for 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 $14.36 billion as of May 31, 2021 and $13.76 billion as of February 28, 2021. 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 May 31 As of February 28 (In millions) 2021 2021 Asset-backed term funding $ 11,007.9 $ 11,008.3 Warehouse facilities 2,856.9 2,314.1 Overcollateralization (1) 391.3 345.2 Other managed receivables (2) 209.8 179.6 Total ending managed receivables 14,465.9 13,847.2 Accrued interest and fees 67.9 57.4 Other 4.7 (3.7) Less: allowance for loan losses (379.5) (411.1) Auto loans receivable, net $ 14,159.0 $ 13,489.8 (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 May 31, 2021 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) A $ 1,107.2 $ 2,481.5 $ 1,890.9 $ 974.8 $ 453.2 $ 150.9 $ 7,058.5 48.8 B 891.8 1,802.0 1,261.5 752.7 392.7 172.3 5,273.0 36.4 C and other 407.4 719.4 480.6 279.1 151.1 96.8 2,134.4 14.8 Total ending managed receivables $ 2,406.4 $ 5,002.9 $ 3,633.0 $ 2,006.6 $ 997.0 $ 420.0 $ 14,465.9 100.0 As of February 28, 2021 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,782.0 $ 2,146.5 $ 1,146.7 $ 568.9 $ 199.6 $ 30.4 $ 6,874.1 49.6 B 1,993.6 1,424.5 870.1 476.0 195.5 49.2 5,008.9 36.2 C and other 786.1 541.6 320.4 182.0 99.8 34.3 1,964.2 14.2 Total ending managed receivables $ 5,561.7 $ 4,112.6 $ 2,337.2 $ 1,226.9 $ 494.9 $ 113.9 $ 13,847.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. Allowance for Loan Losses. The allowance for loan losses at May 31, 2021 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. Due to the fact that losses for receivables with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the receivables to-date, along with forward loss curves, 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 net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the managed receivables. 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, based upon a single macroeconomic scenario, 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, we revert to historical experience 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. We also consider whether qualitative adjustments are necessary for factors that are not reflected in the quantitative methods but impact the measurement of estimated credit losses. Such adjustments include the uncertainty of the impacts of recent economic trends on customer behavior. The change in the allowance for loan losses is recognized through an adjustment to the provision for loan losses. Allowance for Loan Losses Three Months Ended May 31 (In millions) 2021 % (1) 2020 % (1) Balance as of beginning of period $ 411.1 2.97 $ 157.8 1.16 Adoption of CECL — 202.0 Adjusted balance as of beginning of period 411.1 2.97 359.8 2.64 Charge-offs (41.8) (70.7) Recoveries (2) 34.6 26.1 Provision for loan losses (24.4) 122.0 Balance as of end of period (3) $ 379.5 2.62 $ 437.2 3.32 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. (3) The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables; $31.4 million and $31.8 million of the total allowance relates to the outstanding CAF Tier 3 loan balances as of May 31, 2021 and February 28, 2021, respectively. During the first quarter of fiscal 2022, the allowance for loan losses decreased $31.6 million, primarily reflecting significant favorable loan loss experience as well as continued improvements in the macroeconomic environment. Although net charge-offs remained low in the first quarter, the future impact of the COVID-19 environment on credit losses remains uncertain. As a result, we determined that the quantitative loss rates should be qualitatively adjusted to reflect future loss performance from potential customer hardship and to mitigate the quantitative impact of recent favorable loss performance, as we do not believe that recent favorable loss performance is consistent with our best estimate of expected future losses. The allowance for loan losses as of May 31, 2021 reflects both the positive customer payment behavior compared to historical experience recently observed as well as the unpredictability of the current macroeconomic environment. 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 May 31, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 7,038.9 $ 5,143.3 $ 1,980.4 $ 14,162.6 97.90 Delinquent loans: 31-60 days past due 12.2 86.2 100.2 198.6 1.37 61-90 days past due 5.7 34.6 44.4 84.7 0.59 Greater than 90 days past due 1.7 8.9 9.4 20.0 0.14 Total past due 19.6 129.7 154.0 303.3 2.10 Total ending managed receivables $ 7,058.5 $ 5,273.0 $ 2,134.4 $ 14,465.9 100.00 As of February 28, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,847.2 $ 4,840.3 $ 1,767.2 $ 13,454.7 97.17 Delinquent loans: 31-60 days past due 17.3 108.9 120.0 246.2 1.78 61-90 days past due 7.0 48.4 64.5 119.9 0.86 Greater than 90 days past due 2.6 11.3 12.5 26.4 0.19 Total past due 26.9 168.6 197.0 392.5 2.83 Total ending managed receivables $ 6,874.1 $ 5,008.9 $ 1,964.2 $ 13,847.2 100.00

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	3 Months Ended
	May 31, 2021
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 $15.5 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 months ended May 31, 2021, we recognized a loss of $0.3 million in CAF income representing these changes in fair value. As of May 31, 2021 and February 28, 2021, we had interest rate swaps outstanding with a combined notional amount of $2.86 billion and $2.43 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of May 31, 2021 and February 28, 2021, we had interest rate swaps outstanding with notional amounts of $358.3 million and $255.2 million, respectively, that were 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	3 Months Ended
	May 31, 2021
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. Equity Investments. Equity investments consist of publicly-traded equity securities. These investments, which are included in other assets, are measured using quoted share prices and are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities. Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments. All of our derivative exposures are with highly rated bank counterparties. We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis. We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services. Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments. The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk. We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk. Items Measured at Fair Value on a Recurring Basis As of May 31, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,000,497 $ — $ 1,000,497 Mutual fund investments 26,671 — 26,671 Equity investments 40,939 — 40,939 Derivative instruments designated as hedges — 732 732 Derivative instruments not designated as hedges — 310 310 Total assets at fair value $ 1,068,107 $ 1,042 $ 1,069,149 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 4.7 % — % 4.7 % Liabilities: Derivative instruments designated as hedges $ — $ (7,322) $ (7,322) Derivative instruments not designated as hedges — (151) (151) Total liabilities at fair value $ — $ (7,473) $ (7,473) Percent of total liabilities — % — % — % As of February 28, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 685,585 $ — $ 685,585 Mutual fund investments 24,049 — 24,049 Derivative instruments designated as hedges — 4,061 4,061 Derivative instruments not designated as hedges — 501 501 Total assets at fair value $ 709,634 $ 4,562 $ 714,196 Percent of total assets at fair value 99.4 % 0.6 % 100.0 % Percent of total assets 3.3 % — % 3.3 % Liabilities: Derivative instruments designated as hedges $ — $ (6,024) $ (6,024) Total liabilities at fair value $ — $ (6,024) $ (6,024) Percent of total liabilities — % — % — % Fair Value of Financial Instruments The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto 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 May 31, 2021 and February 28, 2021, respectively, are as follows: (In thousands) As of May 31, 2021 As of February 28, 2021 Carrying value $ 500,000 $ 500,000 Fair value $ 556,559 $ 556,993

Cancellation Reserves

Cancellation Reserves	3 Months Ended
	May 31, 2021
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 the credit mix of the customer base. Cancellation Reserves Three Months Ended May 31 (In millions) 2021 2020 Balance as of beginning of period $ 124.5 $ 117.9 Cancellations (20.2) (14.8) Provision for future cancellations 34.1 13.6 Balance as of end of period $ 138.4 $ 116.7 The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of May 31, 2021 and February 28, 2021, the current portion of cancellation reserves was $53.2 million and $58.7 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had $28.9 million of gross unrecognized tax benefits as of May 31, 2021, and $29.0 million as of February 28, 2021. There were no significant changes to the gross unrecognized tax benefits as reported for the fiscal year ended February 28, 2021.

Debt

Debt	3 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Debt	Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2021 2021 Revolving credit facility (2) June 2024 $ — $ — Term loan (2) June 2024 300,000 300,000 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 531,583 533,578 Non-recourse notes payable Various dates through March 2028 14,361,497 13,764,808 Total debt 15,693,080 15,098,386 Less: current portion (506,879) (452,579) Less: unamortized debt issuance costs (25,206) (25,888) Long-term debt, net $ 15,160,995 $ 14,619,919 (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 May 31, 2021, 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 March 2028, 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 May 31, 2021, are as follows: (In billions) Capacity Warehouse facilities: August 2021 expiration $ 1.40 September 2021 expiration 0.18 February 2022 expiration 2.35 Combined warehouse facility limit $ 3.93 Unused capacity $ 1.07 Non-recourse notes payable outstanding: Warehouse facilities $ 2.86 Asset-backed term funding transactions 11.50 Non-recourse notes payable $ 14.36 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 three months ended May 31, 2021 and 2020, we capitalized interest of $1.9 million and $0.9 million, respectively. Financial Covenants. The credit facility, term loan and senior note agreements contain representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain financing obligations. The agreements governing our non-recourse funding vehicles contain representations and warranties, financial covenants and performance triggers. As of May 31, 2021, we were in compliance with all financial covenants and our non-recourse funding vehicles were in compliance with the related performance triggers.

Stock and Stock-Based Incentive

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans	3 Months Ended
	May 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock and Stock-Based Incentive Plans	Stock and Stock-Based Incentive Plans (A) Share Repurchase Program As of May 31, 2021, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.21 billion remained available for repurchase. Common Stock Repurchases Three Months Ended May 31 2021 2020 Number of shares repurchased (in thousands) 997.6 515.5 Average cost per share $ 124.83 $ 78.96 Available for repurchase, as of end of period (in millions) $ 1,211.5 $ 1,511.6 (B) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our board of directors ("board"). The plans allow for the granting of equity-based compensation awards, including nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, stock- and cash-settled restricted stock units, stock grants or a combination of awards. To date, we have not awarded any incentive stock options. The majority of associates who receive share-based compensation awards primarily receive cash-settled restricted stock units. Senior management and other key associates receive awards of nonqualified stock options, stock-settled restricted stock units and/or restricted stock awards. Nonemployee directors receive awards of nonqualified stock options, stock grants, stock-settled restricted stock units and/or restricted stock awards. Excluding stock grants and stock-settled deferred stock units, all share-based compensation awards, including any associated dividend rights, are subject to forfeiture. Nonqualified Stock Options. Nonqualified stock options are awards that allow the recipient to purchase shares of our common stock at a fixed price. Stock options are granted at an exercise price equal to the fair market value of our common stock on the grant date. The stock options generally vest annually in equal amounts over four years. These options expire seven years after the date of the grant. Cash-Settled Restricted Stock Units. Also referred to as restricted stock units, or RSUs, these are awards that entitle the holder to a cash payment equal to the fair market value of a share of our common stock for each unit granted. For grants prior to fiscal 2021, conversion generally occurs at the end of a three Stock-Settled Market Stock Units. Also referred to as market stock units, or MSUs, these are restricted stock unit awards with market conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three-year vesting period. The conversion ratio is calculated by dividing the average closing price of our stock during the final 40 trading days of the three Other Share-Based Incentives Stock-Settled Performance Stock Units . Also referred to as performance stock units, or PSUs, these are restricted stock unit awards with performance conditions granted to eligible key associates that are converted into between zero and two shares of common stock for each unit granted. Conversion generally occurs at the end of a three Stock-Settled Deferred Stock Units . Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board of directors that are converted into one share of common stock for each unit granted. Conversion occurs at the end of the one Restricted Stock Awards . Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one three (C) Share-Based Compensation Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2021 2020 Cost of sales $ 1,729 $ 679 CarMax Auto Finance income 1,708 1,270 Selling, general and administrative expenses 38,420 23,651 Share-based compensation expense, before income taxes $ 41,857 $ 25,600 Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2021 2020 Nonqualified stock options $ 11,821 $ 11,619 Cash-settled restricted stock units (RSUs) 20,972 7,405 Stock-settled market stock units (MSUs) 4,845 5,846 Other share-based incentives: Stock-settled performance stock units (PSUs) 3,394 153 Restricted stock (RSAs) 42 34 Stock-settled deferred stock units (DSUs) — — Employee stock purchase plan 783 543 Total other share-based incentives $ 4,219 $ 730 Share-based compensation expense, before income taxes $ 41,857 $ 25,600 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2021 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 70.1 2.5 Stock-settled market stock units 23.8 1.8 Other share-based incentives: Stock-settled performance stock units 4.5 1.3 Stock-settled deferred stock units — — Restricted stock 0.2 1.7 Total other share-based incentives $ 4.7 1.3 Total $ 98.6 2.3 We recognize compensation expense for stock options, MSUs, PSUs, DSUs and RSAs on a straight-line basis (net of estimated forfeitures) over the requisite service period, which is generally the vesting period of the award. The PSU expense is adjusted for any change in management’s assessment of the performance target level that is probable of being achieved. The variable expense associated with RSUs is recognized over their vesting period (net of estimated forfeitures) and is calculated based on the volume-weighted average price or closing price of our common stock on the last trading day of each reporting period. The total costs for matching contributions for our employee stock purchase plan are included in share-based compensation expense. There were no capitalized share-based compensation costs as of or for the three months ended May 31, 2021 or 2020. Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2021 6,266 $ 67.57 Options granted 917 $ 136.93 Options exercised (375) $ 57.60 Options forfeited or expired (6) $ 81.99 Outstanding as of May 31, 2021 6,802 $ 77.46 4.7 $ 382,783 Exercisable as of May 31, 2021 3,646 $ 65.49 3.8 $ 247,007 Stock Option Information Three Months Ended May 31 2021 2020 Options granted 917,455 1,570,889 Weighted average grant date fair value per share $ 42.33 $ 22.61 Cash received from options exercised (in millions) $ 21.6 $ 1.7 Intrinsic value of options exercised (in millions) $ 28.0 $ 0.9 Realized tax benefits (in millions) $ 6.9 $ 0.2 For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model. In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder. For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards. Assumptions Used to Estimate Option Values Three Months Ended May 31 2021 2020 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 31.8 % - 37.0 % 36.1 % - 56.1 % Weighted average expected volatility 36.2 % 38.3 % Risk-free interest rate (2) — % - 1.3 % 0.1 % - 0.5 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise. Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2021 1,606 $ 70.88 Stock units granted 361 $ 136.94 Stock units vested and converted (701) $ 65.41 Stock units cancelled (27) $ 80.61 Outstanding as of May 31, 2021 1,239 $ 93.01 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2021 2020 Stock units granted 361,115 669,053 Initial weighted average grant date fair value per share $ 136.94 $ 71.07 Payments (before payroll tax withholdings) upon vesting (in millions) $ 89.8 $ 34.8 Realized tax benefits (in millions) $ 24.6 $ 9.4 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2021 (In thousands) Minimum (1) Maximum (1) Fiscal 2023 $ 45,337 $ 120,899 Fiscal 2024 18,834 50,225 Fiscal 2025 10,143 27,048 Total expected cash settlements $ 74,314 $ 198,172 (1) Net of estimated forfeitures. Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2021 520 $ 90.53 Stock units granted 81 $ 178.31 Stock units vested and converted (194) $ 81.86 Stock units cancelled (1) $ 114.02 Outstanding as of May 31, 2021 406 $ 112.12 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2021 2020 Stock units granted 80,910 194,766 Weighted average grant date fair value per share $ 178.31 $ 93.11 Realized tax benefits (in millions) $ 10.9 $ 3.0

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method. Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2021 2020 Net earnings $ 436,756 $ 4,978 Weighted average common shares outstanding 163,151 162,673 Dilutive potential common shares: Stock options 2,529 527 Stock-settled stock units and awards 615 337 Weighted average common shares and dilutive potential common shares 166,295 163,537 Basic net earnings per share $ 2.68 $ 0.03 Diluted net earnings per share $ 2.63 $ 0.03

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	May 31, 2021
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 28, 2021 $ (92,662) $ (26,029) $ (118,691) Other comprehensive loss before reclassifications — (1,478) (1,478) Amounts reclassified from accumulated other comprehensive loss 659 3,756 4,415 Other comprehensive income 659 2,278 2,937 Balance as of May 31, 2021 $ (92,003) $ (23,751) $ (115,754) Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended May 31 (In thousands) 2021 2020 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 357 $ 373 CarMax Auto Finance income 22 31 Selling, general and administrative expenses 489 555 Total amortization reclassifications recognized in net pension expense 868 959 Tax expense (209) (231) Amortization reclassifications recognized in net pension expense, net of tax 659 728 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 659 728 Cash Flow Hedges (Note 5): Changes in fair value (2,006) (24,862) Tax benefit 528 6,575 Changes in fair value, net of tax (1,478) (18,287) Reclassifications to CarMax Auto Finance income 5,098 3,025 Tax expense (1,342) (800) Reclassification of hedge losses, net of tax 3,756 2,225 Net change in cash flow hedge unrecognized losses, net of tax 2,278 (16,062) Total other comprehensive income (loss), net of tax $ 2,937 $ (15,334) 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 $37.7 million as of May 31, 2021 and $38.7 million as of February 28, 2021.

Leases (Notes)

Leases (Notes)	3 Months Ended
	May 31, 2021
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 May 31 (In thousands) 2021 2020 Operating lease cost (1) $ 14,352 $ 14,384 Finance lease cost: Depreciation of lease assets 3,142 1,655 Interest on lease liabilities 4,107 2,215 Total finance lease cost 7,249 3,870 Total lease cost $ 21,601 $ 18,254 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of May 31 As of February 28 (In thousands) Classification 2021 2021 Assets: Operating lease assets Operating lease assets $ 453,851 $ 431,652 Finance lease assets Property and equipment, net (1) 116,629 109,665 Total lease assets $ 570,480 $ 541,317 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,836 $ 30,953 Finance leases Accrued expenses and other current liabilities 9,806 9,422 Long-term: Operating leases Operating lease liabilities, excluding current portion 446,497 423,618 Finance leases Other liabilities 128,439 120,094 Total lease liabilities $ 615,578 $ 584,087 (1) Finance lease assets are recorded net of accumulated depreciation of $20.6 million as of May 31, 2021 and $17.5 million as of February 28, 2021. Lease term and discount rate information related to leases was as follows: As of May 31 As of February 28 Lease Term and Discount Rate 2021 2021 Weighted Average Remaining Lease Term (in years) Operating leases 19.66 19.37 Finance leases 13.19 13.56 Weighted Average Discount Rate Operating leases 5.28 % 5.36 % Finance leases 14.73 % 15.09 % Supplemental cash flow information related to leases was as follows: Three Months Ended May 31 (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,911 $ 14,217 Operating cash flows from finance leases $ 2,699 $ 1,877 Financing cash flows from finance leases $ 2,788 $ 1,370 Lease assets obtained in exchange for lease obligations: Operating leases $ 30,078 $ 2,335 Finance leases $ 10,107 $ 4,859 Maturities of lease liabilities were as follows: As of May 31, 2021 (In thousands) Operating Leases Finance Leases Fiscal 2022, remaining $ 40,180 $ 17,379 Fiscal 2023 53,415 25,063 Fiscal 2024 52,195 27,945 Fiscal 2025 51,057 24,656 Fiscal 2026 45,166 25,228 Thereafter 571,473 196,489 Total lease payments 813,486 316,760 Less: interest (336,153) (178,515) Present value of lease liabilities $ 477,333 $ 138,245

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Litigation . 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 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. The Sabanovich lawsuit seeks unspecified damages, restitution, statutory penalties, interest, cost and attorneys’ fees. Based upon our evaluation of information currently available, we believe that the ultimate resolution of the Sabanovich lawsuit will not have a material adverse effect on our financial condition, results of operations or cash flows. 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 $18.6 million as of May 31, 2021, and $15.2 million as of February 28, 2021, and is included in accrued expenses and other current liabilities.

Subsequent Events

Subsequent Events	3 Months Ended
	May 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn June 1, 2021, we completed the previously announced acquisition of Edmunds at an implied enterprise value of $404 million, inclusive of our initial investment. The consideration paid at closing included a combination of cash and shares of CarMax common stock. We expect Edmunds’ financial results to have an immaterial impact to CarMax’s earnings per share in fiscal 2022.

Background Basis of Accounting

Background Basis of Accounting (Policies)	3 Months Ended
	May 31, 2021
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 platform, which gives us the largest addressable market in the used car industry, empowers our retail 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 28, 2021 (the “2021 Annual Report”), with the exception of those related to recent accounting pronouncements adopted in the current fiscal year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our 2021 Annual Report.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  In particular, the novel coronavirus (“COVID-19”) pandemic continues to have an adverse impact on global economic conditions and 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. Depreciation and amortization previously included in selling, general, and administrative expenses is now separately presented on the consolidated statements of earnings. Prior period amounts have been reclassified to conform to the current period’s presentation. Depreciation and amortization related to other areas of our business, including cost of sales and CAF, is included in its respective line item on the consolidated statements of earnings. Certain other prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
Recent Accounting Pronouncements	In December 2019, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2019-12) related to simplifying the accounting for income taxes. We adopted this pronouncement for our fiscal year beginning March 1, 2021, and it did not have a material effect on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended May 31 (In millions) 2021 2020 Used vehicle sales $ 6,157.3 $ 2,786.2 Wholesale vehicle sales 1,374.4 342.9 Other sales and revenues: Extended protection plan revenues 134.2 73.4 Third-party finance fees, net (4.6) (10.7) Service revenues 22.2 19.5 Other 14.1 17.5 Total other sales and revenues 165.9 99.7 Total net sales and operating revenues $ 7,697.6 $ 3,228.8

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	3 Months Ended
	May 31, 2021
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Three Months Ended May 31 (In millions) 2021 % (1) 2020 % (1) Interest margin: Interest and fee income $ 310.3 8.8 $ 282.5 8.4 Interest expense (65.8) (1.9) (84.6) (2.5) Total interest margin 244.5 6.9 197.9 5.9 Provision for loan losses 24.4 0.7 (122.0) (3.6) Total interest margin after provision for loan losses 268.9 7.6 75.9 2.3 Total other expense — — (1.9) (0.1) Direct expenses: Payroll and fringe benefit expense (12.6) (0.4) (11.2) (0.3) Depreciation and amortization (0.2) — (0.2) — Other direct expenses (14.4) (0.4) (11.6) (0.3) Total direct expenses (27.2) (0.8) (23.0) (0.7) CarMax Auto Finance income $ 241.7 6.8 $ 51.0 1.5 Total average managed receivables $ 14,148.7 $ 13,408.5

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	3 Months Ended
	May 31, 2021
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of May 31 As of February 28 (In millions) 2021 2021 Asset-backed term funding $ 11,007.9 $ 11,008.3 Warehouse facilities 2,856.9 2,314.1 Overcollateralization (1) 391.3 345.2 Other managed receivables (2) 209.8 179.6 Total ending managed receivables 14,465.9 13,847.2 Accrued interest and fees 67.9 57.4 Other 4.7 (3.7) Less: allowance for loan losses (379.5) (411.1) Auto loans receivable, net $ 14,159.0 $ 13,489.8 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of May 31, 2021 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) A $ 1,107.2 $ 2,481.5 $ 1,890.9 $ 974.8 $ 453.2 $ 150.9 $ 7,058.5 48.8 B 891.8 1,802.0 1,261.5 752.7 392.7 172.3 5,273.0 36.4 C and other 407.4 719.4 480.6 279.1 151.1 96.8 2,134.4 14.8 Total ending managed receivables $ 2,406.4 $ 5,002.9 $ 3,633.0 $ 2,006.6 $ 997.0 $ 420.0 $ 14,465.9 100.0 As of February 28, 2021 Fiscal Year of Origination (1) (In millions) 2021 2020 2019 2018 2017 Prior to 2017 Total % (2) A $ 2,782.0 $ 2,146.5 $ 1,146.7 $ 568.9 $ 199.6 $ 30.4 $ 6,874.1 49.6 B 1,993.6 1,424.5 870.1 476.0 195.5 49.2 5,008.9 36.2 C and other 786.1 541.6 320.4 182.0 99.8 34.3 1,964.2 14.2 Total ending managed receivables $ 5,561.7 $ 4,112.6 $ 2,337.2 $ 1,226.9 $ 494.9 $ 113.9 $ 13,847.2 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables.
Allowance For Loan Losses	Allowance for Loan Losses Three Months Ended May 31 (In millions) 2021 % (1) 2020 % (1) Balance as of beginning of period $ 411.1 2.97 $ 157.8 1.16 Adoption of CECL — 202.0 Adjusted balance as of beginning of period 411.1 2.97 359.8 2.64 Charge-offs (41.8) (70.7) Recoveries (2) 34.6 26.1 Provision for loan losses (24.4) 122.0 Balance as of end of period (3) $ 379.5 2.62 $ 437.2 3.32 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. (3) The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables; $31.4 million and $31.8 million of the total allowance relates to the outstanding CAF Tier 3 loan balances as of May 31, 2021 and February 28, 2021, respectively.
Past Due Receivables	Past Due Receivables As of May 31, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 7,038.9 $ 5,143.3 $ 1,980.4 $ 14,162.6 97.90 Delinquent loans: 31-60 days past due 12.2 86.2 100.2 198.6 1.37 61-90 days past due 5.7 34.6 44.4 84.7 0.59 Greater than 90 days past due 1.7 8.9 9.4 20.0 0.14 Total past due 19.6 129.7 154.0 303.3 2.10 Total ending managed receivables $ 7,058.5 $ 5,273.0 $ 2,134.4 $ 14,465.9 100.00 As of February 28, 2021 Major Credit Grade (In millions) A B C & Other Total % (1) Current $ 6,847.2 $ 4,840.3 $ 1,767.2 $ 13,454.7 97.17 Delinquent loans: 31-60 days past due 17.3 108.9 120.0 246.2 1.78 61-90 days past due 7.0 48.4 64.5 119.9 0.86 Greater than 90 days past due 2.6 11.3 12.5 26.4 0.19 Total past due 26.9 168.6 197.0 392.5 2.83 Total ending managed receivables $ 6,874.1 $ 5,008.9 $ 1,964.2 $ 13,847.2 100.00

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 31, 2021
Fair Value Disclosures [Abstract]
Schedule Of Items Measured At Fair Value On A Recurring Basis	Items Measured at Fair Value on a Recurring Basis As of May 31, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 1,000,497 $ — $ 1,000,497 Mutual fund investments 26,671 — 26,671 Equity investments 40,939 — 40,939 Derivative instruments designated as hedges — 732 732 Derivative instruments not designated as hedges — 310 310 Total assets at fair value $ 1,068,107 $ 1,042 $ 1,069,149 Percent of total assets at fair value 99.9 % 0.1 % 100.0 % Percent of total assets 4.7 % — % 4.7 % Liabilities: Derivative instruments designated as hedges $ — $ (7,322) $ (7,322) Derivative instruments not designated as hedges — (151) (151) Total liabilities at fair value $ — $ (7,473) $ (7,473) Percent of total liabilities — % — % — % As of February 28, 2021 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 685,585 $ — $ 685,585 Mutual fund investments 24,049 — 24,049 Derivative instruments designated as hedges — 4,061 4,061 Derivative instruments not designated as hedges — 501 501 Total assets at fair value $ 709,634 $ 4,562 $ 714,196 Percent of total assets at fair value 99.4 % 0.6 % 100.0 % Percent of total assets 3.3 % — % 3.3 % Liabilities: Derivative instruments designated as hedges $ — $ (6,024) $ (6,024) Total liabilities at fair value $ — $ (6,024) $ (6,024) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of May 31, 2021 As of February 28, 2021 Carrying value $ 500,000 $ 500,000 Fair value $ 556,559 $ 556,993

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	3 Months Ended
	May 31, 2021
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves Three Months Ended May 31 (In millions) 2021 2020 Balance as of beginning of period $ 124.5 $ 117.9 Cancellations (20.2) (14.8) Provision for future cancellations 34.1 13.6 Balance as of end of period $ 138.4 $ 116.7

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Schedule Of Debt	Debt (In thousands) As of May 31 As of February 28 Debt Description (1) Maturity Date 2021 2021 Revolving credit facility (2) June 2024 $ — $ — Term loan (2) June 2024 300,000 300,000 3.86% Senior notes April 2023 100,000 100,000 4.17% Senior notes April 2026 200,000 200,000 4.27% Senior notes April 2028 200,000 200,000 Financing obligations Various dates through February 2059 531,583 533,578 Non-recourse notes payable Various dates through March 2028 14,361,497 13,764,808 Total debt 15,693,080 15,098,386 Less: current portion (506,879) (452,579) Less: unamortized debt issuance costs (25,206) (25,888) Long-term debt, net $ 15,160,995 $ 14,619,919 (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: August 2021 expiration $ 1.40 September 2021 expiration 0.18 February 2022 expiration 2.35 Combined warehouse facility limit $ 3.93 Unused capacity $ 1.07 Non-recourse notes payable outstanding: Warehouse facilities $ 2.86 Asset-backed term funding transactions 11.50 Non-recourse notes payable $ 14.36

Stock and Stock-Based Incenti_2

Stock and Stock-Based Incentive Plans (Tables)	3 Months Ended
	May 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Common Stock Repurchases	Common Stock Repurchases Three Months Ended May 31 2021 2020 Number of shares repurchased (in thousands) 997.6 515.5 Average cost per share $ 124.83 $ 78.96 Available for repurchase, as of end of period (in millions) $ 1,211.5 $ 1,511.6
Composition of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Three Months Ended May 31 (In thousands) 2021 2020 Cost of sales $ 1,729 $ 679 CarMax Auto Finance income 1,708 1,270 Selling, general and administrative expenses 38,420 23,651 Share-based compensation expense, before income taxes $ 41,857 $ 25,600
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Three Months Ended May 31 (In thousands) 2021 2020 Nonqualified stock options $ 11,821 $ 11,619 Cash-settled restricted stock units (RSUs) 20,972 7,405 Stock-settled market stock units (MSUs) 4,845 5,846 Other share-based incentives: Stock-settled performance stock units (PSUs) 3,394 153 Restricted stock (RSAs) 42 34 Stock-settled deferred stock units (DSUs) — — Employee stock purchase plan 783 543 Total other share-based incentives $ 4,219 $ 730 Share-based compensation expense, before income taxes $ 41,857 $ 25,600 Unrecognized Share-Based Compensation Expense – By Grant Type As of May 31, 2021 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 70.1 2.5 Stock-settled market stock units 23.8 1.8 Other share-based incentives: Stock-settled performance stock units 4.5 1.3 Stock-settled deferred stock units — — Restricted stock 0.2 1.7 Total other share-based incentives $ 4.7 1.3 Total $ 98.6 2.3
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Shares and intrinsic value in thousands) Shares Price Life (Years) Value Outstanding as of February 28, 2021 6,266 $ 67.57 Options granted 917 $ 136.93 Options exercised (375) $ 57.60 Options forfeited or expired (6) $ 81.99 Outstanding as of May 31, 2021 6,802 $ 77.46 4.7 $ 382,783 Exercisable as of May 31, 2021 3,646 $ 65.49 3.8 $ 247,007
Outstanding Stock Options	Stock Option Information Three Months Ended May 31 2021 2020 Options granted 917,455 1,570,889 Weighted average grant date fair value per share $ 42.33 $ 22.61 Cash received from options exercised (in millions) $ 21.6 $ 1.7 Intrinsic value of options exercised (in millions) $ 28.0 $ 0.9 Realized tax benefits (in millions) $ 6.9 $ 0.2
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Assumptions Used to Estimate Option Values Three Months Ended May 31 2021 2020 Dividend yield 0.0 % 0.0 % Expected volatility factor (1) 31.8 % - 37.0 % 36.1 % - 56.1 % Weighted average expected volatility 36.2 % 38.3 % Risk-free interest rate (2) — % - 1.3 % 0.1 % - 0.5 % Expected term (in years) (3) 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise.
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2021 1,606 $ 70.88 Stock units granted 361 $ 136.94 Stock units vested and converted (701) $ 65.41 Stock units cancelled (27) $ 80.61 Outstanding as of May 31, 2021 1,239 $ 93.01 Cash-Settled Restricted Stock Unit Information Three Months Ended May 31 2021 2020 Stock units granted 361,115 669,053 Initial weighted average grant date fair value per share $ 136.94 $ 71.07 Payments (before payroll tax withholdings) upon vesting (in millions) $ 89.8 $ 34.8 Realized tax benefits (in millions) $ 24.6 $ 9.4 Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2021 520 $ 90.53 Stock units granted 81 $ 178.31 Stock units vested and converted (194) $ 81.86 Stock units cancelled (1) $ 114.02 Outstanding as of May 31, 2021 406 $ 112.12 Stock-Settled Market Stock Unit Information Three Months Ended May 31 2021 2020 Stock units granted 80,910 194,766 Weighted average grant date fair value per share $ 178.31 $ 93.11 Realized tax benefits (in millions) $ 10.9 $ 3.0
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting [Table Text Block]	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of May 31, 2021 (In thousands) Minimum (1) Maximum (1) Fiscal 2023 $ 45,337 $ 120,899 Fiscal 2024 18,834 50,225 Fiscal 2025 10,143 27,048 Total expected cash settlements $ 74,314 $ 198,172 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Three Months Ended May 31 (In thousands except per share data) 2021 2020 Net earnings $ 436,756 $ 4,978 Weighted average common shares outstanding 163,151 162,673 Dilutive potential common shares: Stock options 2,529 527 Stock-settled stock units and awards 615 337 Weighted average common shares and dilutive potential common shares 166,295 163,537 Basic net earnings per share $ 2.68 $ 0.03 Diluted net earnings per share $ 2.63 $ 0.03

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	May 31, 2021
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 28, 2021 $ (92,662) $ (26,029) $ (118,691) Other comprehensive loss before reclassifications — (1,478) (1,478) Amounts reclassified from accumulated other comprehensive loss 659 3,756 4,415 Other comprehensive income 659 2,278 2,937 Balance as of May 31, 2021 $ (92,003) $ (23,751) $ (115,754)
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended May 31 (In thousands) 2021 2020 Retirement Benefit Plans: Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales $ 357 $ 373 CarMax Auto Finance income 22 31 Selling, general and administrative expenses 489 555 Total amortization reclassifications recognized in net pension expense 868 959 Tax expense (209) (231) Amortization reclassifications recognized in net pension expense, net of tax 659 728 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 659 728 Cash Flow Hedges (Note 5): Changes in fair value (2,006) (24,862) Tax benefit 528 6,575 Changes in fair value, net of tax (1,478) (18,287) Reclassifications to CarMax Auto Finance income 5,098 3,025 Tax expense (1,342) (800) Reclassification of hedge losses, net of tax 3,756 2,225 Net change in cash flow hedge unrecognized losses, net of tax 2,278 (16,062) Total other comprehensive income (loss), net of tax $ 2,937 $ (15,334)

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 31, 2021
Leases [Abstract]
Lease, Cost [Table Text Block]	Three Months Ended May 31 (In thousands) 2021 2020 Operating lease cost (1) $ 14,352 $ 14,384 Finance lease cost: Depreciation of lease assets 3,142 1,655 Interest on lease liabilities 4,107 2,215 Total finance lease cost 7,249 3,870 Total lease cost $ 21,601 $ 18,254 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of May 31 As of February 28 (In thousands) Classification 2021 2021 Assets: Operating lease assets Operating lease assets $ 453,851 $ 431,652 Finance lease assets Property and equipment, net (1) 116,629 109,665 Total lease assets $ 570,480 $ 541,317 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 30,836 $ 30,953 Finance leases Accrued expenses and other current liabilities 9,806 9,422 Long-term: Operating leases Operating lease liabilities, excluding current portion 446,497 423,618 Finance leases Other liabilities 128,439 120,094 Total lease liabilities $ 615,578 $ 584,087 (1) Finance lease assets are recorded net of accumulated depreciation of $20.6 million as of May 31, 2021 and $17.5 million as of February 28, 2021.
Other Lease Disclosures [Table Text Block]	As of May 31 As of February 28 Lease Term and Discount Rate 2021 2021 Weighted Average Remaining Lease Term (in years) Operating leases 19.66 19.37 Finance leases 13.19 13.56 Weighted Average Discount Rate Operating leases 5.28 % 5.36 % Finance leases 14.73 % 15.09 % Three Months Ended May 31 (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,911 $ 14,217 Operating cash flows from finance leases $ 2,699 $ 1,877 Financing cash flows from finance leases $ 2,788 $ 1,370 Lease assets obtained in exchange for lease obligations: Operating leases $ 30,078 $ 2,335 Finance leases $ 10,107 $ 4,859
Schedule Of Future Minimum Lease Obligations [Table Text Block]	As of May 31, 2021 (In thousands) Operating Leases Finance Leases Fiscal 2022, remaining $ 40,180 $ 17,379 Fiscal 2023 53,415 25,063 Fiscal 2024 52,195 27,945 Fiscal 2025 51,057 24,656 Fiscal 2026 45,166 25,228 Thereafter 571,473 196,489 Total lease payments 813,486 316,760 Less: interest (336,153) (178,515) Present value of lease liabilities $ 477,333 $ 138,245

Background (Narrative) (Details

Background (Narrative) (Details)	3 Months Ended
	May 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	2

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2021	May 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 7,697.6	$ 3,228.8
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,157.3	2,786.2
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,374.4	342.9
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	134.2	73.4
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	(4.6)	(10.7)
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	22.2	19.5
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14.1	17.5
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 165.9	$ 99.7

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021
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
	May 31, 2021	May 31, 2020
Auto Finance Income [Line Items]
Interest and fee income	$ 310,300	$ 282,500
Interest expense	(65,800)	(84,600)
Total interest margin	244,500	197,900
Provision for loan losses	24,400	(122,000)
Total interest margin after provision for loan losses	268,900	75,900
Total other expense	0	(1,900)
Payroll and fringe benefit expense	(12,600)	(11,200)
Other Depreciation and Amortization	(200)	(200)
Other direct expenses	(14,400)	(11,600)
Total direct expenses	(27,200)	(23,000)
CarMax Auto Finance income	241,731	50,950
Total average managed receivables	$ 14,148,700	$ 13,408,500
Interest and fee income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.80%	8.40%
Interest expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.90%)	(2.50%)
Total interest margin, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.90%	5.90%
Provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.70%	(3.60%)
Total interest margin after provision for loan losses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	7.60%	2.30%
Total other expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.00%	(0.10%)
Payroll and fringe benefit expense, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.30%)
Other Depreciation and Amortization
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0.00%	0.00%
Other direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.30%)
Total direct expenses, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.80%)	(0.70%)
CarMax Auto Finance income, percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.80%	1.50%

Auto Loan Receivables Auto Loan

Auto Loan Receivables Auto Loan Receivables (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	Feb. 28, 2021
Accounts, Notes, Loans and Financing Receivables [Line Items]
Non-Recourse Debt	$ 14,361,497	$ 13,764,808
Allowance for Loan and Lease Losses, Period Increase (Decrease)	$ (31,600)

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021	May 31, 2020	Mar. 01, 2020	Feb. 29, 2020
Total ending managed receivables	$ 14,465,900	$ 13,847,200
Accrued interest and fees	67,900	57,400
Other	4,700	(3,700)
Less: allowance for loan losses	(379,481)	(411,150)	$ (437,200)	$ (359,800)	$ (157,800)
Auto loans receivable, net	14,159,044	13,489,819
Asset-backed term funding
Total ending managed receivables	11,007,900	11,008,300
Warehouse facilities
Total ending managed receivables	2,856,900	2,314,100
Overcollateralization
Total ending managed receivables	391,300	345,200
Other managed receivables
Total ending managed receivables	$ 209,800	$ 179,600

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 2,406.4	$ 5,561.7
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	5,002.9	4,112.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,633	2,337.2
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,006.6	1,226.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	997	494.9
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	420	113.9
Total ending managed receivables	$ 14,465.9	$ 13,847.2
Total ending managed receivables as percentage by major credit grade	100.00%	100.00%
Credit Grade A
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 1,107.2	$ 2,782
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,481.5	2,146.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,890.9	1,146.7
Financing Receivable, Originated Three Years before Latest Fiscal Year	974.8	568.9
Financing Receivable, Originated Four Years before Latest Fiscal Year	453.2	199.6
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	150.9	30.4
Total ending managed receivables	$ 7,058.5	$ 6,874.1
Total ending managed receivables as percentage by major credit grade	48.80%	49.60%
Credit Grade B
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 891.8	$ 1,993.6
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,802	1,424.5
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,261.5	870.1
Financing Receivable, Originated Three Years before Latest Fiscal Year	752.7	476
Financing Receivable, Originated Four Years before Latest Fiscal Year	392.7	195.5
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	172.3	49.2
Total ending managed receivables	$ 5,273	$ 5,008.9
Total ending managed receivables as percentage by major credit grade	36.40%	36.20%
Credit Grade C And Other
Financing Receivable, By Major Credit Grade [Line Items]
Financing Receivable, Originated in Current Fiscal Year	$ 407.4	$ 786.1
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	719.4	541.6
Financing Receivable, Originated Two Years before Latest Fiscal Year	480.6	320.4
Financing Receivable, Originated Three Years before Latest Fiscal Year	279.1	182
Financing Receivable, Originated Four Years before Latest Fiscal Year	151.1	99.8
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	96.8	34.3
Total ending managed receivables	$ 2,134.4	$ 1,964.2
Total ending managed receivables as percentage by major credit grade	14.80%	14.20%

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021	Mar. 01, 2020	Feb. 29, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 411,150	$ 157,800
Financing Receivable, Allowance for Credit Loss	379,481	437,200	$ 411,150	$ 359,800	$ 157,800
Charge-offs	(41,800)	(70,700)
Recoveries (2)	34,600	26,100
Provision for loan losses	(24,400)	122,000
Balance as of end of period (3)	379,481	$ 437,200
Tier III
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	31,800
Financing Receivable, Allowance for Credit Loss	31,400		$ 31,800
Balance as of end of period (3)	$ 31,400
Allowance For Loan Losses, percent
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Item as percent of total ending managed receivables	2.62%	3.32%	2.97%	2.64%	1.16%
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	May 31, 2021	Feb. 28, 2021
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 14,162.6	$ 13,454.7
Total ending managed receivables	14,465.9	13,847.2
Financing Receivable, Past Due	$ 303.3	$ 392.5
Past due receivables as a percentage of total ending managed receivables	2.10%	2.83%
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	97.90%	97.17%
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 198.6	$ 246.2
Past due receivables as a percentage of total ending managed receivables	1.37%	1.78%
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 84.7	$ 119.9
Past due receivables as a percentage of total ending managed receivables	0.59%	0.86%
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 20	$ 26.4
Past due receivables as a percentage of total ending managed receivables	0.14%	0.19%
Credit Grade A
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	$ 7,038.9	$ 6,847.2
Total ending managed receivables	7,058.5	6,874.1
Financing Receivable, Past Due	19.6	26.9
Credit Grade A | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	12.2	17.3
Credit Grade A | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	5.7	7
Credit Grade A | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	1.7	2.6
Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	5,143.3	4,840.3
Total ending managed receivables	5,273	5,008.9
Financing Receivable, Past Due	129.7	168.6
Credit Grade B | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	86.2	108.9
Credit Grade B | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	34.6	48.4
Credit Grade B | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	8.9	11.3
Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Current	1,980.4	1,767.2
Total ending managed receivables	2,134.4	1,964.2
Financing Receivable, Past Due	154	197
Credit Grade C And Other | Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	100.2	120
Credit Grade C And Other | Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	44.4	64.5
Credit Grade C And Other | Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, Past Due	$ 9.4	$ 12.5

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Interest Rate Swaps - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	May 31, 2021	Feb. 28, 2021
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income within the next 12 months	$ 15.5
Derivative, Notional Amount	2,860	$ 2,430
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(0.3)
Derivative, Notional Amount	$ 358.3	$ 255.2

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 1,000,497	$ 685,585
Mutual fund investments	26,671	24,049
Equity Method Investments, Fair Value Disclosure	40,939
Total assets at fair value	$ 1,069,149	$ 714,196
Percent of total assets at fair value	100.00%	100.00%
Percent of total assets	4.70%	3.30%
Total liabilities at fair value	$ (7,473)	$ (6,024)
Percent of total liabilities	0.00%	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 1,000,497	$ 685,585
Mutual fund investments	26,671	24,049
Equity Method Investments, Fair Value Disclosure	40,939
Total assets at fair value	$ 1,068,107	$ 709,634
Percent of total assets at fair value	99.90%	99.40%
Percent of total assets	4.70%	3.30%
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
Equity Method Investments, Fair Value Disclosure	0
Total assets at fair value	$ 1,042	$ 4,562
Percent of total assets at fair value	0.10%	0.60%
Percent of total assets	0.00%	0.00%
Total liabilities at fair value	$ (7,473)	$ (6,024)
Percent of total liabilities	0.00%	0.00%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 732	$ 4,061
Liabilities: Derivative instruments	(7,322)	(6,024)
Designated As Hedging Instrument | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	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	732	4,061
Liabilities: Derivative instruments	(7,322)	(6,024)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	310	501
Liabilities: Derivative instruments	(151)
Not Designated as Hedging Instrument [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Liabilities: Derivative instruments	0
Not Designated as Hedging Instrument [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	310	$ 501
Liabilities: Derivative instruments	$ (151)

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 556,559	$ 556,993

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 53.2	$ 58.7

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2021	May 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance as of beginning of period	$ 124.5	$ 117.9
Cancellations	(20.2)	(14.8)
Provision for future cancellations	34.1	13.6
Balance as of end of period	$ 138.4	$ 116.7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021
Federal Income Tax Note
Unrecognized tax benefits, gross	$ 28.9	$ 29

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Long-term Debt	$ 15,160,995	$ 14,619,919
Financing Obligations	531,583	533,578
Non-Recourse Debt	14,361,497	13,764,808
Total debt	15,693,080	15,098,386
Less: current portion	(506,879)	(452,579)
Unamortized Debt Issuance Expense	(25,206)	(25,888)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	0	0
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000	300,000
3.86% senior notes dues 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt	100,000	100,000
4.17% senior notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term Debt	200,000	200,000
4.27% senior notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 200,000	$ 200,000

Debt (Schedule of Funding Vehic

Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Non-Recourse Debt	$ 14,361,497	$ 13,764,808
Warehouse Facility Three
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	180,000
Warehouse Facility Two
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,350,000
Warehouse Facility One
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	1,400,000
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	3,930,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,070,000
Non-Recourse Debt	2,860,000
Term Securitizations Debt [Member]
Debt Instrument [Line Items]
Non-Recourse Debt	$ 11,500,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021
Debt Instrument [Line Items]
Outstanding Balance	$ 15,160,995		$ 14,619,919
Non-recourse notes payable	14,361,497		$ 13,764,808
Capitalized interest	1,900	$ 900
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) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2021	Feb. 28, 2021	May 31, 2020
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Stock Repurchase Program, Authorized Amount	$ 2,000
Available for repurchase, as of end of period	$ 1,211.5		$ 1,511.6
Equity Option [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	7 years
Cash-settled restricted stock units (RSUs)
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,239,000	1,606,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 93.01	$ 70.88
Cash-settled restricted stock units (RSUs) | Minimum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	75.00%
Cash-settled restricted stock units (RSUs) | Maximum
Stock and Stock-Based Incentive Plans
Cash payment per cash settled restricted stock unit	200.00%
Stock-settled market stock units (MSUs)
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient	2
Market Stock Units Converted To Common Stock Conversion Ratio Number Of Final Trading Days In Vesting Period	40 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	406,000	520,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 112.12	$ 90.53
Stock-settled market stock units (MSUs) | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	0
Stock-settled market stock units (MSUs) | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock for each unit granted	2
Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	75,845
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 118.72
Performance Shares [Member] | Minimum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	25.00%
Stock units converted to common stock for each unit granted	0
Performance Shares [Member] | Maximum
Stock and Stock-Based Incentive Plans
PSU conversion threshold	200.00%
Stock units converted to common stock for each unit granted	2
Deferred Stock Units [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Stock units converted to common stock for each unit granted	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	56,921
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 82.23
Restricted Stock [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	5,591
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 89.41
Restricted Stock [Member] | Minimum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Maximum
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Fiscal 2020 Grants - Year 1 [Member] | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	117.00%
Fiscal 2020 Grants - Year 2 | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
PSU conversion threshold	100.00%
PSU Grants - Performance Target Not Set [Member] | Performance Shares [Member]
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	25,397

Stock and Stock-Based Incenti_4

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Schedule of Common Stock Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	997,600	515,500
Average Cost Per Share	$ 124.83	$ 78.96
Available for repurchase, as of end of period	$ 1,211.5	$ 1,511.6

Stock and Stock-Based Incenti_5

Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 41,857	$ 25,600
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,729	679
Carmax Auto Finance Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	1,708	1,270
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 38,420	$ 23,651

Stock and Stock-Based Incenti_6

Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans (Composition of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 41,857	$ 25,600
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	11,821	11,619
Cash-settled restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	20,972	7,405
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	4,845	5,846
Stock-settled performance stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	3,394	153
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	42	34
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
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	783	543
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 4,219	$ 730

Stock and Stock-Based Incenti_7

Stock and Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details) $ in Millions	3 Months Ended
	May 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 98.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 70.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 6 months
Stock-settled market stock units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 23.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4.5
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 3 months 18 days
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	0 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0.2
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 8 months 12 days
Other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4.7
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 3 months 18 days

Stock and Stock-Based Incenti_8

Stock and Stock-Based Incentive Plans (Stock Option Activity) (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	6,802,000		6,266,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 77.46		$ 67.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	917,455	1,570,889
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 136.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(375,000)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 57.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	(6,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 81.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 382,783
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	3,646,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 65.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 247,007

Stock and Stock-Based Incenti_9

Stock and Stock-Based Incentive Plans (Settled) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 31, 2021	May 31, 2020
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	917,455	1,570,889
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 42.33	$ 22.61
Proceeds from Stock Options Exercised	$ 21.6	$ 1.7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	28	0.9
Share-based Payment Arrangement, Tax Benefit	$ 6.9	$ 0.2
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, Grants in Period	361,115	669,053
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 136.94	$ 71.07
Share-based Compensation Arrangement by Share-based Payment Award, Payments Upon Vesting	$ 89.8	$ 34.8
Share-based Payment Arrangement, Tax Benefit	$ 24.6	$ 9.4
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, Grants in Period	80,910	194,766
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 178.31	$ 93.11
Share-based Payment Arrangement, Tax Benefit	$ 10.9	$ 3

Stock and Stock-Based Incent_10

Stock and Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values)(Details)	3 Months Ended
	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	31.80%	36.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	37.00%	56.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	36.20%	38.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.00%	0.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	1.30%	0.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years 7 months 6 days	4 years 7 months 6 days

Stock and Stock-Based Incent_11

Stock and Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-settled restricted stock units (RSUs) - $ / shares	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021
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	1,239,000		1,606,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 93.01		$ 70.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	361,115	669,053
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 136.94	$ 71.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(701,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 65.41
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(27,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 80.61

Stock and Stock-Based Incent_12

Stock and Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	May 31, 2021USD ($)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Next Fiscal Year	$ 45,337
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Two Years	18,834
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Three Years	10,143
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting	74,314
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Next Fiscal Year	120,899
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Two Years	50,225
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting In Three Years	27,048
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected Cash Payouts Upon Vesting	$ 198,172

Stock and Stock-Based Incent_13

Stock and Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - Stock-settled market stock units (MSUs) - $ / shares	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021
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	406,000		520,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 112.12		$ 90.53
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	80,910	194,766
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 178.31	$ 93.11
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(194,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 81.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(1,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 114.02

Net Earnings Per Share (Basic A

Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Net earnings	$ 436,756	$ 4,978
Weighted average common shares outstanding, shares	163,151	162,673
Weighted average common shares and dilutive potential common shares, shares	166,295	163,537
Basic net earnings per share (in dollars per share)	$ 2.68	$ 0.03
Diluted net earnings per share (in dollars per share)	$ 2.63	$ 0.03
Stock options
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	2,529	527
Stock-settled stock units and awards
Schedule of Basic and Dilutive Net Earnings Per Share Reconciliation [Line Items]
Dilutive potential common shares, shares	615	337

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2021	May 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities not included in calculation of diluted net earnings per share	289,140	4,258,269

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	$ (118,691)
Other comprehensive loss before reclassifications	(1,478)
Amounts reclassified from accumulated other comprehensive loss	4,415
Other comprehensive income (loss), net of taxes	2,937	$ (15,334)
Ending balance	(115,754)
Net Unrecognized Actuarial Losses
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(92,662)
Other comprehensive loss before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	659
Other comprehensive income (loss), net of taxes	659
Ending balance	(92,003)
Net Unrecognized Hedge Gains (Losses)
Schedule of Accumulated Other Comprehensive Loss [Line Items]
Beginning balance	(26,029)
Other comprehensive loss before reclassifications	(1,478)
Amounts reclassified from accumulated other comprehensive loss	3,756
Other comprehensive income (loss), net of taxes	2,278
Ending balance	$ (23,751)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Total amortization reclassifications recognized in net pension expense	$ 868	$ 959
Tax expense	(209)	(231)
Amortization reclassifications recognized in net pension expense, net of tax	659	728
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	659	728
Changes in fair value	(2,006)	(24,862)
Tax benefit	528	6,575
Changes in fair value, net of tax	(1,478)	(18,287)
Reclassifications to CarMax Auto Finance income	5,098	3,025
Tax expense	(1,342)	(800)
Reclassification of hedge losses, net of tax	3,756	2,225
Net change in cash flow hedge unrecognized losses, net of tax	2,278	(16,062)
Total other comprehensive income (loss), net of tax	2,937	(15,334)
Cost of sales
Total amortization reclassifications recognized in net pension expense	357	373
CarMax Auto Finance income
Total amortization reclassifications recognized in net pension expense	22	31
Selling, general and administrative expenses
Total amortization reclassifications recognized in net pension expense	$ 489	$ 555

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 37.7	$ 38.7

Leases Narrative (Details)

Leases Narrative (Details)	3 Months Ended
	May 31, 2021
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
	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating Lease, Cost	$ 14,352	$ 14,384
Finance Lease, Right-of-Use Asset, Amortization	3,142	1,655
Finance Lease, Interest Expense	4,107	2,215
Finance Lease, Cost	7,249	3,870
Lease, Cost	$ 21,601	$ 18,254

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	May 31, 2021	Feb. 28, 2021
Leases [Abstract]
Operating lease assets	$ 453,851	$ 431,652
Finance Lease, Right-of-Use Asset	116,629	109,665
Total lease assets	570,480	541,317
Current portion of operating lease liabilities	30,836	30,953
Finance Lease, Liability, Current	9,806	9,422
Operating lease liabilities, excluding current portion	446,497	423,618
Finance Lease, Liability, Noncurrent	128,439	120,094
Total lease liabilities	615,578	584,087
Finance Lease Accumulated Depreciation	$ 20,600	$ 17,500

Lease Term and Discount Rate (D

Lease Term and Discount Rate (Details)	May 31, 2021Rate	Feb. 28, 2021Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	19 years 7 months 28 days	19 years 4 months 13 days
Finance Lease, Weighted Average Remaining Lease Term	13 years 2 months 8 days	13 years 6 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent	5.28%	5.36%
Finance Lease, Weighted Average Discount Rate, Percent	14.73%	15.09%

Lease Supplemental Cash Flow In

Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating Lease, Payments	$ 13,911	$ 14,217
Finance Lease, Interest Payment on Liability	2,699	1,877
Finance Lease, Principal Payments	2,788	1,370
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	30,078	2,335
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 10,107	$ 4,859

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	May 31, 2021USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 40,180
Lessee, Operating Lease, Liability, Payments, Due Year Two	53,415
Lessee, Operating Lease, Liability, Payments, Due Year Three	52,195
Lessee, Operating Lease, Liability, Payments, Due Year Four	51,057
Lessee, Operating Lease, Liability, Payments, Due Year Five	45,166
Lessee, Operating Lease, Liability, Payments, Due after Year Five	571,473
Lessee, Operating Lease, Liability, Payments, Due	813,486
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(336,153)
Operating Lease, Liability	477,333
Finance Lease, Liability, Payments, Remainder of Fiscal Year	17,379
Finance Lease, Liability, Payments, Due Year Two	25,063
Finance Lease, Liability, Payments, Due Year Three	27,945
Finance Lease, Liability, Payments, Due Year Four	24,656
Finance Lease, Liability, Payments, Due Year Five	25,228
Finance Lease, Liability, Payments, Due after Year Five	196,489
Finance Lease, Liability, Payment, Due	316,760
Finance Lease, Liability, Undiscounted Excess Amount	(178,515)
Finance Lease, Liability	$ 138,245

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Millions	May 31, 2021	Feb. 28, 2021	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Former Gain Contingency, Recognized in Current Period			$ 40.3
Liability associated with guarantee	$ 18.6	$ 15.2

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jun. 01, 2021USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Enterprise Value	$ 404