CarMax (KMX) 10-K 13 Apr 23 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Feb. 28, 2023	Apr. 11, 2023	Aug. 31, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 28, 2023
Document Transition Report	false
Entity File Number	001-31420
Entity Registrant Name	CARMAX, INC.
Entity Central Index Key	0001170010
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 13,977,409,996
Entity Common Stock, Shares Outstanding		158,091,336
Auditor Name	KPMG LLP
Auditor Location	Richmond, VA
Auditor Firm ID	185

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 29,684,873	$ 31,900,412	$ 18,950,149
TOTAL COST OF SALES	26,884,670	28,612,870	16,571,024
GROSS PROFIT	2,800,203	3,287,542	2,379,125
CARMAX AUTO FINANCE INCOME	663,404	801,507	562,810
Selling, General and Administrative Expense	2,487,357	2,325,220	1,704,419
Depreciation, Depletion and Amortization, Nonproduction	228,449	211,956	194,356
Interest expense	120,398	94,095	86,178
Nonoperating Income (Expense)	(9,401)	(34,568)	(8,275)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	636,804	1,492,346	965,257
Income tax provision	152,042	341,049	218,338
Net earnings	$ 484,762	$ 1,151,297	$ 746,919
Basic (in shares)	158,800	162,410	163,183
Diluted (in shares)	159,771	165,176	165,133
Basic (in dollars per share)	$ 3.05	$ 7.09	$ 4.58
Diluted (in dollars per share)	$ 3.03	$ 6.97	$ 4.52
Used vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	$ 23,034,286	$ 24,437,095	$ 15,713,583
TOTAL COST OF SALES	21,186,135	22,398,651	14,124,715
Wholesale vehicle sales
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	5,989,796	6,763,813	2,668,753
TOTAL COST OF SALES	5,399,969	5,999,277	2,245,431
Other sales and revenues
SALES AND OPERATING REVENUES:
NET SALES AND OPERATING REVENUES	660,791	699,504	567,813
TOTAL COST OF SALES	$ 298,566	$ 214,942	$ 200,878
NET SALES AND OPERATING REVENUES
Percentage of Sales
Item as a percent of net sales and operating revenues	100%	100%	100%
TOTAL COST OF SALES
Percentage of Sales
Item as a percent of net sales and operating revenues	90.60%	89.70%	87.40%
GROSS PROFIT
Percentage of Sales
Item as a percent of net sales and operating revenues	9.40%	10.30%	12.60%
CARMAX AUTO FINANCE INCOME
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	2.50%	3%
Selling, general and administrative expenses
Percentage of Sales
Item as a percent of net sales and operating revenues	8.40%	7.30%	9%
Depreciation and Amortization
Percentage of Sales
Item as a percent of net sales and operating revenues	0.80%	0.70%	1%
Interest expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0.40%	0.30%	0.50%
Other (income) expense
Percentage of Sales
Item as a percent of net sales and operating revenues	0%	(0.10%)	0%
Earnings before income taxes
Percentage of Sales
Item as a percent of net sales and operating revenues	2.10%	4.70%	5.10%
Income tax provision
Percentage of Sales
Item as a percent of net sales and operating revenues	0.50%	1.10%	1.20%
NET EARNINGS
Percentage of Sales
Item as a percent of net sales and operating revenues	1.60%	3.60%	3.90%
NET SALES AND OPERATING REVENUES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	77.60%	76.60%	82.90%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	20.20%	21.20%	14.10%
NET SALES AND OPERATING REVENUES | Other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	2.20%	2.20%	3%
TOTAL COST OF SALES | Used vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	71.40%	70.20%	74.50%
TOTAL COST OF SALES | Wholesale vehicle sales
Percentage of Sales
Item as a percent of net sales and operating revenues	18.20%	18.80%	11.80%
TOTAL COST OF SALES | Other sales and revenues
Percentage of Sales
Item as a percent of net sales and operating revenues	1%	0.70%	1.10%

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 484,762	$ 1,151,297	$ 746,919
Other comprehensive income, net of taxes:
Net change in retirement benefit plan unrecognized actuarial losses	28,411	19,661	28,640
Net change in cash flow hedge unrecognized gains	115,880	52,608	2,740
Other comprehensive income, net of taxes	144,291	72,269	31,380
TOTAL COMPREHENSIVE INCOME	$ 629,053	$ 1,223,566	$ 778,299

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 314,758	$ 102,716
Restricted cash from collections on auto loans receivable	470,889	548,099
Accounts receivable, net	298,783	560,984
Inventory	3,726,142	5,124,569
Other current assets	230,795	212,922
TOTAL CURRENT ASSETS	5,041,367	6,549,290
Auto loans receivable, net of allowance for loan losses of $507,201 and $433,030 as of February 28, 2023 and February 28, 2022, respectively	16,341,791	15,289,701
Property and equipment, net	3,430,914	3,209,068
Deferred income taxes	80,740	120,931
Operating lease assets	545,677	537,357
Goodwill	141,258	141,258
Other assets	600,989	490,659
TOTAL ASSETS	26,182,736	26,338,264
CURRENT LIABILITIES:
Accounts payable	826,592	937,717
Accrued expenses and other current liabilities	478,964	533,271
Current portion of operating lease liabilities	53,287	44,197
Current portion of long-term debt	111,859	11,203
Current portion of non-recourse notes payable	467,609	521,069
TOTAL CURRENT LIABILITIES	1,938,311	2,047,457
Long-term debt, excluding current portion	1,909,361	3,255,304
Non-recourse notes payable, excluding current portion	15,865,776	14,919,715
Operating lease liabilities, excluding current portion	523,828	523,269
Other liabilities	332,383	357,080
TOTAL LIABILITIES	20,569,659	21,102,825
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:
Common stock, $0.50 par value; 350,000,000 shares authorized; 158,079,033 and 161,053,983 shares issued and outstanding as of February 28, 2023 and February 28, 2022, respectively	79,040	80,527
Capital in excess of par value	1,713,074	1,677,268
Accumulated other comprehensive income (loss)	97,869	(46,422)
Retained earnings	3,723,094	3,524,066
TOTAL SHAREHOLDERS’ EQUITY	5,613,077	5,235,439
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 26,182,736	$ 26,338,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.50	$ 0.50
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	158,079,033	161,053,983
Common Stock, Shares, Outstanding	158,079,033	161,053,983
Financing Receivable, Allowance for Credit Loss	$ 507,201	$ 433,030

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
OPERATING ACTIVITIES:
Net earnings	$ 484,762	$ 1,151,297	$ 746,919
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	265,224	273,188	242,156
Share-based compensation expense	85,592	109,197	121,899
Provision for loan losses	317,013	141,692	160,703
Provision for cancellation reserves	98,137	114,928	72,235
Deferred income tax (benefit) provision	(6,550)	15,000	(35,787)
Other	4,773	(19,139)	(1,409)
Net decrease (increase) in:
Accounts receivable, net	262,201	(288,195)	(43,507)
Inventory	1,398,427	(1,967,432)	(323,318)
Other current assets	103,222	(80,790)	(50)
Auto loans receivable, net	(1,369,103)	(1,941,574)	(300,838)
Other assets	(52,286)	(32,272)	(12,862)
Net (decrease) increase in:
Accounts payable, accrued expenses and other current liabilities and accrued income taxes	(197,687)	175,106	106,788
Other liabilities	(110,393)	(200,456)	(65,169)
Net Cash Provided by (Used in) Operating Activities	1,283,332	(2,549,450)	667,760
INVESTING ACTIVITIES:
Capital expenditures	(422,710)	(308,534)	(164,536)
Proceeds from disposal of property and equipment	5,190	260	1,846
Proceeds from Sales of Business, Affiliate and Productive Assets	0	12,298	29,911
Payments to Acquire Investments	(12,526)	(24,614)	(3,729)
Proceeds from Sale and Maturity of Other Investments	4,280	38,408	8,325
Payments to Acquire Businesses, Net of Cash Acquired	0	(241,563)	0
Net Cash Provided by (Used in) Investing Activities	(425,766)	(523,745)	(128,183)
FINANCING ACTIVITIES:
Decrease in short-term debt, net	0	0	(40)
Proceeds from issuances of long-term debt	3,020,700	7,684,400	1,754,300
Payments on long-term debt	(4,275,353)	(5,752,796)	(2,217,305)
Cash paid for debt issuance costs	(19,781)	(20,132)	(18,296)
Finance Lease, Principal Payments	(12,200)	(11,923)	(7,424)
Issuances of non-recourse notes payable	14,333,896	14,328,298	10,805,546
Payments on non-recourse notes payable	(13,440,603)	(12,626,308)	(10,654,011)
Repurchase and retirement of common stock	(333,932)	(576,478)	(229,938)
Equity issuances	17,093	79,805	143,148
Net Cash Provided by (Used in) Financing Activities	(710,180)	3,104,866	(424,020)
Increase in cash, cash equivalents, and restricted cash	147,386	31,671	115,557
Cash, cash equivalents, and restricted cash at beginning of year	803,618	771,947	656,390
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR	951,004	803,618	771,947
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	314,758	102,716	132,319
Restricted cash from collections on auto loans receivable	470,889	548,099	496,415
Restricted cash included in other assets	165,357	152,803	143,213
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR	$ 951,004	$ 803,618	$ 771,947

Consolidated Statements Of Shar

Consolidated Statements Of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Capital In Excess Of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
BALANCE at Feb. 29, 2020	$ 3,768,875	$ 81,541	$ 1,348,988	$ 2,488,417	$ (150,071)
BALANCE, SHARES at Feb. 29, 2020		163,081,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	746,919			746,919
Other comprehensive (loss) income	31,380				31,380
Share-based compensation expense	49,656		49,656
Repurchases of common stock	(216,290)	$ (1,190)	(20,967)	(194,133)
Repurchase of common stock, shares		(2,380,000)
Exercise of common stock options	143,147	$ 1,153	141,994
Exercise of common stock options, shares		2,307,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(5,768)	$ 82	(5,850)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		164,000
BALANCE at Feb. 28, 2021	4,364,613	$ 81,586	1,513,821	2,887,897	(118,691)
BALANCE, SHARES at Feb. 28, 2021		163,172,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect | Accounting Standards Update 2016-13 [Member]	(153,306)
Net earnings	1,151,297			1,151,297
Other comprehensive (loss) income	72,269				72,269
Share-based compensation expense	56,762		56,762
Adjustments to Additional Paid in Capital, Other			90,183
Stock Issued During Period, Value, Acquisitions	90,571	$ 388
Stock Issued During Period, Shares, Acquisitions		776,000
Repurchases of common stock	(561,625)	$ (2,237)	(44,260)	(515,128)
Repurchase of common stock, shares		(4,475,000)
Exercise of common stock options	79,805	$ 651	79,154
Exercise of common stock options, shares		1,302,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(18,253)	$ 139	(18,392)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		279,000
BALANCE at Feb. 28, 2022	$ 5,235,439	$ 80,527	1,677,268	3,524,066	(46,422)
BALANCE, SHARES at Feb. 28, 2022	161,053,983	161,054,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 484,762			484,762
Other comprehensive (loss) income	144,291				144,291
Share-based compensation expense	62,025		62,025
Repurchases of common stock	(323,243)	$ (1,702)	(35,807)	(285,734)
Repurchase of common stock, shares		(3,404,000)
Exercise of common stock options	17,093	$ 134	16,959
Exercise of common stock options, shares		268,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(7,290)	$ 81	(7,371)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		161,000
BALANCE at Feb. 28, 2023	$ 5,613,077	$ 79,040	$ 1,713,074	$ 3,723,094	$ 97,869
BALANCE, SHARES at Feb. 28, 2023	158,079,033	158,079,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information Supplemental Cash Flow (Notes)	12 Months Ended
	Feb. 28, 2023
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information: Years Ended February 28 (In thousands) 2023 2022 2021 Cash paid for interest $ 122,147 $ 91,686 $ 86,437 Cash paid for income taxes $ 152,626 $ 373,234 $ 247,748 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 7,557 $ 14,837 $ (25,595) Increase in financing obligations $ 7,863 $ — $ 4,726 See Note 17 for supplemental cash flow information related to leases.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	12 Months Ended
	Feb. 28, 2023
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information: Years Ended February 28 (In thousands) 2023 2022 2021 Cash paid for interest $ 122,147 $ 91,686 $ 86,437 Cash paid for income taxes $ 152,626 $ 373,234 $ 247,748 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 7,557 $ 14,837 $ (25,595) Increase in financing obligations $ 7,863 $ — $ 4,726 See Note 17 for supplemental cash flow information related to leases.
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Years Ended February 28 (In thousands) 2023 2022 2021 Cash paid for interest $ 122,147 $ 91,686 $ 86,437 Cash paid for income taxes $ 152,626 $ 373,234 $ 247,748 Non-cash investing and financing activities: Increase (decrease) in accrued capital expenditures $ 7,557 $ 14,837 $ (25,595) Increase in financing obligations $ 7,863 $ — $ 4,726

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 122,147	$ 91,686	$ 86,437
Cash paid for income taxes	152,626	373,234	247,748
(Decrease) increase in accrued capital expenditures	7,557	14,837	(25,595)
Increase in financing obligations	$ 7,863	$ 0	$ 4,726

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Feb. 28, 2023
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Business and Background CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest 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. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 20 for additional information on our reportable segments and Note 2 for additional information regarding our acquisition of Edmunds. 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 an integrated combination of both. 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. (B) Basis of Presentation and Use of Estimates The consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Amounts and percentages may not total due to rounding. (C) Cash and Cash Equivalents Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $229.5 million as of February 28, 2023 and not significant to the consolidated balance sheet as of February 28, 2022. (D) Restricted Cash from Collections on Auto Loans Receivable Cash equivalents, totaling $470.9 million as of February 28, 2023 and $548.1 million as of February 28, 2022, consisted of collections of principal, interest and fee payments on auto loans receivable that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements. (E) Accounts Receivable, Net Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables. The allowance for doubtful accounts is estimated based on historical experience and trends. (F) Financing and Securitization Transactions We maintain a revolving funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans receivable originated by CAF. We typically elect to fund these receivables through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date. We sell the auto loans receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors. These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables. We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities. In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. We are required to evaluate term securitization trusts for consolidation. In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant. Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them. We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (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. These receivables can only be used as collateral to settle obligations of the related non-recourse funding vehicles. The non-recourse funding vehicles and investors have no recourse to our assets beyond the related receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable. We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles. See Notes 5 and 13 for additional information on auto loans receivable and non-recourse notes payable. (G) Inventory Inventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”). Vehicle inventory cost is determined by specific identification. Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory. (H) Auto Loans Receivable, Net Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our managed receivables. See Note 5 for additional information on our significant accounting policies related to auto loans receivable and the allowance for loan losses. (I) Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if applicable. Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed. Estimated Useful Lives Life Buildings 25 years Leasehold improvements 10 – 15 years Furniture, fixtures and equipment 3 – 15 years Software 5 years We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset. See Note 8 for additional information on property and equipment. (J) Other Assets Restricted Cash on Deposit in Reserve Accounts. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors. In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $113.7 million as of February 28, 2023 and $105.8 million as of February 28, 2022. Other Investments. Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities. Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $133.2 million as of February 28, 2023 and $108.5 million as of February 28, 2022. (K) Financing Obligations We generally account for sale-leaseback transactions as financing obligations. Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt. Depreciation is recognized on the assets over their estimated useful lives, generally 25 years. A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation. In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions. See Note 13 for additional information on financing obligations. (L) Accrued Expenses As of February 28, 2023 and February 28, 2022, accrued expenses and other current liabilities included accrued compensation and benefits of $159.3 million and $267.0 million, respectively; loss reserves for general liability and workers’ compensation insurance of $47.5 million and $44.0 million, respectively; our vehicle return reserves of $95.9 million and $79.8 million, respectively; and the current portion of cancellation reserves. See Note 10 for additional information on cancellation reserves. (M) Defined Benefit Plan Obligations The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities. The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months. The defined benefit retirement plan obligations are determined using a number of actuarial assumptions. Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate. See Note 12 for additional information on our benefit plans. (N) Insurance Liabilities Insurance liabilities are included in accrued expenses and other current liabilities. We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates. Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions. (O) Revenue Recognition Our revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 3 for additional information on our significant accounting policies related to revenue recognition. (P) Cost of Sales Cost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale. It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services. The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales. We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. (Q) Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, preopening and relocation costs, insurance, charitable contributions, travel, and other administrative expenses. (R) Advertising Expenses Advertising costs are expensed as incurred and substantially all are included in SG&A expenses. Total advertising expenses were $295.6 million in fiscal 2023, $332.2 million in fiscal 2022 and $218.6 million in fiscal 2021. (S) Store Opening Expenses Costs related to store openings, including preopening costs, are expensed as incurred and are included in SG&A expenses. (T) Share-Based Compensation Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors. We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award. We estimate the fair value of stock options using a binomial valuation model. Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term. The fair values of restricted stock, stock-settled performance stock units and stock-settled deferred stock units are based on the volume-weighted average market prices or closing prices on the date of the grant. The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares. Cash-settled restricted stock units are liability awards with fair value measurement based on the volume-weighted average market price or closing price of CarMax common stock as of the end of each reporting period. Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function. We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense. See Note 14 for additional information on stock-based compensation. (U) Derivative Instruments and Hedging Activities We enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates. We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting. See Note 6 for additional information on derivative instruments and hedging activities. (V) Income Taxes We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws. A deferred tax asset is recognized if it is more likely than not that a benefit will be realized. Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized. When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income. We recognize uncertain tax liabilities when, despite our belief that our tax return positions are supportable, we believe that the tax positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. The current portion of these tax liabilities is included in accrued income taxes and any noncurrent portion is included in other liabilities. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 11 for additional information on income taxes. (W) 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 the 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. See Note 15 for additional information on net earnings per share. (X) Recent Accounting Pronouncements Adopted in the Current Period In August 2020, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2020-06) related to the measurement and disclosure requirements for convertible instruments and contracts in an entity's own equity. The pronouncement simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement assessment for contracts in an entity's own equity. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. In July 2021, the FASB issued an accounting pronouncement (ASU 2021-05) related to accounting for sales-type leases with variable lease payments. This pronouncement is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. In November 2021, the FASB issued an accounting pronouncement (ASU 2021-10) related to government assistance disclosures. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. Effective in Future Periods In June 2022, the FASB issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2024, and we do not expect it to have a material effect on our consolidated financial statements. In September 2022, the FASB issued an accounting pronouncement (ASU 2022-04) related to disclosure requirements for buyers in supplier finance programs . The amendments in the update require that buyers disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective for fiscal years beginning after December 15, 2023. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2023, and we do not expect it to have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common c ontrol. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. W e do not expect the update to have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2024, and we do not expect it to have a material effect on our consolidated financial statements.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	12 Months Ended
	Feb. 28, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure	On June 1, 2021, we completed the acquisition of Edmunds Holding Company, one of the most well established and trusted online guides for automotive information and a recognized leader in digital car shopping innovations. With this acquisition, CarMax has enhanced its digital capabilities and further strengthened its role and reach across the used auto ecosystem while adding exceptional technology and creative talent. Edmunds continues to operate independently and remains focused on delivering confidence to consumers and excellent value to its dealer and Original Equipment Manufacturer (“OEM”) clients. Additionally, this acquisition allows both businesses to accelerate their respective capabilities to deliver an enhanced digital experience to their customers by leveraging Edmunds’ compelling content and technology, CarMax’s unparalleled national scale and infrastructure, and the combined talent of both businesses. The acquisition was accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, and, accordingly, Edmunds’ results of operations have been consolidated in our financial statements since the date of acquisition. We recorded a preliminary allocation of the purchase price to assets acquired and liabilities assumed based on their estimated fair values as of June 1, 2021. The transaction costs associated with the acquisition were approximately $8.0 million and were expensed as incurred within selling, general and administrative expenses. The following table summarizes the total purchase consideration: (In thousands) Total cash consideration for outstanding shares $ 251,047 Fair value of common stock (1) 90,571 Fair value of preexisting relationship 60,200 Total $ 401,818 (1) Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021). In January 2020, we acquired a minority stake in Edmunds for $50 million. The noncontrolling equity investment in Edmunds was remeasured at a fair value of $60.2 million prior to the acquisition of the remaining ownership stake on June 1, 2021, which resulted in the recognition of a gain of $8.7 million. The gain was included in other income in the consolidated statements of earnings for the second quarter of fiscal 2022. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: (In thousands) Fair Value Cash $ 9,484 Accounts receivable, net 33,719 Other current assets 2,397 Property and equipment, net 20,741 Goodwill (1) 141,258 Intangible assets 218,000 Operating lease assets 97,250 Other assets 191 Total assets acquired 523,040 Accounts payable 5,063 Accrued expenses and other current liabilities 11,277 Current portion of operating lease liabilities 12,795 Deferred income taxes (1) 3,823 Operating lease liabilities, excluding current portion 88,264 Total liabilities assumed 121,222 Net assets acquired $ 401,818 (1) During the third quarter of fiscal 2022, we obtained new information about facts and circumstances that existed as of the acquisition date, which resulted in a change in the fair value of assets and liabilities recognized. The adjustments were primarily related to research and development tax credits, which resulted in a decrease in goodwill and a decrease in deferred income taxes of $8.4 million. The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill, which was primarily attributed to expected synergies and the assembled workforce of the acquired business and was not deductible for tax purposes. The fair values assigned to the net identifiable assets and liabilities assumed were based on management’s estimates and assumptions. Identifiable intangible assets were recognized at their estimated acquisition date fair values. The fair value of identifiable intangible assets was determined by using certain estimates and assumptions that were not observable in the market. The fair values of the trade name asset and the internally developed software asset were determined using the relief-from-royalty method, and the fair value of the customer relationships asset was determined using the excess earnings method. These income-based approaches included significant assumptions such as the amount and timing of projected cash flows, growth rates, customer attrition rates, discount rates, and the assessment of the asset’s life cycle. The estimated fair value and estimated remaining useful lives of identifiable intangible assets as of the acquisition date were as follows: (In thousands) Useful Life (Years) Fair Value Trade name Indefinite $ 31,900 Internally developed software 7 52,900 Customer relationships 17 133,200 Identifiable intangible assets $ 218,000 The operating results of Edmunds have been included in our consolidated financial statements since the date of the acquisition. Net sales and operating revenues and net earnings attributable to Edmunds were not material for the reporting periods presented. Our pro forma results as if the acquisition had taken place on the first day of fiscal 2021 would not be materially different from the amounts reflected in the accompanying consolidated financial statements, and therefore were not presented.

Revenue Disclosures

Revenue Disclosures	12 Months Ended
	Feb. 28, 2023
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 Years Ended February 28 (In millions) 2023 2022 2021 Used vehicle sales $ 23,034.3 $ 24,437.1 $ 15,713.6 Wholesale vehicle sales 5,989.8 6,763.8 2,668.8 Other sales and revenues: Extended protection plan revenues 422.3 478.4 412.8 Third-party finance income/(fees), net 7.0 1.5 (39.6) Advertising & subscription revenues (1) 133.3 101.8 — Service revenues 82.3 81.8 92.0 Other 15.9 36.0 102.6 Total other sales and revenues 660.8 699.5 567.8 Total net sales and operating revenues $ 29,684.9 $ 31,900.4 $ 18,950.1 (1) Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 20 for further details. 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 19 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 10 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 is determined upon satisfying the performance obligation of selling the ESP. This estimate is subject to various constraints; primarily, factors that are outside of the company’s influence or control. We have determined that these constraints generally preclude any profit-sharing revenues from being recognized before they are paid. As of February 28, 2023 and February 28, 2022, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. The estimate of the amount to which we expect to be entitled is reassessed each reporting period and any changes are reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets. Third-Party Finance Income/(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. Advertising and Subscription Revenues. Advertising and subscription revenues consist of revenues earned by our Edmunds business. Advertising revenues are derived from advertising contracts with automotive manufacturers based on fixed fees per impression and fees for certain activities completed by customers on the manufacturers' websites. These fees are recognized in the period the impressions are delivered or certain activities occurred. Subscription revenues are derived from packages sold to automotive dealers that include car leads, inventory listings and enhanced placement in Edmunds' dealer locator and are recognized over the period that the services are made available to the dealers. Subscription revenues also include a digital marketing subscription service, which allows dealers to gain exposure on third party partner websites. Revenues for this service are recognized on a net basis. Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed. Other Revenues. Other revenues previously consisted primarily of new vehicle sales. Subsequent to the divestiture of our remaining new car franchise during fiscal 2022, other revenues includes miscellaneous goods and services, which are immaterial to our consolidated financial statements.

CarMax Auto Finance

CarMax Auto Finance	12 Months Ended
	Feb. 28, 2023
CarMax Auto Finance Income [Abstract]
CarMax Auto Finance	CARMAX AUTO FINANCECAF 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, as discussed in Note 1(F). 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 5, 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 Years Ended February 28 (In millions) 2023 % (1) 2022 % (1) 2021 % (1) Interest margin: Interest and fee income $ 1,441.5 8.8 $ 1,296.8 8.7 $ 1,142.0 8.5 Interest expense (310.3) (1.9) (228.8) (1.5) (314.1) (2.3) Total interest margin 1,131.2 6.9 1,068.0 7.2 827.9 6.1 Provision for loan losses (317.0) (1.9) (141.7) (0.9) (160.7) (1.2) Total interest margin after provision for loan losses 814.2 5.0 926.3 6.2 667.2 5.0 Total other expense — — — — (2.2) — Direct expenses: Payroll and fringe benefit expense (62.8) (0.4) (50.5) (0.3) (46.0) (0.3) Depreciation and amortization (15.5) (0.1) (6.6) — (0.8) — Other direct expenses (72.4) (0.4) (67.7) (0.5) (55.4) (0.4) Total direct expenses (150.8) (0.9) (124.8) (0.8) (102.2) (0.8) CarMax Auto Finance income $ 663.4 4.1 $ 801.5 5.4 $ 562.8 4.2 Total average managed receivables $ 16,304.3 $ 14,934.0 $ 13,463.3 (1) Percent of total average managed receivables.

Auto Loan Receivables

Auto Loan Receivables	12 Months Ended
	Feb. 28, 2023
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 $16.36 billion as of February 28, 2023, and $15.47 billion as of February 28, 2022. See Notes 1(F) and 13 for additional information on securitizations and 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 4 for additional information on CAF income. Auto Loans Receivable, Net As of February 28 (In millions) 2023 2022 Asset-backed term funding $ 12,242.8 $ 11,653.8 Warehouse facilities 3,649.9 3,291.9 Overcollateralization (1) 739.9 489.1 Other managed receivables (2) 135.3 217.5 Total ending managed receivables 16,767.9 15,652.3 Accrued interest and fees 78.0 67.3 Other 3.1 3.1 Less: allowance for loan losses (507.2) (433.0) Auto loans receivable, net $ 16,341.8 $ 15,289.7 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles. Credit Quality. When customers apply for financing, CAF’s proprietary scoring models utilize 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 February 28, 2023 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 3,890.9 $ 2,555.3 $ 1,112.0 $ 677.1 $ 218.3 $ 36.3 $ 8,489.9 50.6 B 2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 C and other 732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 Total core managed receivables 7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 Other managed receivables (4) : C and other 272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 Total ending managed receivables $ 7,393.1 $ 5,117.2 $ 2,257.7 $ 1,356.4 $ 520.7 $ 122.8 $ 16,767.9 100.0 As of February 28, 2022 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) Core managed receivables (3) : A $ 3,885.5 $ 1,788.3 $ 1,266.1 $ 574.1 $ 203.4 $ 32.3 $ 7,749.7 49.5 B 2,795.2 1,288.5 857.7 473.1 205.2 50.4 5,670.1 36.2 C and other 919.1 496.2 294.8 156.7 73.8 29.6 1,970.2 12.6 Total core managed receivables 7,599.8 3,573.0 2,418.6 1,203.9 482.4 112.3 15,390.0 98.3 Other managed receivables (4) : C and other 165.2 23.9 34.7 23.8 10.0 4.7 262.3 1.7 Total ending managed receivables $ 7,765.0 $ 3,596.9 $ 2,453.3 $ 1,227.7 $ 492.4 $ 117.0 $ 15,652.3 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF’s Tier 1 originations. (4) Represents CAF’s Tier 2 and Tier 3 originations. Allowance for Loan Losses. The allowance for loan losses at February 28, 2023 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 at inception of the loan. 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 used vehicle price index are used to predict changes in gross loss and recovery rates, 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 As of February 28, 2023 (In millions) Core Other Total % (1) Balance as of beginning of year $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (348.1) (54.4) (402.5) Recoveries (2) 142.5 17.2 159.7 Provision for loan losses 229.6 87.4 317.0 Balance as of end of year $ 401.5 $ 105.7 $ 507.2 3.02 As of February 28, 2022 (In millions) Core Other Total % (1) Balance as of beginning of year 379.4 31.7 411.1 2.97 Charge-offs (206.5) (20.7) (227.2) Recoveries (2) 99.4 8.0 107.4 Provision for loan losses 105.2 36.5 141.7 Balance as of end of year $ 377.5 $ 55.5 $ 433.0 2.77 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle. During fiscal 2023, the allowance for loan losses increased $74.2 million, primarily reflecting growth in receivables, the expansion of our Tier 2 and Tier 3 originations and unfavorable performance within the portfolio as well as the uncertain macroeconomic environment. The increase in net charge-offs primarily reflects customer hardship in the current economic environment. Additionally, net charge-offs in the prior fiscal year were significantly favorable compared to pre-pandemic performance. The increase in the allowance as a percent of total ending managed receivables was primarily driven by worsening loss performance as well as the expansion of our Tier 2 and Tier 3 originations within CAF's portfolio. The allowance for loan losses as of February 28, 2023 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic 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 February 28, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 8,450.3 $ 5,540.2 $ 1,612.3 $ 15,602.8 $ 327.6 $ 15,930.4 95.00 Delinquent loans: 31-60 days past due 25.1 225.7 175.4 426.2 60.6 486.8 2.90 61-90 days past due 10.6 120.0 114.5 245.1 42.1 287.2 1.71 Greater than 90 days past due 3.9 27.7 23.5 55.1 8.4 63.5 0.39 Total past due 39.6 373.4 313.4 726.4 111.1 837.5 5.00 Total ending managed receivables $ 8,489.9 $ 5,913.6 $ 1,925.7 $ 16,329.2 $ 438.7 $ 16,767.9 100.00 As of February 28, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,711.9 $ 5,401.3 $ 1,702.7 $ 14,815.9 $ 206.4 $ 15,022.3 95.98 Delinquent loans: 31-60 days past due 25.4 173.3 160.4 359.1 33.0 392.1 2.50 61-90 days past due 9.2 75.6 85.2 170.0 19.1 189.1 1.21 Greater than 90 days past due 3.2 19.9 21.9 45.0 3.8 48.8 0.31 Total past due 37.8 268.8 267.5 574.1 55.9 630.0 4.02 Total ending managed receivables $ 7,749.7 $ 5,670.1 $ 1,970.2 $ 15,390.0 $ 262.3 $ 15,652.3 100.00 (1) Percent of total ending managed receivables.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	12 Months Ended
	Feb. 28, 2023
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 loans. 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 income (loss) (“AOCI”). 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 $52.1 million will be reclassified from AOCI as an increase 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 years ended February 28, 2023 and February 28, 2022, we recognized income of $24.5 million and $8.8 million, respectively, in CAF income representing these changes in fair value. As of February 28, 2023 and February 28, 2022, we had interest rate swaps outstanding with a combined notional amount of $4.49 billion and $3.64 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of February 28, 2023 and February 28, 2022, we had interest rate swaps with a combined notional amount of $1.14 billion and $0.58 billion, respectively, outstanding that were not designated as cash flow hedges for accounting purposes. See Note 7 for discussion of fair values of financial instruments and Note 16 for the effect on comprehensive income.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Feb. 28, 2023
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, observable inputs, such as interest rates and yield curves, and assumptions about risk. Level 3 Inputs that are significant to the measurement that are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Our fair value processes include controls that are designed to ensure that fair values are appropriate. Such controls include model validation, review of key model inputs, analysis of period-over-period fluctuations and reviews by senior management. Valuation Methodologies Money Market Securities. Money market securities are cash equivalents, which are included in cash and cash equivalents, restricted cash from collections on auto loans receivable and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. Mutual Fund Investments. Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities. The investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1. Derivative Instruments. The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities. Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments. All of our derivative exposures are with highly rated bank counterparties. We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis. We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services. Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments. The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2. Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk. We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk. Items Measured at Fair Value on a Recurring Basis As of February 28, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 865,943 $ — $ 865,943 Mutual fund investments 22,671 — 22,671 Derivative instruments designated as hedges — 97,328 97,328 Derivative instruments not designated as hedges — 33,870 33,870 Total assets at fair value $ 888,614 $ 131,198 $ 1,019,812 Percent of total assets at fair value 87.1 % 12.9 % 100.0 % Percent of total assets 3.4 % 0.5 % 3.9 % Liabilities: Total liabilities at fair value $ — $ — $ — Percent of total liabilities — % — % — % As of February 28, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 701,865 $ — $ 701,865 Mutual fund investments 24,022 — 24,022 Derivative instruments designated as hedges — 39,452 39,452 Derivative instruments not designated as hedges — 9,339 9,339 Total assets at fair value $ 725,887 $ 48,791 $ 774,678 Percent of total assets at fair value 93.7 % 6.3 % 100.0 % Percent of total assets 2.8 % 0.2 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (1,379) $ (1,379) Total liabilities at fair value $ — $ (1,379) $ (1,379) 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, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loans 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 February 28, 2023 and February 28, 2022, respectively, are as follows: (In thousands) As of February 28, 2023 As of February 28, 2022 Carrying value $ 500,000 $ 500,000 Fair value $ 473,749 $ 517,396

Property And Equipment

Property And Equipment	12 Months Ended
	Feb. 28, 2023
Property, Plant and Equipment [Abstract]
Property And Equipment	PROPERTY AND EQUIPMENT As of February 28 (In thousands) 2023 2022 Land $ 947,734 $ 913,577 Land held for development (1) 62,770 73,347 Buildings 2,454,937 2,290,686 Leasehold improvements 356,974 331,002 Furniture, fixtures and equipment 559,927 520,407 Construction in progress 156,925 113,091 Software 314,454 246,616 Finance leases 192,117 157,890 Total property and equipment 5,045,838 4,646,616 Less: accumulated depreciation and amortization (1,614,924) (1,437,548) Property and equipment, net $ 3,430,914 $ 3,209,068 (1) Land held for development represents land owned for potential store growth. Depreciation expense was $244.4 million in fiscal 2023, $215.3 million in fiscal 2022 and $195.3 million in fiscal 2021.

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other	12 Months Ended
	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure	GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment annually as of December 1, or whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other . The goodwill acquired as part of the Edmunds acquisition was allocated to two of our reporting units – CarMax Sales Operations and Edmunds – with carrying values of $98.9 million and $42.4 million, respectively. No impairment was recognized in fiscal 2023 or fiscal 2022. Intangibles As of February 28, 2023 Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Intangible assets not subject to amortization: Trade name $ 31,900 $ — $ 31,900 Intangible assets subject to amortization: Internally developed software 52,900 (13,225) 39,675 Customer relationships 133,200 (13,712) 119,488 Total intangible assets $ 218,000 $ (26,937) $ 191,063 As of February 28, 2022 Gross Carrying Accumulated Net Amount Amortization Amount Intangible assets not subject to amortization: Trade name $ 31,900 $ — $ 31,900 Intangible assets subject to amortization: Internally developed software 52,900 (5,668) 47,232 Customer relationships 133,200 (5,876) 127,324 Total intangible assets $ 218,000 $ (11,544) $ 206,456 The intangible assets above relate to the acquisition of Edmunds on June 1, 2021 (see Note 2 for more information). Amortization expense of intangible assets was $15.4 million in fiscal 2023 and $11.5 million in fiscal 2022. We estimate that amortization expense related to intangible assets will be $15.4 million in each of the next five fiscal years.

Cancellation Reserves

Cancellation Reserves	12 Months Ended
	Feb. 28, 2023
Cancellation Reserves [Abstract]
Cancellation Reserves	CANCELLATION RESERVES We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations. Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract. The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. Cancellation Reserves As of February 28 (In millions) 2023 2022 Balance as of beginning of year $ 144.7 $ 124.5 Cancellations (103.6) (94.7) Provision for future cancellations 98.1 114.9 Balance as of end of year $ 139.2 $ 144.7

Income Taxes

Income Taxes	12 Months Ended
	Feb. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES During fiscal 2021, new legislation was enacted to provide relief to businesses in response to the COVID-19 pandemic, including the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Taxpayer Certainty and Disaster Tax Relief Act. The American Rescue Plan Act of 2021 and the Infrastructure Investment and Jobs Act were enacted on March 6, 2021 and November 15, 2021, respectively. We evaluated the tax provisions of these acts as well as new IRS guidance issued. The most significant impacts to the company included the employee retention tax credit and payroll tax deferral provisions of the CARES Act. On August 16, 2022, federal legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was enacted. The most significant provisions of the IRA are the corporate alternative minimum tax and the share repurchase tax. We have evaluated the tax provisions as well as new IRS guidance and do not expect the legislation to have a material impact on our results of operations. Income Tax Provision Years Ended February 28 (In thousands) 2023 2022 2021 Current: Federal $ 128,994 $ 264,194 $ 209,447 State 29,598 61,855 44,678 Total 158,592 326,049 254,125 Deferred: Federal (1,118) 10,560 (27,971) State (5,432) 4,440 (7,816) Total (6,550) 15,000 (35,787) Income tax provision $ 152,042 $ 341,049 $ 218,338 Effective Income Tax Rate Reconciliation Years Ended February 28 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 3.4 3.7 3.3 Share-based compensation — (1.8) (1.6) Nondeductible and other items 1.5 0.7 0.5 Credits (2.0) (0.7) (0.6) Effective income tax rate 23.9 % 22.9 % 22.6 % Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of February 28 (In thousands) 2023 2022 Deferred tax assets: Accrued expenses and other $ 102,611 $ 122,791 Allowance for loan losses 123,636 104,454 Prepaid expenses 3,484 4,236 Net operating loss carryforwards and other tax attributes 35,184 38,637 Operating lease liabilities 146,006 144,693 Share-based compensation 37,165 40,579 Capital loss carry forward 847 745 Total deferred tax assets 448,933 456,135 Less: valuation allowance (1,305) (1,455) Total deferred tax assets after valuation allowance 447,628 454,680 Deferred tax liabilities: Intangibles 47,072 51,088 Property and equipment 113,015 115,263 Operating lease assets 137,617 137,095 Inventory 14,512 19,147 Derivatives 54,672 11,156 Total deferred tax liabilities 366,888 333,749 Net deferred tax asset $ 80,740 $ 120,931 As of the fiscal year ended February 28, 2023, CarMax’s net operating loss carryforwards and other tax attributes include a deferred tax asset of $5.7 million related to U.S. federal net operating loss carryforwards that have no expiration; a deferred tax asset of $12.6 million, net of valuation allowances, related to U.S. federal tax credit carryforwards, which expire between 2023 and 2041; a deferred tax asset of $3.0 million, related to state net operating loss carryforwards, which generally expire between 2023 and 2038; and a deferred tax asset of $12.5 million related to state tax credit carryforwards that have no expiration. Except for amounts for which a valuation allowance has been provided, we believe it is more likely than not that the results of future operations and the reversals of existing deferred taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets. The valuation allowance as of February 28, 2023, relates to capital loss and research and development credit carryforwards that are not more likely than not to be utilized prior to their expiration. Reconciliation of Unrecognized Tax Benefits Years Ended February 28 (In thousands) 2023 2022 2021 Balance at beginning of year $ 24,765 $ 28,997 $ 30,865 Increases for tax positions of prior years 114 432 188 Decreases for tax positions of prior years (19) (5,056) (4,468) Increases based on tax positions related to the current year 3,813 2,657 3,634 Settlements (79) (391) (4) Lapse of statute (1,502) (1,874) (1,218) Balance at end of year $ 27,092 $ 24,765 $ 28,997 As of February 28, 2023, we had $27.1 million of gross unrecognized tax benefits, $10.6 million of which, if recognized, would affect our effective tax rate. It is reasonably possible that the amount of the unrecognized tax benefit will increase or decrease during the next 12 months; however, we do not expect the change to have a significant effect on our results of operations, financial condition or cash flows. As of February 28, 2022, we had $24.8 million of gross unrecognized tax benefits, $8.5 million of which, if recognized, would affect our effective tax rate. As of February 28, 2021, we had $29.0 million of gross unrecognized tax benefits, $7.6 million of which, if recognized, would affect our effective tax rate. Our continuing practice is to recognize interest and penalties related to income tax matters in SG&A expenses. Our accrual for interest and penalties was $4.0 million, $3.4 million and $4.7 million as of February 28, 2023, February 28, 2022 and February 28, 2021, respectively. CarMax is subject to U.S. federal income tax as well as income tax of multiple states and local jurisdictions. With a few insignificant exceptions, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to fiscal 2019.

Benefit Plans

Benefit Plans	12 Months Ended
	Feb. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Benefit Plans	BENEFIT PLANS (A) Retirement Benefit Plans We have two frozen noncontributory defined benefit plans: our pension plan (the “pension plan”) and our unfunded, nonqualified plan (the “restoration plan”), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. No additional benefits have accrued under these plans since they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan. Benefit Plan Information As of February 28 Pension Plan Restoration Plan Total (In thousands) 2023 2022 2023 2022 2023 2022 Plan assets $ 190,007 $ 214,928 $ — $ — $ 190,007 $ 214,928 Projected benefit obligation 209,298 273,257 9,043 11,034 218,341 284,291 Funded status recognized $ (19,291) $ (58,329) $ (9,043) $ (11,034) $ (28,334) $ (69,363) Amounts recognized in the consolidated balance sheets: Current liability $ — $ — $ (639) $ (630) $ (639) $ (630) Noncurrent liability (19,291) (58,329) (8,404) (10,404) (27,695) (68,733) Net amount recognized $ (19,291) $ (58,329) $ (9,043) $ (11,034) $ (28,334) $ (69,363) Pension Plan Restoration Plan Total (In thousands) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Total net pension (benefit) expense $(3,443) $ (2,493) $ (1,378) $ 429 $ 425 $ 433 $ (3,014) $ (2,068) $ (945) Total net actuarial gain (1) $(33,110) $ (21,941) $ (33,703) $ (1,726) $ (576) $ (210) $ (34,836) $ (22,517) $ (33,913) (1) Changes recognized in Accumulated Other Comprehensive Income (Loss). The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, and plan assets will change primarily as a result of the actual return on plan assets. Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2023 or 2022. There were no employer contributions in fiscal 2023 and 2022. The net actuarial gain in a fiscal year is recognized in accumulated other comprehensive income (loss) and may later be recognized as a component of future pension expense. In fiscal 2024, we anticipate that $0.5 million in estimated actuarial losses of the pension plan will be amortized from accumulated other comprehensive income (loss). Estimated actuarial losses to be amortized from accumulated other comprehensive income (loss) for the restoration plan are not expected to be significant. Benefit Obligations. The accumulated benefit obligation (“ABO”) and PBO represent the obligations of the benefit plans for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current service and compensation levels. PBO is ABO increased to reflect expected future service and increased compensation levels. As a result of the freeze of plan benefits under our pension and restoration plans, the ABO and PBO balances are equal to one another at all subsequent dates. Funding Policy. For the pension plan, we contribute amounts sufficient to meet minimum funding requirements as set forth in the employee benefit and tax laws, plus any additional amounts as we may determine to be appropriate. We do not expect to make any contributions to the pension plan in fiscal 2024. We expect the pension plan to make benefit payments of approximately $7.0 million for each of the next three fiscal years, and $8.2 million for each of the subsequent two fiscal years. For the non-funded restoration plan, we contribute an amount equal to the benefit payments, which we expect to be approximately $0.7 million for each of the next five fiscal years. Assumptions Used to Determine Benefit Obligations As of February 28 Pension Plan Restoration Plan 2023 2022 2023 2022 Discount rate 5.20 % 3.45 % 5.20 % 3.45 % Assumptions Used to Determine Net Pension Expense As of February 28 Pension Plan Restoration Plan 2023 2022 2021 2023 2022 2021 Discount rate 3.45 % 2.95 % 2.85 % 3.45 % 2.95 % 2.85 % Expected rate of return on plan assets 7.50 % 7.50 % 7.75 % — % — % — % Assumptions. Underlying both the calculation of the PBO and the net pension expense are actuarial calculations of each plan’s liability. These calculations use participant-specific information such as salary, age and years of service, as well as certain assumptions, the most significant being the discount rate, rate of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary. The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high quality corporate bond indices in addition to a hypothetical portfolio of corporate bonds with maturities that approximate the expected timing of the anticipated benefit payments. To determine the expected long-term return on plan assets, we consider the current and anticipated asset allocations, as well as historical and estimated returns on various categories of plan assets. We apply the estimated rate of return to a market-related value of assets, which reduces the underlying variability in the asset values. The use of expected long-term rates of return on pension plan assets could result in recognized asset returns that are greater or less than the actual returns of those pension plan assets in any given year. Over time, however, the expected long-term returns are anticipated to approximate the actual long-term returns, and therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. Differences between actual and expected returns, which are a component of unrecognized actuarial gains/losses, are recognized over the average life expectancy of all plan participants. Fair Value of Plan Assets As of February 28 (In thousands) 2023 2022 Mutual funds (Level 1): Equity securities – international $ 17,578 $ 26,525 Collective funds (NAV): Short-term investments 1,856 2,016 Equity securities 86,010 133,723 Fixed income securities 84,557 52,664 Interest receivable 6 — Total $ 190,007 $ 214,928 Plan Assets. Our pension plan assets are held in trust and a fiduciary committee sets the investment policies and strategies. Long-term strategic investment objectives include achieving reasonable returns while prudently balancing risk and return, and controlling costs. We currently target allocating approximately 55% of plan assets to equity and equity-related instruments and approximately 45% to fixed income securities; in prior years, we targeted allocating approximately 75% of the plan assets to equity and equity-related instruments and approximately 25% to fixed income securities. Equity securities are currently composed of both collective funds and mutual funds that include highly diversified investments in large-, mid- and small-cap companies located in the United States and internationally. The fixed income securities are currently composed of collective funds that include investments in debt securities, corporate bonds, mortgage-backed securities and other debt obligations primarily in the United States. We do not expect any plan assets to be returned to us during fiscal 2024. The fair values of the plan’s assets are provided by the plan’s trustee and the investment managers. Within the fair value hierarchy (see Note 7), the mutual funds are classified as Level 1 as quoted active market prices for identical assets are used to measure fair value. The collective funds are public investment vehicles valued using a net asset value (“NAV”) and, therefore, are outside of the fair value hierarchy. The collective funds may be liquidated with minimal restrictions. (B) Retirement Savings 401(k) Plan We sponsor a 401(k) plan for all associates meeting certain eligibility criteria. The plan contains a company matching contribution as well as an additional discretionary company-funded contribution to those associates meeting certain age and service requirements. The total cost for company contributions was $64.0 million in fiscal 2023, $63.8 million in fiscal 2022 and $48.5 million in fiscal 2021. (C) Retirement Restoration Plan We sponsor a non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan. Under this plan, these associates may continue to defer portions of their compensation for retirement savings. We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide an annual discretionary company-funded contribution under the same terms of the 401(k) plan. This plan is unfunded with lump sum payments to be made upon the associate’s retirement. The total cost for this plan was not significant in fiscal 2023, fiscal 2022 and fiscal 2021. (D) Executive Deferred Compensation Plan We sponsor an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date. This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan. The total cost for this plan was not significant in fiscal 2023, fiscal 2022 and fiscal 2021.

Debt

Debt	12 Months Ended
	Feb. 28, 2023
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT (In thousands) As of February 28 Debt Description (1) Maturity Date 2023 2022 Revolving credit facility (2) June 2024 $ — $ 1,243,500 Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,493 699,352 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 522,526 524,766 Non-recourse notes payable Various dates through November 2029 16,360,092 15,466,799 Total debt 18,382,111 18,734,417 Less: current portion (579,468) (532,272) Less: unamortized debt issuance costs (27,506) (27,126) Long-term debt, net $ 17,775,137 $ 18,175,019 (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), or the successor benchmark rate, the federal funds rate, or the prime rate, depending on the type of borrowing. Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes. We pay a commitment fee on the unused portions of the available funds. Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing. Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt. As of February 28, 2023, the unused capacity of $2.00 billion was fully available to us. The weighted average interest rate on outstanding short-term and long-term debt was 2.87% in fiscal 2023, 1.97% in fiscal 2022 and 1.74% in fiscal 2021. Term Loans. Borrowings under our $300 million and $700 million term loans are available for working capital and general corporate purposes. The interest rate on our term loans was 5.47% as of February 28, 2023, and the loans were 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. The 3.86% senior note matures in April 2023 and is therefore classified as current. The remaining 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 do 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. Future maturities of financing obligations were as follows: (In thousands) As of February 28, 2023 Fiscal 2024 $ 54,317 Fiscal 2025 56,214 Fiscal 2026 59,411 Fiscal 2027 50,059 Fiscal 2028 49,652 Thereafter 758,379 Total payments 1,028,032 Less: interest (505,506) Present value of financing obligations $ 522,526 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 November 2029, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable. Information on our funding vehicles of non-recourse notes payable as of February 28, 2023 are as follows: (In billions) Capacity Warehouse facilities: August 2023 expiration $ 2.30 December 2023 expiration 0.50 February 2024 expiration 2.80 Combined warehouse facility limit $ 5.60 Unused capacity $ 1.95 Non-recourse notes payable outstanding: Warehouse facilities $ 3.65 Asset-backed term funding transactions 12.71 Non-recourse notes payable $ 16.36 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 Notes 1(F) and 5 for additional information on the related auto loans receivable. Capitalized Interest. We capitalize interest in connection with the construction of certain facilities. For fiscal 2023, fiscal 2022 and fiscal 2021, we capitalized interest of $5.6 million, $5.9 million, and $3.3 million, respectively.

Stock And Stock-Based Incentive

Stock And Stock-Based Incentive Plans	12 Months Ended
	Feb. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock And Stock-Based Incentive Plans	STOCK AND STOCK-BASED INCENTIVE PLANS (A) Preferred Stock Under the terms of our Articles of Incorporation, the board of directors (“board”) may determine the rights, preferences and terms of our authorized but unissued shares of preferred stock. We have authorized 20,000,000 shares of preferred stock, $20 par value. No shares of preferred stock are currently outstanding. (B) Share Repurchase Program In April 2022, our board increased our share repurchase authorization by $2 billion. As of February 28, 2023, a total of $4 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.45 billion remained available for repurchase. Share repurchases were paused during the third quarter of fiscal 2023. Common Stock Repurchases Years Ended February 28 2023 2022 2021 Number of shares repurchased (in thousands) 3,403.9 4,475.2 2,379.8 Average cost per share $ 94.95 $ 125.49 $ 90.87 Available for repurchase, as of end of year (in millions) $ 2,451.3 $ 774.5 $ 1,336.1 (C) Stock Incentive Plans We maintain long-term incentive plans for management, certain employees and the nonemployee members of our 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. As of February 28, 2023, a total of 60,850,000 shares of our common stock had been authorized to be issued under the long-term incentive plans. The number of unissued common shares reserved for future grants under the long-term incentive plans was 5,769,765 as of that date. 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 are eligible to 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 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 For the first-year and third-year periods of the fiscal 2020 awards and the first-year of the fiscal 2022 awards, these targets were based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies; the board certified performance adjustment factors of 117%, 200% and 200%, respectively. For the second-year period of the fiscal 2020 awards, the performance goals included quantitative and qualitative metrics including covenant compliance, market share and COVID-19 recovery; the board certified a performance adjustment factor of 100%. For the second-year period of the fiscal 2022 awards and the first-year period of the fiscal 2023 awards, the performance targets are based on annual pretax diluted earnings per share excluding any unrealized gains or losses on equity investments in private companies and market share. For the third-year period of the fiscal 2022 awards and the second- and third-year periods of the fiscal 2023 awards, the remaining awarded 48,658 PSUs do not qualify as grants under ASC 718 as mutual understanding of the target performance levels are either not fully set or have not been set. PSUs do not have voting rights. The grant date fair values are based on the closing prices of our common stock on the grant dates. As of February 28, 2023, 43,364 units were outstanding at a weighted average grant date fair value per share of $109.02. 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 Employee Stock Purchase Plan . We sponsor an employee stock purchase plan for all associates meeting certain eligibility criteria. We have authorized up to 8,000,000 shares of common stock with a total of 2,014,192 shares remaining available for issuance under the plan as of February 28, 2023. Associate contributions are limited to 10% of eligible compensation, up to a maximum of $10,000 per year. For each $1.00 contributed to the plan by associates, we match $0.15. Shares are acquired through open-market purchases. We purchased 251,651 shares at an average price per share of $81.40 during fiscal 2023, 160,093 shares at an average price per share of $125.22 during fiscal 2022 and 202,085 shares at an average price per share of $87.41 during fiscal 2021. (D) Share-Based Compensation Composition of Share-Based Compensation Expense Years Ended February 28 (In thousands) 2023 2022 2021 Cost of sales $ 2,269 $ 4,924 $ 6,805 CarMax Auto Finance income 2,295 5,043 5,657 Selling, general and administrative expenses 83,608 101,966 111,749 Share-based compensation expense, before income taxes $ 88,172 $ 111,933 $ 124,211 Composition of Share-Based Compensation Expense – By Grant Type Years Ended February 28 (In thousands) 2023 2022 2021 Nonqualified stock options $ 38,629 $ 33,598 $ 31,500 Cash-settled restricted stock units (RSUs) 23,567 52,435 72,243 Stock-settled market stock units (MSUs) 15,617 13,984 15,596 Other share-based incentives: Stock-settled performance stock units (PSUs) 5,123 6,289 489 Stock-settled deferred stock units (DSUs) 1,850 1,925 1,925 Restricted stock (RSAs) 806 966 147 Employee stock purchase plan 2,580 2,736 2,311 Total other share-based incentives 10,359 11,916 4,872 Share-based compensation expense, before income taxes $ 88,172 $ 111,933 $ 124,211 Unrecognized Share-Based Compensation Expense – By Grant Type As of February 28, 2023 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 50.9 1.7 Stock-settled market stock units 15.4 1.1 Other share-based incentives: Stock-settled performance stock units 1.1 1.6 Restricted stock 0.3 0.4 Total other share-based incentives 1.4 1.3 Total $ 67.7 1.6 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 years ended February 28, 2023, February 28, 2022 or February 28, 2021. 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, 2022 5,796 $ 79.66 Options granted 1,302 90.71 Options exercised (268) 63.74 Options forfeited or expired (54) 96.21 Outstanding as of February 28, 2023 6,776 $ 82.28 3.8 $ 15,008 Exercisable as of February 28, 2023 3,937 $ 73.20 2.8 $ 14,838 Stock Option Information Years Ended February 28 2023 2022 2021 Options granted 1,301,862 922,475 1,607,401 Weighted average grant date fair value per share $ 33.24 $ 42.31 $ 22.80 Cash received from options exercised (in millions) $ 17.1 $ 79.8 $ 143.1 Intrinsic value of options exercised (in millions) $ 7.3 $ 95.2 $ 94.0 Realized tax benefits (in millions) $ 1.8 $ 20.6 $ 25.5 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 Years Ended February 28 2023 2022 2021 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility factor (1) 38.7 % - 53.6 % 31.8 % - 37.6 % 36.1 % - 56.1 % Weighted average expected volatility 39.5 % 36.2 % 38.2 % Risk-free interest rate (2) 0.4 % - 4.7 % — % - 1.4 % 0.1 % - 0.7 % Expected term (in years) (3) 4.6 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, 2022 1,163 $ 93.37 Stock units granted 678 91.14 Stock units vested and converted (755) 85.83 Stock units cancelled (82) 97.66 Outstanding as of February 28, 2023 1,004 $ 97.19 Cash-Settled Restricted Stock Unit Information Years Ended February 28 2023 2022 2021 Stock units granted 677,783 378,382 669,937 Initial weighted average grant date fair value per share $ 91.14 $ 136.46 $ 71.09 Payments (before payroll tax withholdings) upon vesting (in millions) $ 67.1 $ 92.6 $ 38.1 Realized tax benefits (in millions) $ 16.8 $ 23.0 $ 10.5 Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of February 28, 2023 (In thousands) Minimum (1) Maximum (1) Fiscal 2024 $ 30,096 $ 80,255 Fiscal 2025 22,407 59,752 Fiscal 2026 12,525 33,399 Total expected cash settlements $ 65,028 $ 173,406 (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, 2022 393 $ 112.17 Stock units granted 141 125.37 Stock units vested and converted (123) 98.76 Stock units cancelled (7) 127.97 Outstanding as of February 28, 2023 404 $ 120.61 Stock-Settled Market Stock Unit Information Years Ended February 28 2023 2022 2021 Stock units granted 140,743 82,061 199,916 Weighted average grant date fair value per share $ 125.37 $ 178.15 $ 93.82 Realized tax benefits (in millions) $ 2.9 $ 10.4 $ 3.2

Net Earnings Per Share

Net Earnings Per Share	12 Months Ended
	Feb. 28, 2023
Earnings Per Share [Abstract]
Net Earnings Per Share	NET EARNINGS PER SHARE Basic and Dilutive Net Earnings Per Share Reconciliations Years Ended February 28 (In thousands except per share data) 2023 2022 2021 Net earnings $ 484,762 $ 1,151,297 $ 746,919 Weighted average common shares outstanding 158,800 162,410 163,183 Dilutive potential common shares: Stock options 688 2,268 1,543 Stock-settled restricted stock units 283 498 407 Weighted average common shares and dilutive potential common shares 159,771 165,176 165,133 Basic net earnings per share $ 3.05 $ 7.09 $ 4.58 Diluted net earnings per share $ 3.03 $ 6.97 $ 4.52 Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for fiscal 2023, fiscal 2022 and fiscal 2021, options to purchase 2,217,957 shares, 750,516 shares and 1,131,764 shares of common stock, respectively, were not included.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Feb. 28, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in Accumulated Other Comprehensive Income (Loss) By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Gains Comprehensive (In thousands, net of income taxes) Losses (Losses) Income (Loss) Balance as of February 29, 2020 $ (121,302) $ (28,769) $ (150,071) Other comprehensive income (loss) before reclassifications 25,729 (12,616) 13,113 Amounts reclassified from accumulated other comprehensive income (loss) 2,911 15,356 18,267 Other comprehensive income 28,640 2,740 31,380 Balance as of February 28, 2021 (92,662) (26,029) (118,691) Other comprehensive income before reclassifications 17,034 40,211 57,245 Amounts reclassified from accumulated other comprehensive income (loss) 2,627 12,397 15,024 Other comprehensive income 19,661 52,608 72,269 Balance as of February 28, 2022 (73,001) 26,579 (46,422) Other comprehensive income before reclassifications 26,477 136,192 162,669 Amounts reclassified from accumulated other comprehensive income (loss) 1,934 (20,312) (18,378) Other comprehensive income 28,411 115,880 144,291 Balance as of February 28, 2023 $ (44,590) $ 142,459 $ 97,869 Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Years Ended February 28 (In thousands) 2023 2022 2021 Retirement Benefit Plans (Note 12): Actuarial gain arising during the year $ 34,836 $ 22,517 $ 33,913 Tax expense (8,359) (5,483) (8,184) Actuarial gain arising during the year, net of tax 26,477 17,034 25,729 Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales 1,084 1,451 1,617 CarMax Auto Finance income 70 84 108 Selling, general and administrative expenses 1,391 1,938 2,112 Total amortization reclassifications recognized in net pension expense 2,545 3,473 3,837 Tax expense (611) (846) (926) Amortization reclassifications recognized in net pension expense, net of tax 1,934 2,627 2,911 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 28,411 19,661 28,640 Cash Flow Hedges (Note 6): Changes in fair value 180,510 54,105 (17,122) Tax (expense) benefit (44,318) (13,894) 4,506 Changes in fair value, net of tax 136,192 40,211 (12,616) Reclassifications to CarMax Auto Finance income (26,859) 16,680 20,841 Tax benefit (expense) 6,547 (4,283) (5,485) Reclassification of hedge (gains) losses, net of tax (20,312) 12,397 15,356 Net change in cash flow hedge unrecognized gains, net of tax 115,880 52,608 2,740 Total other comprehensive income, net of tax $ 144,291 $ 72,269 $ 31,380 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 income (loss). The cumulative balances are net of deferred taxes of $32.6 million as of February 28, 2023 and $14.2 million as of February 28, 2022.

Leases

Leases	12 Months Ended
	Feb. 28, 2023
Leases [Abstract]
Leases of Lessee Disclosure	LEASE COMMITMENTS 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 do not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 13. 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 restrictive 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: Years Ended February 28 (In thousands) 2023 2022 2021 Operating lease cost (1) $ 90,925 $ 75,629 $ 57,325 Finance lease cost: Depreciation of lease assets 16,039 13,230 8,362 Interest on lease liabilities 21,969 17,015 10,724 Total finance lease cost 38,008 30,245 19,086 Total lease cost $ 128,933 $ 105,874 $ 76,411 (1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows: As of February 28 (In thousands) Classification 2023 2022 Assets: Operating lease assets Operating lease assets $ 545,677 $ 537,357 Finance lease assets Property and equipment, net (1) 145,372 127,183 Total lease assets $ 691,049 $ 664,540 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 53,287 $ 44,197 Finance leases Accrued expenses and other current liabilities 18,788 10,290 Long-term: Operating leases Operating lease liabilities, excluding current portion 523,828 523,269 Finance leases Other liabilities 165,135 145,179 Total lease liabilities $ 761,038 $ 722,935 (1) Finance lease assets are recorded net of accumulated depreciation of $46.7 million as of February 28, 2023 and $30.7 million as of February 28, 2022. Lease term and discount rate information related to leases was as follows: As of February 28 Lease Term and Discount Rate 2023 2022 Weighted Average Remaining Lease Term (in years) Operating leases 16.35 17.31 Finance leases 10.84 12.42 Weighted Average Discount Rate Operating leases 4.91 % 4.80 % Finance leases 19.34 % 14.35 % Supplemental cash flow information related to leases was as follows: Years Ended February 28 (In thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 89,321 $ 72,371 $ 56,762 Operating cash flows from finance leases $ 19,371 $ 11,194 $ 8,517 Financing cash flows from finance leases $ 12,200 $ 11,923 $ 7,424 Lease assets obtained in exchange for lease obligations: Operating leases $ 58,121 $ 50,911 $ 14,010 Finance leases $ 37,931 $ 32,052 $ 45,857 Maturities of lease liabilities were as follows: As of February 28, 2023 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2024 $ 79,608 $ 41,264 Fiscal 2025 78,703 38,894 Fiscal 2026 73,122 40,043 Fiscal 2027 66,658 36,123 Fiscal 2028 62,472 29,132 Thereafter 539,664 198,587 Total lease payments 900,227 384,043 Less: interest (323,112) (200,120) Present value of lease liabilities $ 577,115 $ 183,923 (1) Lease payments exclude $22.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES (A) Litigation CarMax entities are defendants in a proceeding asserting wage and hour claims with respect to non-exempt CarMax employees in California. The asserted claims include failure to provide meal periods and rest breaks; pay statutory or contractual wages; reimburse for work-related expenses; and Private Attorneys General Act (“PAGA”) claims. On July 9, 2021, Daniel Bendure v. CarMax Auto Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of San Bernardino. The Bendure lawsuit seeks civil penalties for violation of the Labor Code, attorneys’ fees, costs, restitution of unpaid wages, interest, injunctive and equitable relief, general damages, and special damages. Bendure subsequently decided not to proceed with an individual or putative class claim, but rather filed and served a PAGA-only complaint in the Superior Court of California for the County of San Bernardino on December 7, 2021, based on the same allegations pled in the original complaint. CarMax filed a motion to compel arbitration. The Court has stayed all discovery until after it rules on CarMax’s motion to compel arbitration. On June 15, 2022, the United States Supreme Court issued its decision in Viking River Cruises v. Moriana , holding that an individual who signs an arbitration agreement cannot circumvent that agreement by filing a related PAGA claim in court. The U.S. Supreme Court further held that, based on California law, an individual who pursues his PAGA claim in arbitration does not have standing to pursue a representative PAGA claim. However, the U.S. Supreme Court indicated that the issue of whether an individual has standing to pursue a representative PAGA claim is a question of state law. The California Supreme Court has agreed to hear a new case, Adolph v. Uber , to address this issue of state law, which is expected to be decided in 2023. In light of the Viking River decision, CarMax filed a motion to compel arbitration of the individual Bendure claim and to dismiss Bendure’s representative PAGA claims. On November 29, 2022, the Court granted the motion to compel arbitration of the Bendure individual PAGA claims and stayed the motion to dismiss any representative PAGA claims pending the Adolph v. Uber decision. We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in this matter. 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. (B) 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 $27.1 million as of February 28, 2023 and $18.5 million as of February 28, 2022, and is included in accrued expenses and other current liabilities. At various times we may have certain purchase obligations that are enforceable and legally binding primarily related to real estate purchases, advertising and third-party outsourcing services. As of February 28, 2023, we have material purchase obligations of $407.3 million, of which $246.2 million are expected to be fulfilled in fiscal 2024.

Segment Reporting

Segment Reporting	12 Months Ended
	Feb. 28, 2023
Segment Reporting [Abstract]
Segment Reporting Disclosure	SEGMENT INFORMATION We operate in two reportable segments: CarMax Sales Operations and 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 also have a non-reportable operating segment related to our recently acquired Edmunds business, which is reflected as “Other” in the segment tables below. Revenue generated by Edmunds primarily represents advertising and subscription revenues as discussed in Note 3. Edmunds also generates intersegment revenue as a result of transactions between Edmunds and CarMax Sales Operations, which represent arm’s length transactions at prevailing market prices. Such amounts are eliminated in consolidation. The performance of our CarMax Sales Operations segment is reviewed by our chief operating decision maker at the gross profit level, the components of which are presented in the tables below. Required segment information related to our CAF segment is presented in Note 4. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented. Segment Information Year Ended February 28, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 29,551,617 $ 133,256 $ — $ 29,684,873 Intersegment sales and operating revenues — 28,038 (28,038) — Total sales and operating revenues $ 29,551,617 $ 161,294 $ (28,038) $ 29,684,873 Depreciation and amortization (1) $ 1,499 $ 14,263 $ — $ 15,762 Gross profit $ 2,704,398 $ 101,138 $ (5,333) $ 2,800,203 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 663,404 Selling, general and administrative expenses (2,487,357) Depreciation and amortization (2) (228,449) Interest expense (120,398) Other income (expense) 9,401 Earnings before income taxes $ 636,804 Year Ended February 28, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 31,798,596 $ 101,816 $ — $ 31,900,412 Intersegment sales and operating revenues — 22,169 (22,169) — Total sales and operating revenues $ 31,798,596 $ 123,985 $ (22,169) $ 31,900,412 Depreciation and amortization (1) $ 840 $ 7,492 $ — $ 8,332 Gross profit $ 3,207,946 $ 84,803 $ (5,207) $ 3,287,542 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 801,507 Selling, general and administrative expenses (2,325,220) Depreciation and amortization (2) (211,956) Interest expense (94,095) Other income (expense) 34,568 Earnings before income taxes $ 1,492,346 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Feb. 28, 2023
Accounting Policies [Abstract]
Business And Background	Business and BackgroundCarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest 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. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 20 for additional information on our reportable segments and Note 2 for additional information regarding our acquisition of Edmunds.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 an integrated combination of both. 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	Basis of Presentation and Use of EstimatesThe consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
Cash And Cash Equivalents	Cash and Cash EquivalentsCash equivalents consisting of highly liquid investments with original maturities of three months or less were $229.5 million as of February 28, 2023 and not significant to the consolidated balance sheet as of February 28, 2022.
Restricted Cash From Collections On Auto Loan Receivables	Restricted Cash from Collections on Auto Loans ReceivableCash equivalents, totaling $470.9 million as of February 28, 2023 and $548.1 million as of February 28, 2022, consisted of collections of principal, interest and fee payments on auto loans receivable that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements.
Accounts Receivable, Net	Accounts Receivable, NetAccounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables.  The allowance for doubtful accounts is estimated based on historical experience and trends.
Securitizations	Financing and Securitization Transactions We maintain a revolving funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans receivable originated by CAF. We typically elect to fund these receivables through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date. We sell the auto loans receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors. These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables. We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities. In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust. The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables. We are required to evaluate term securitization trusts for consolidation. In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts. In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant. Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them. We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (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. These receivables can only be used as collateral to settle obligations of the related non-recourse funding vehicles. The non-recourse funding vehicles and investors have no recourse to our assets beyond the related receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable. We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles. See Notes 5 and 13 for additional information on auto loans receivable and non-recourse notes payable.
Inventory	InventoryInventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”).  Vehicle inventory cost is determined by specific identification.  Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory.
Auto Loan Receivables, Net	Auto Loans Receivable, NetAuto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our managed receivables. See Note 5 for additional information on our significant accounting policies related to auto loans receivable and the allowance for loan losses.
Property And Equipment	Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if applicable. Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed. Estimated Useful Lives Life Buildings 25 years Leasehold improvements 10 – 15 years Furniture, fixtures and equipment 3 – 15 years Software 5 years We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset. See Note 8 for additional information on property and equipment.
Other Assets	Restricted Cash on Deposit in Reserve Accounts. The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors. In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts. Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $113.7 million as of February 28, 2023 and $105.8 million as of February 28, 2022. Other Investments. Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities. Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $133.2 million as of February 28, 2023 and $108.5 million as of February 28, 2022.
Financing Obligations	Financing Obligations We generally account for sale-leaseback transactions as financing obligations.  Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt.  Depreciation is recognized on the assets over their estimated useful lives, generally 25 years.  A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation.  In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions.  See Note 13 for additional information on financing obligations.
Other Accrued Expenses	Accrued ExpensesAs of February 28, 2023 and February 28, 2022, accrued expenses and other current liabilities included accrued compensation and benefits of $159.3 million and $267.0 million, respectively; loss reserves for general liability and workers’ compensation insurance of $47.5 million and $44.0 million, respectively; our vehicle return reserves of $95.9 million and $79.8 million, respectively; and the current portion of cancellation reserves. See Note 10 for additional information on cancellation reserves.
Defined Benefit Plan Obligations	Defined Benefit Plan ObligationsThe recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities.  The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months.  The defined benefit retirement plan obligations are determined using a number of actuarial assumptions.  Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate.  See Note 12 for additional information on our benefit plans.
Insurance Liabilities	Insurance LiabilitiesInsurance liabilities are included in accrued expenses and other current liabilities.  We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates.  Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions.
Revenue Recognition	Revenue RecognitionOur revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 3 for additional information on our significant accounting policies related to revenue recognition.
Cost Of Sales	Cost of SalesCost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale.  It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services.  The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales.  We maintain a reserve to eliminate the internal profit on vehicles that have not been sold.
Selling, General And Administrative Expenses	Selling, General and Administrative ExpensesSelling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, preopening and relocation costs, insurance, charitable contributions, travel, and other administrative expenses.
Advertising Expenses	Advertising ExpensesAdvertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $295.6 million in fiscal 2023, $332.2 million in fiscal 2022 and $218.6 million in fiscal 2021.
Store Opening Expenses	Store Opening ExpensesCosts related to store openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
Share-Based Compensation	Share-Based Compensation Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors. We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award. We estimate the fair value of stock options using a binomial valuation model. Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term. The fair values of restricted stock, stock-settled performance stock units and stock-settled deferred stock units are based on the volume-weighted average market prices or closing prices on the date of the grant. The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares. Cash-settled restricted stock units are liability awards with fair value measurement based on the volume-weighted average market price or closing price of CarMax common stock as of the end of each reporting period. Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function. We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense. See Note 14 for additional information on stock-based compensation.
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging ActivitiesWe enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates.  We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net.  Gross positive fair values are netted with gross negative fair values by counterparty.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting.  See Note 6 for additional information on derivative instruments and hedging activities.
Income Taxes	Income Taxes We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws. A deferred tax asset is recognized if it is more likely than not that a benefit will be realized. Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized. When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income. We recognize uncertain tax liabilities when, despite our belief that our tax return positions are supportable, we believe that the tax positions may not be fully sustained upon review by tax authorities. Benefits from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. The current portion of these tax liabilities is included in accrued income taxes and any noncurrent portion is included in other liabilities. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 11 for additional information on income taxes.
Net Earnings Per Share	Net Earnings Per ShareBasic 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 the 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.  See Note 15 for additional information on net earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in the Current Period In August 2020, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2020-06) related to the measurement and disclosure requirements for convertible instruments and contracts in an entity's own equity. The pronouncement simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement assessment for contracts in an entity's own equity. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. In July 2021, the FASB issued an accounting pronouncement (ASU 2021-05) related to accounting for sales-type leases with variable lease payments. This pronouncement is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. In November 2021, the FASB issued an accounting pronouncement (ASU 2021-10) related to government assistance disclosures. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this pronouncement for our fiscal year beginning March 1, 2022, and it did not have a material effect on our consolidated financial statements. Effective in Future Periods In June 2022, the FASB issued an accounting pronouncement (ASU 2022-03) related to accounting for equity securities. The amendments in the update clarify the guidance for measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of equity securities, as well as introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. This update is effective for annual periods beginning after December 15, 2023, and interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2024, and we do not expect it to have a material effect on our consolidated financial statements. In September 2022, the FASB issued an accounting pronouncement (ASU 2022-04) related to disclosure requirements for buyers in supplier finance programs . The amendments in the update require that buyers disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective for fiscal years beginning after December 15, 2023. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2023, and we do not expect it to have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-01) related to accounting for leases between entities under common c ontrol. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. W e do not expect the update to have a material effect on our consolidated financial statements. In March 2023, the FASB issued an accounting pronouncement (ASU 2023-02) related to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2024, and we do not expect it to have a material effect on our consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Feb. 28, 2023
Accounting Policies [Abstract]
Schedule Of Estimated Useful Lives Of Property And Equipment	Estimated Useful Lives Life Buildings 25 years Leasehold improvements 10 – 15 years Furniture, fixtures and equipment 3 – 15 years Software 5 years

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	Jun. 01, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Consideration	(In thousands) Total cash consideration for outstanding shares $ 251,047 Fair value of common stock (1) 90,571 Fair value of preexisting relationship 60,200 Total $ 401,818 (1) Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021).
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(In thousands) Fair Value Cash $ 9,484 Accounts receivable, net 33,719 Other current assets 2,397 Property and equipment, net 20,741 Goodwill (1) 141,258 Intangible assets 218,000 Operating lease assets 97,250 Other assets 191 Total assets acquired 523,040 Accounts payable 5,063 Accrued expenses and other current liabilities 11,277 Current portion of operating lease liabilities 12,795 Deferred income taxes (1) 3,823 Operating lease liabilities, excluding current portion 88,264 Total liabilities assumed 121,222 Net assets acquired $ 401,818
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	(In thousands) Useful Life (Years) Fair Value Trade name Indefinite $ 31,900 Internally developed software 7 52,900 Customer relationships 17 133,200 Identifiable intangible assets $ 218,000

Revenue Disclosures (Tables)

Revenue Disclosures (Tables)	12 Months Ended
	Feb. 28, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Years Ended February 28 (In millions) 2023 2022 2021 Used vehicle sales $ 23,034.3 $ 24,437.1 $ 15,713.6 Wholesale vehicle sales 5,989.8 6,763.8 2,668.8 Other sales and revenues: Extended protection plan revenues 422.3 478.4 412.8 Third-party finance income/(fees), net 7.0 1.5 (39.6) Advertising & subscription revenues (1) 133.3 101.8 — Service revenues 82.3 81.8 92.0 Other 15.9 36.0 102.6 Total other sales and revenues 660.8 699.5 567.8 Total net sales and operating revenues $ 29,684.9 $ 31,900.4 $ 18,950.1 (1) Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 20 for further details.

CarMax Auto Finance (Tables)

CarMax Auto Finance (Tables)	12 Months Ended
	Feb. 28, 2023
CarMax Auto Finance Income [Abstract]
Components Of CarMax Auto Finance Income	Components of CAF Income Years Ended February 28 (In millions) 2023 % (1) 2022 % (1) 2021 % (1) Interest margin: Interest and fee income $ 1,441.5 8.8 $ 1,296.8 8.7 $ 1,142.0 8.5 Interest expense (310.3) (1.9) (228.8) (1.5) (314.1) (2.3) Total interest margin 1,131.2 6.9 1,068.0 7.2 827.9 6.1 Provision for loan losses (317.0) (1.9) (141.7) (0.9) (160.7) (1.2) Total interest margin after provision for loan losses 814.2 5.0 926.3 6.2 667.2 5.0 Total other expense — — — — (2.2) — Direct expenses: Payroll and fringe benefit expense (62.8) (0.4) (50.5) (0.3) (46.0) (0.3) Depreciation and amortization (15.5) (0.1) (6.6) — (0.8) — Other direct expenses (72.4) (0.4) (67.7) (0.5) (55.4) (0.4) Total direct expenses (150.8) (0.9) (124.8) (0.8) (102.2) (0.8) CarMax Auto Finance income $ 663.4 4.1 $ 801.5 5.4 $ 562.8 4.2 Total average managed receivables $ 16,304.3 $ 14,934.0 $ 13,463.3 (1) Percent of total average managed receivables.

Auto Loan Receivables (Tables)

Auto Loan Receivables (Tables)	12 Months Ended
	Feb. 28, 2023
Loans and Leases Receivable, Net Amount [Abstract]
Auto Loan Receivables, Net	Auto Loans Receivable, Net As of February 28 (In millions) 2023 2022 Asset-backed term funding $ 12,242.8 $ 11,653.8 Warehouse facilities 3,649.9 3,291.9 Overcollateralization (1) 739.9 489.1 Other managed receivables (2) 135.3 217.5 Total ending managed receivables 16,767.9 15,652.3 Accrued interest and fees 78.0 67.3 Other 3.1 3.1 Less: allowance for loan losses (507.2) (433.0) Auto loans receivable, net $ 16,341.8 $ 15,289.7 (1) Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2) Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade	Ending Managed Receivables by Major Credit Grade As of February 28, 2023 Fiscal Year of Origination (1) (In millions) 2023 2022 2021 2020 2019 Prior to 2019 Total % (2) Core managed receivables (3) : A $ 3,890.9 $ 2,555.3 $ 1,112.0 $ 677.1 $ 218.3 $ 36.3 $ 8,489.9 50.6 B 2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 C and other 732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 Total core managed receivables 7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 Other managed receivables (4) : C and other 272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 Total ending managed receivables $ 7,393.1 $ 5,117.2 $ 2,257.7 $ 1,356.4 $ 520.7 $ 122.8 $ 16,767.9 100.0 As of February 28, 2022 Fiscal Year of Origination (1) (In millions) 2022 2021 2020 2019 2018 Prior to 2018 Total % (2) Core managed receivables (3) : A $ 3,885.5 $ 1,788.3 $ 1,266.1 $ 574.1 $ 203.4 $ 32.3 $ 7,749.7 49.5 B 2,795.2 1,288.5 857.7 473.1 205.2 50.4 5,670.1 36.2 C and other 919.1 496.2 294.8 156.7 73.8 29.6 1,970.2 12.6 Total core managed receivables 7,599.8 3,573.0 2,418.6 1,203.9 482.4 112.3 15,390.0 98.3 Other managed receivables (4) : C and other 165.2 23.9 34.7 23.8 10.0 4.7 262.3 1.7 Total ending managed receivables $ 7,765.0 $ 3,596.9 $ 2,453.3 $ 1,227.7 $ 492.4 $ 117.0 $ 15,652.3 100.0 (1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF’s Tier 1 originations. (4) Represents CAF’s Tier 2 and Tier 3 originations.
Allowance For Loan Losses	Allowance for Loan Losses As of February 28, 2023 (In millions) Core Other Total % (1) Balance as of beginning of year $ 377.5 $ 55.5 $ 433.0 2.77 Charge-offs (348.1) (54.4) (402.5) Recoveries (2) 142.5 17.2 159.7 Provision for loan losses 229.6 87.4 317.0 Balance as of end of year $ 401.5 $ 105.7 $ 507.2 3.02 As of February 28, 2022 (In millions) Core Other Total % (1) Balance as of beginning of year 379.4 31.7 411.1 2.97 Charge-offs (206.5) (20.7) (227.2) Recoveries (2) 99.4 8.0 107.4 Provision for loan losses 105.2 36.5 141.7 Balance as of end of year $ 377.5 $ 55.5 $ 433.0 2.77 (1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle.
Past Due Receivables	Past Due Receivables As of February 28, 2023 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 8,450.3 $ 5,540.2 $ 1,612.3 $ 15,602.8 $ 327.6 $ 15,930.4 95.00 Delinquent loans: 31-60 days past due 25.1 225.7 175.4 426.2 60.6 486.8 2.90 61-90 days past due 10.6 120.0 114.5 245.1 42.1 287.2 1.71 Greater than 90 days past due 3.9 27.7 23.5 55.1 8.4 63.5 0.39 Total past due 39.6 373.4 313.4 726.4 111.1 837.5 5.00 Total ending managed receivables $ 8,489.9 $ 5,913.6 $ 1,925.7 $ 16,329.2 $ 438.7 $ 16,767.9 100.00 As of February 28, 2022 Core Receivables Other Receivables Total (In millions) A B C & Other Total C & Other $ % (1) Current $ 7,711.9 $ 5,401.3 $ 1,702.7 $ 14,815.9 $ 206.4 $ 15,022.3 95.98 Delinquent loans: 31-60 days past due 25.4 173.3 160.4 359.1 33.0 392.1 2.50 61-90 days past due 9.2 75.6 85.2 170.0 19.1 189.1 1.21 Greater than 90 days past due 3.2 19.9 21.9 45.0 3.8 48.8 0.31 Total past due 37.8 268.8 267.5 574.1 55.9 630.0 4.02 Total ending managed receivables $ 7,749.7 $ 5,670.1 $ 1,970.2 $ 15,390.0 $ 262.3 $ 15,652.3 100.00 (1) Percent of total ending managed receivables.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Feb. 28, 2023
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 February 28, 2023 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 865,943 $ — $ 865,943 Mutual fund investments 22,671 — 22,671 Derivative instruments designated as hedges — 97,328 97,328 Derivative instruments not designated as hedges — 33,870 33,870 Total assets at fair value $ 888,614 $ 131,198 $ 1,019,812 Percent of total assets at fair value 87.1 % 12.9 % 100.0 % Percent of total assets 3.4 % 0.5 % 3.9 % Liabilities: Total liabilities at fair value $ — $ — $ — Percent of total liabilities — % — % — % As of February 28, 2022 (In thousands) Level 1 Level 2 Total Assets: Money market securities $ 701,865 $ — $ 701,865 Mutual fund investments 24,022 — 24,022 Derivative instruments designated as hedges — 39,452 39,452 Derivative instruments not designated as hedges — 9,339 9,339 Total assets at fair value $ 725,887 $ 48,791 $ 774,678 Percent of total assets at fair value 93.7 % 6.3 % 100.0 % Percent of total assets 2.8 % 0.2 % 2.9 % Liabilities: Derivative instruments designated as hedges $ — $ (1,379) $ (1,379) Total liabilities at fair value $ — $ (1,379) $ (1,379) Percent of total liabilities — % — % — %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(In thousands) As of February 28, 2023 As of February 28, 2022 Carrying value $ 500,000 $ 500,000 Fair value $ 473,749 $ 517,396

Property And Equipment (Tables)

Property And Equipment (Tables)	12 Months Ended
	Feb. 28, 2023
Property, Plant and Equipment [Abstract]
Schedule Of Property And Equipment	As of February 28 (In thousands) 2023 2022 Land $ 947,734 $ 913,577 Land held for development (1) 62,770 73,347 Buildings 2,454,937 2,290,686 Leasehold improvements 356,974 331,002 Furniture, fixtures and equipment 559,927 520,407 Construction in progress 156,925 113,091 Software 314,454 246,616 Finance leases 192,117 157,890 Total property and equipment 5,045,838 4,646,616 Less: accumulated depreciation and amortization (1,614,924) (1,437,548) Property and equipment, net $ 3,430,914 $ 3,209,068 (1) Land held for development represents land owned for potential store growth.

Intangible Assets, Goodwill a_2

Intangible Assets, Goodwill and Other (Tables)	12 Months Ended
	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	As of February 28, 2023 Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Intangible assets not subject to amortization: Trade name $ 31,900 $ — $ 31,900 Intangible assets subject to amortization: Internally developed software 52,900 (13,225) 39,675 Customer relationships 133,200 (13,712) 119,488 Total intangible assets $ 218,000 $ (26,937) $ 191,063 As of February 28, 2022 Gross Carrying Accumulated Net Amount Amortization Amount Intangible assets not subject to amortization: Trade name $ 31,900 $ — $ 31,900 Intangible assets subject to amortization: Internally developed software 52,900 (5,668) 47,232 Customer relationships 133,200 (5,876) 127,324 Total intangible assets $ 218,000 $ (11,544) $ 206,456

Cancellation Reserves (Tables)

Cancellation Reserves (Tables)	12 Months Ended
	Feb. 28, 2023
Cancellation Reserves [Abstract]
Schedule Of Cancellation Reserves Accrual	Cancellation Reserves As of February 28 (In millions) 2023 2022 Balance as of beginning of year $ 144.7 $ 124.5 Cancellations (103.6) (94.7) Provision for future cancellations 98.1 114.9 Balance as of end of year $ 139.2 $ 144.7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Feb. 28, 2023
Income Tax Disclosure [Abstract]
Schedule Of Income Tax Provision	Income Tax Provision Years Ended February 28 (In thousands) 2023 2022 2021 Current: Federal $ 128,994 $ 264,194 $ 209,447 State 29,598 61,855 44,678 Total 158,592 326,049 254,125 Deferred: Federal (1,118) 10,560 (27,971) State (5,432) 4,440 (7,816) Total (6,550) 15,000 (35,787) Income tax provision $ 152,042 $ 341,049 $ 218,338
Schedule Of Effective Income Tax Rate Reconciliation	Effective Income Tax Rate Reconciliation Years Ended February 28 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 3.4 3.7 3.3 Share-based compensation — (1.8) (1.6) Nondeductible and other items 1.5 0.7 0.5 Credits (2.0) (0.7) (0.6) Effective income tax rate 23.9 % 22.9 % 22.6 %
Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities	Temporary Differences Resulting in Deferred Tax Assets and Liabilities As of February 28 (In thousands) 2023 2022 Deferred tax assets: Accrued expenses and other $ 102,611 $ 122,791 Allowance for loan losses 123,636 104,454 Prepaid expenses 3,484 4,236 Net operating loss carryforwards and other tax attributes 35,184 38,637 Operating lease liabilities 146,006 144,693 Share-based compensation 37,165 40,579 Capital loss carry forward 847 745 Total deferred tax assets 448,933 456,135 Less: valuation allowance (1,305) (1,455) Total deferred tax assets after valuation allowance 447,628 454,680 Deferred tax liabilities: Intangibles 47,072 51,088 Property and equipment 113,015 115,263 Operating lease assets 137,617 137,095 Inventory 14,512 19,147 Derivatives 54,672 11,156 Total deferred tax liabilities 366,888 333,749 Net deferred tax asset $ 80,740 $ 120,931
Schedule Of Reconciliation Of Unrecognized Tax Benefits	Reconciliation of Unrecognized Tax Benefits Years Ended February 28 (In thousands) 2023 2022 2021 Balance at beginning of year $ 24,765 $ 28,997 $ 30,865 Increases for tax positions of prior years 114 432 188 Decreases for tax positions of prior years (19) (5,056) (4,468) Increases based on tax positions related to the current year 3,813 2,657 3,634 Settlements (79) (391) (4) Lapse of statute (1,502) (1,874) (1,218) Balance at end of year $ 27,092 $ 24,765 $ 28,997

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Feb. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Benefit Plan Information	Benefit Plan Information As of February 28 Pension Plan Restoration Plan Total (In thousands) 2023 2022 2023 2022 2023 2022 Plan assets $ 190,007 $ 214,928 $ — $ — $ 190,007 $ 214,928 Projected benefit obligation 209,298 273,257 9,043 11,034 218,341 284,291 Funded status recognized $ (19,291) $ (58,329) $ (9,043) $ (11,034) $ (28,334) $ (69,363) Amounts recognized in the consolidated balance sheets: Current liability $ — $ — $ (639) $ (630) $ (639) $ (630) Noncurrent liability (19,291) (58,329) (8,404) (10,404) (27,695) (68,733) Net amount recognized $ (19,291) $ (58,329) $ (9,043) $ (11,034) $ (28,334) $ (69,363)
Components Of Net Pension Expense	Pension Plan Restoration Plan Total (In thousands) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Total net pension (benefit) expense $(3,443) $ (2,493) $ (1,378) $ 429 $ 425 $ 433 $ (3,014) $ (2,068) $ (945) Total net actuarial gain (1) $(33,110) $ (21,941) $ (33,703) $ (1,726) $ (576) $ (210) $ (34,836) $ (22,517) $ (33,913)
Schedule Of Assumptions Used	Assumptions Used to Determine Benefit Obligations As of February 28 Pension Plan Restoration Plan 2023 2022 2023 2022 Discount rate 5.20 % 3.45 % 5.20 % 3.45 % Assumptions Used to Determine Net Pension Expense As of February 28 Pension Plan Restoration Plan 2023 2022 2021 2023 2022 2021 Discount rate 3.45 % 2.95 % 2.85 % 3.45 % 2.95 % 2.85 % Expected rate of return on plan assets 7.50 % 7.50 % 7.75 % — % — % — %
Schedule Of Fair Value Of Plan Assets	Fair Value of Plan Assets As of February 28 (In thousands) 2023 2022 Mutual funds (Level 1): Equity securities – international $ 17,578 $ 26,525 Collective funds (NAV): Short-term investments 1,856 2,016 Equity securities 86,010 133,723 Fixed income securities 84,557 52,664 Interest receivable 6 — Total $ 190,007 $ 214,928

Debt (Tables)

Debt (Tables)	12 Months Ended
	Feb. 28, 2023
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	(In thousands) As of February 28 Debt Description (1) Maturity Date 2023 2022 Revolving credit facility (2) June 2024 $ — $ 1,243,500 Term loan (2) June 2024 300,000 300,000 Term loan (2) October 2026 699,493 699,352 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 522,526 524,766 Non-recourse notes payable Various dates through November 2029 16,360,092 15,466,799 Total debt 18,382,111 18,734,417 Less: current portion (579,468) (532,272) Less: unamortized debt issuance costs (27,506) (27,126) Long-term debt, net $ 17,775,137 $ 18,175,019 (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), or the successor benchmark rate, the federal funds rate, or the prime rate, depending on the type of borrowing.
Schedule of Maturities of Long-term Debt [Table Text Block]	(In thousands) As of February 28, 2023 Fiscal 2024 $ 54,317 Fiscal 2025 56,214 Fiscal 2026 59,411 Fiscal 2027 50,059 Fiscal 2028 49,652 Thereafter 758,379 Total payments 1,028,032 Less: interest (505,506) Present value of financing obligations $ 522,526
Schedule of Funding Vehicles [Table Text Block]	(In billions) Capacity Warehouse facilities: August 2023 expiration $ 2.30 December 2023 expiration 0.50 February 2024 expiration 2.80 Combined warehouse facility limit $ 5.60 Unused capacity $ 1.95 Non-recourse notes payable outstanding: Warehouse facilities $ 3.65 Asset-backed term funding transactions 12.71 Non-recourse notes payable $ 16.36

Stock And Stock-Based Incenti_2

Stock And Stock-Based Incentive Plans (Tables)	12 Months Ended
	Feb. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule Of Common Stock Repurchases	Common Stock Repurchases Years Ended February 28 2023 2022 2021 Number of shares repurchased (in thousands) 3,403.9 4,475.2 2,379.8 Average cost per share $ 94.95 $ 125.49 $ 90.87 Available for repurchase, as of end of year (in millions) $ 2,451.3 $ 774.5 $ 1,336.1
Composition Of Share-Based Compensation Expense	Composition of Share-Based Compensation Expense Years Ended February 28 (In thousands) 2023 2022 2021 Cost of sales $ 2,269 $ 4,924 $ 6,805 CarMax Auto Finance income 2,295 5,043 5,657 Selling, general and administrative expenses 83,608 101,966 111,749 Share-based compensation expense, before income taxes $ 88,172 $ 111,933 $ 124,211
Composition Of Share-Based Compensation Expense - By Grant Type	Composition of Share-Based Compensation Expense – By Grant Type Years Ended February 28 (In thousands) 2023 2022 2021 Nonqualified stock options $ 38,629 $ 33,598 $ 31,500 Cash-settled restricted stock units (RSUs) 23,567 52,435 72,243 Stock-settled market stock units (MSUs) 15,617 13,984 15,596 Other share-based incentives: Stock-settled performance stock units (PSUs) 5,123 6,289 489 Stock-settled deferred stock units (DSUs) 1,850 1,925 1,925 Restricted stock (RSAs) 806 966 147 Employee stock purchase plan 2,580 2,736 2,311 Total other share-based incentives 10,359 11,916 4,872 Share-based compensation expense, before income taxes $ 88,172 $ 111,933 $ 124,211 Unrecognized Share-Based Compensation Expense – By Grant Type As of February 28, 2023 Weighted Average Unrecognized Remaining Compensation Recognition Life (Costs in millions) Costs (Years) Nonqualified stock options $ 50.9 1.7 Stock-settled market stock units 15.4 1.1 Other share-based incentives: Stock-settled performance stock units 1.1 1.6 Restricted stock 0.3 0.4 Total other share-based incentives 1.4 1.3 Total $ 67.7 1.6
Stock Option Activity	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, 2022 5,796 $ 79.66 Options granted 1,302 90.71 Options exercised (268) 63.74 Options forfeited or expired (54) 96.21 Outstanding as of February 28, 2023 6,776 $ 82.28 3.8 $ 15,008 Exercisable as of February 28, 2023 3,937 $ 73.20 2.8 $ 14,838
Outstanding Stock Options	Stock Option Information Years Ended February 28 2023 2022 2021 Options granted 1,301,862 922,475 1,607,401 Weighted average grant date fair value per share $ 33.24 $ 42.31 $ 22.80 Cash received from options exercised (in millions) $ 17.1 $ 79.8 $ 143.1 Intrinsic value of options exercised (in millions) $ 7.3 $ 95.2 $ 94.0 Realized tax benefits (in millions) $ 1.8 $ 20.6 $ 25.5
Assumptions Used To Estimate Option Values	Assumptions Used to Estimate Option Values Years Ended February 28 2023 2022 2021 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility factor (1) 38.7 % - 53.6 % 31.8 % - 37.6 % 36.1 % - 56.1 % Weighted average expected volatility 39.5 % 36.2 % 38.2 % Risk-free interest rate (2) 0.4 % - 4.7 % — % - 1.4 % 0.1 % - 0.7 % Expected term (in years) (3) 4.6 4.6 4.6 (1) Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock. (2) Based on the U.S. Treasury yield curve at the time of grant. (3) Represents the estimated number of years that options will be outstanding prior to exercise.
Restricted Stock Awards And Restricted Stock Unit Activity	Cash-Settled Restricted Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 1,163 $ 93.37 Stock units granted 678 91.14 Stock units vested and converted (755) 85.83 Stock units cancelled (82) 97.66 Outstanding as of February 28, 2023 1,004 $ 97.19 Cash-Settled Restricted Stock Unit Information Years Ended February 28 2023 2022 2021 Stock units granted 677,783 378,382 669,937 Initial weighted average grant date fair value per share $ 91.14 $ 136.46 $ 71.09 Payments (before payroll tax withholdings) upon vesting (in millions) $ 67.1 $ 92.6 $ 38.1 Realized tax benefits (in millions) $ 16.8 $ 23.0 $ 10.5 Stock-Settled Market Stock Unit Activity Weighted Average Number of Grant Date (Units in thousands) Units Fair Value Outstanding as of February 28, 2022 393 $ 112.17 Stock units granted 141 125.37 Stock units vested and converted (123) 98.76 Stock units cancelled (7) 127.97 Outstanding as of February 28, 2023 404 $ 120.61 Stock-Settled Market Stock Unit Information Years Ended February 28 2023 2022 2021 Stock units granted 140,743 82,061 199,916 Weighted average grant date fair value per share $ 125.37 $ 178.15 $ 93.82 Realized tax benefits (in millions) $ 2.9 $ 10.4 $ 3.2
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting	Expected Cash Settlement Range Upon Restricted Stock Unit Vesting As of February 28, 2023 (In thousands) Minimum (1) Maximum (1) Fiscal 2024 $ 30,096 $ 80,255 Fiscal 2025 22,407 59,752 Fiscal 2026 12,525 33,399 Total expected cash settlements $ 65,028 $ 173,406 (1) Net of estimated forfeitures.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	12 Months Ended
	Feb. 28, 2023
Earnings Per Share [Abstract]
Basic And Dilutive Net Earnings Per Share Reconciliations	Basic and Dilutive Net Earnings Per Share Reconciliations Years Ended February 28 (In thousands except per share data) 2023 2022 2021 Net earnings $ 484,762 $ 1,151,297 $ 746,919 Weighted average common shares outstanding 158,800 162,410 163,183 Dilutive potential common shares: Stock options 688 2,268 1,543 Stock-settled restricted stock units 283 498 407 Weighted average common shares and dilutive potential common shares 159,771 165,176 165,133 Basic net earnings per share $ 3.05 $ 7.09 $ 4.58 Diluted net earnings per share $ 3.03 $ 6.97 $ 4.52

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Feb. 28, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes In Accumulated Other Comprehensive Loss By Component	Changes in Accumulated Other Comprehensive Income (Loss) By Component Total Net Net Accumulated Unrecognized Unrecognized Other Actuarial Hedge Gains Comprehensive (In thousands, net of income taxes) Losses (Losses) Income (Loss) Balance as of February 29, 2020 $ (121,302) $ (28,769) $ (150,071) Other comprehensive income (loss) before reclassifications 25,729 (12,616) 13,113 Amounts reclassified from accumulated other comprehensive income (loss) 2,911 15,356 18,267 Other comprehensive income 28,640 2,740 31,380 Balance as of February 28, 2021 (92,662) (26,029) (118,691) Other comprehensive income before reclassifications 17,034 40,211 57,245 Amounts reclassified from accumulated other comprehensive income (loss) 2,627 12,397 15,024 Other comprehensive income 19,661 52,608 72,269 Balance as of February 28, 2022 (73,001) 26,579 (46,422) Other comprehensive income before reclassifications 26,477 136,192 162,669 Amounts reclassified from accumulated other comprehensive income (loss) 1,934 (20,312) (18,378) Other comprehensive income 28,411 115,880 144,291 Balance as of February 28, 2023 $ (44,590) $ 142,459 $ 97,869
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss	Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Years Ended February 28 (In thousands) 2023 2022 2021 Retirement Benefit Plans (Note 12): Actuarial gain arising during the year $ 34,836 $ 22,517 $ 33,913 Tax expense (8,359) (5,483) (8,184) Actuarial gain arising during the year, net of tax 26,477 17,034 25,729 Actuarial loss amortization reclassifications recognized in net pension expense: Cost of sales 1,084 1,451 1,617 CarMax Auto Finance income 70 84 108 Selling, general and administrative expenses 1,391 1,938 2,112 Total amortization reclassifications recognized in net pension expense 2,545 3,473 3,837 Tax expense (611) (846) (926) Amortization reclassifications recognized in net pension expense, net of tax 1,934 2,627 2,911 Net change in retirement benefit plan unrecognized actuarial losses, net of tax 28,411 19,661 28,640 Cash Flow Hedges (Note 6): Changes in fair value 180,510 54,105 (17,122) Tax (expense) benefit (44,318) (13,894) 4,506 Changes in fair value, net of tax 136,192 40,211 (12,616) Reclassifications to CarMax Auto Finance income (26,859) 16,680 20,841 Tax benefit (expense) 6,547 (4,283) (5,485) Reclassification of hedge (gains) losses, net of tax (20,312) 12,397 15,356 Net change in cash flow hedge unrecognized gains, net of tax 115,880 52,608 2,740 Total other comprehensive income, net of tax $ 144,291 $ 72,269 $ 31,380

Leases (Tables)

Leases (Tables)	12 Months Ended
	Feb. 28, 2023
Leases [Abstract]
Lease, Cost [Table Text Block]	Years Ended February 28 (In thousands) 2023 2022 2021 Operating lease cost (1) $ 90,925 $ 75,629 $ 57,325 Finance lease cost: Depreciation of lease assets 16,039 13,230 8,362 Interest on lease liabilities 21,969 17,015 10,724 Total finance lease cost 38,008 30,245 19,086 Total lease cost $ 128,933 $ 105,874 $ 76,411 (1) Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]	As of February 28 (In thousands) Classification 2023 2022 Assets: Operating lease assets Operating lease assets $ 545,677 $ 537,357 Finance lease assets Property and equipment, net (1) 145,372 127,183 Total lease assets $ 691,049 $ 664,540 Liabilities: Current: Operating leases Current portion of operating lease liabilities $ 53,287 $ 44,197 Finance leases Accrued expenses and other current liabilities 18,788 10,290 Long-term: Operating leases Operating lease liabilities, excluding current portion 523,828 523,269 Finance leases Other liabilities 165,135 145,179 Total lease liabilities $ 761,038 $ 722,935 (1) Finance lease assets are recorded net of accumulated depreciation of $46.7 million as of February 28, 2023 and $30.7 million as of February 28, 2022.
Other Lease Disclosures [Table Text Block]	As of February 28 Lease Term and Discount Rate 2023 2022 Weighted Average Remaining Lease Term (in years) Operating leases 16.35 17.31 Finance leases 10.84 12.42 Weighted Average Discount Rate Operating leases 4.91 % 4.80 % Finance leases 19.34 % 14.35 % Years Ended February 28 (In thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 89,321 $ 72,371 $ 56,762 Operating cash flows from finance leases $ 19,371 $ 11,194 $ 8,517 Financing cash flows from finance leases $ 12,200 $ 11,923 $ 7,424 Lease assets obtained in exchange for lease obligations: Operating leases $ 58,121 $ 50,911 $ 14,010 Finance leases $ 37,931 $ 32,052 $ 45,857
Schedule Of Future Minimum Lease Obligations	As of February 28, 2023 (In thousands) Operating Leases (1) Finance Leases (1) Fiscal 2024 $ 79,608 $ 41,264 Fiscal 2025 78,703 38,894 Fiscal 2026 73,122 40,043 Fiscal 2027 66,658 36,123 Fiscal 2028 62,472 29,132 Thereafter 539,664 198,587 Total lease payments 900,227 384,043 Less: interest (323,112) (200,120) Present value of lease liabilities $ 577,115 $ 183,923 (1) Lease payments exclude $22.9 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Feb. 28, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended February 28, 2023 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 29,551,617 $ 133,256 $ — $ 29,684,873 Intersegment sales and operating revenues — 28,038 (28,038) — Total sales and operating revenues $ 29,551,617 $ 161,294 $ (28,038) $ 29,684,873 Depreciation and amortization (1) $ 1,499 $ 14,263 $ — $ 15,762 Gross profit $ 2,704,398 $ 101,138 $ (5,333) $ 2,800,203 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 663,404 Selling, general and administrative expenses (2,487,357) Depreciation and amortization (2) (228,449) Interest expense (120,398) Other income (expense) 9,401 Earnings before income taxes $ 636,804 Year Ended February 28, 2022 (In thousands) CarMax Sales Operations Other Eliminations Total Sales and operating revenues $ 31,798,596 $ 101,816 $ — $ 31,900,412 Intersegment sales and operating revenues — 22,169 (22,169) — Total sales and operating revenues $ 31,798,596 $ 123,985 $ (22,169) $ 31,900,412 Depreciation and amortization (1) $ 840 $ 7,492 $ — $ 8,332 Gross profit $ 3,207,946 $ 84,803 $ (5,207) $ 3,287,542 Reconciliation to Consolidated Earnings Before Taxes: CAF Income 801,507 Selling, general and administrative expenses (2,325,220) Depreciation and amortization (2) (211,956) Interest expense (94,095) Other income (expense) 34,568 Earnings before income taxes $ 1,492,346 (1) Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit. (2) Exclusive of depreciation and amortization recorded within Cost of sales.

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2023 USD ($) warehouse	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)
Liquid investments, maturity period	three months or less
Restricted cash from collections on auto loans receivable	$ 470,889	$ 548,099	$ 496,415
Number of warehouses | warehouse	3
Restricted Cash and Cash Equivalents, Noncurrent	$ 165,357	152,803	143,213
Other investments	133,200	108,500
Accrued compensation and benefits	159,300	267,000
General liability and workers' compensation insurance	47,500	44,000
Revenue Recognition, Sales Returns, Reserve for Sales Returns	95,900	79,800
Advertising expenses	295,600	332,200	$ 218,600
Cash, Cash Equivalents, and Short-term Investments	229,500
Asset-backed term funding transactions
Restricted Cash and Cash Equivalents, Noncurrent	$ 113,700	$ 105,800
Financing Obligations
Estimated useful life average, years	25 years

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details)	12 Months Ended
	Feb. 28, 2023
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	25 years
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	5 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	3 years
Minimum | Leaseholds and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	10 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	15 years
Maximum | Leaseholds and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life average, years	15 years

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions (Narrative) (Details) $ in Millions	Jun. 01, 2021 USD ($) shares
Business Combination and Asset Acquisition [Abstract]
Business Acquisition, Transaction Costs	$ 8
Stock Issued During Period, Shares, Acquisitions | shares	776,097
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 8.7
Goodwill, Purchase Accounting Adjustments	$ 8.4

Business Combinations and Ass_4

Business Combinations and Asset Acquisitions (Schedule of Purchase Consideration) (Details) - Edmunds $ in Thousands	Jun. 01, 2021 USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 251,047
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	90,571
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	60,200
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	$ 401,818

Business Combinations and Ass_5

Business Combinations and Asset Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022	Jun. 01, 2021
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 9,484
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			33,719
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other			2,397
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			20,741
Goodwill	$ 141,258	$ 141,258
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			218,000
Operating lease assets	545,677	537,357
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			191
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			523,040
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			5,063
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			11,277
Current portion of operating lease liabilities	$ 53,287	$ 44,197
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets			3,823
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation			88,264
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			121,222
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			401,818
Edmunds
Business Acquisition [Line Items]
Goodwill			141,258
Operating lease assets			97,250
Current portion of operating lease liabilities			$ 12,795

Business Combinations and Ass_6

Business Combinations and Asset Acquisitions (Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) $ in Thousands	Jun. 01, 2021 USD ($)
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 218,000
Internally developed software
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Finite-lived Intangible Assets Acquired	$ 52,900
Customer Relationships
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	17 years
Finite-lived Intangible Assets Acquired	$ 133,200
Trade Names
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 31,900

Revenue Disclosures (Details)

Revenue Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 29,684.9	$ 31,900.4	$ 18,950.1
Used vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,034.3	24,437.1	15,713.6
Wholesale vehicle sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,989.8	6,763.8	2,668.8
Extended protection plan revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	422.3	478.4	412.8
Third-party finance fees, net
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7	1.5	(39.6)
Advertising & subscription revenues [Domain]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	133.3	101.8	0
Service revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	82.3	81.8	92
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15.9	36	102.6
Total other sales and revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 660.8	$ 699.5	$ 567.8

CarMax Auto Finance (Components

CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Auto Finance Income [Line Items]
Interest and fee income	$ 1,441,500	$ 1,296,800	$ 1,142,000
Interest expense	(310,300)	(228,800)	(314,100)
Total interest margin	1,131,200	1,068,000	827,900
Provision for loan losses	(317,000)	(141,700)	(160,700)
Total interest margin after provision for loan losses	814,200	926,300	667,200
Other Nonoperating Expense	0	0	(2,200)
Payroll and fringe benefit expense	(62,800)	(50,500)	(46,000)
Other direct expenses	(72,400)	(67,700)	(55,400)
Total direct expenses	(150,800)	(124,800)	(102,200)
CARMAX AUTO FINANCE INCOME	663,404	801,507	562,810
Total average managed receivables	16,304,300	14,934,000	13,463,300
Other Depreciation and Amortization	$ (15,500)	$ (6,600)	$ (800)
Interest And Fee Income, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	8.80%	8.70%	8.50%
Interest Expense, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.90%)	(1.50%)	(2.30%)
Total Interest Margin, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	6.90%	7.20%	6.10%
Provision For Loan Losses, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(1.90%)	(0.90%)	(1.20%)
Total Interest Margin After Provision For Loan Losses, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	5%	6.20%	5%
Total Other Nonoperating (Expense) Income Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	0%	0%	0%
Payroll And Fringe Benefit Expense, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.30%)	(0.30%)
CAF Depreciation and Amortization
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.10%)	0%	0%
Other Direct Expenses, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.40%)	(0.50%)	(0.40%)
Total Direct Expenses, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	(0.90%)	(0.80%)	(0.80%)
CAF Income, Percent
Auto Finance Income [Line Items]
Item as percent of total average managed receivables	4.10%	5.40%	4.20%

Auto Loan Receivables (Auto Loa

Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Mar. 01, 2020
Total ending managed receivables	$ 16,767,900	$ 15,652,300
Accrued interest and fees	78,000	67,300
Other	3,100	3,100
Less: allowance for loan losses	(507,201)	(433,030)	$ (411,100)
Auto loans receivable, net	16,341,791	15,289,701
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	74,200
Non-recourse Notes Payable	16,360,092	15,466,799
Asset-backed term funding
Total ending managed receivables	12,242,800	11,653,800
Warehouse facilities
Total ending managed receivables	3,649,900	3,291,900
Overcollateralization
Total ending managed receivables	739,900	489,100
Other Managed Receivables
Total ending managed receivables	$ 135,300	$ 217,500

Auto Loan Receivables (Ending M

Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($) $ in Millions	Feb. 28, 2023	Feb. 28, 2022
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 16,767.9	$ 15,652.3
Total ending managed receivables as percentage by major credit grade	100%	100%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 7,393.1	$ 7,765
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	5,117.2	3,596.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,257.7	2,453.3
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,356.4	1,227.7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	520.7	492.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	122.8	117
Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 16,329.2	$ 15,390
Total ending managed receivables as percentage by major credit grade	97.40%	98.30%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 7,121.1	$ 7,599.8
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	5,004.7	3,573
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,242.7	2,418.6
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,335.3	1,203.9
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	507.5	482.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	117.9	112.3
Credit Grade A [Member] | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 8,489.9	$ 7,749.7
Total ending managed receivables as percentage by major credit grade	50.60%	49.50%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 3,890.9	$ 3,885.5
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,555.3	1,788.3
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,112	1,266.1
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	677.1	574.1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	218.3	203.4
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	36.3	32.3
Credit Grade B | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 5,913.6	$ 5,670.1
Total ending managed receivables as percentage by major credit grade	35.30%	36.20%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 2,497.5	$ 2,795.2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,839.9	1,288.5
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	816.2	857.7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	488.9	473.1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	215.1	205.2
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	56	50.4
Credit Grade C And Other | Core managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 1,925.7	$ 1,970.2
Total ending managed receivables as percentage by major credit grade	11.50%	12.60%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 732.7	$ 919.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	609.5	496.2
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	314.5	294.8
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	169.3	156.7
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	74.1	73.8
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	25.6	29.6
Credit Grade C And Other | Other managed receivables
Financing Receivable, By Major Credit Grade [Line Items]
Total ending managed receivables	$ 438.7	$ 262.3
Total ending managed receivables as percentage by major credit grade	2.60%	1.70%
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 272	$ 165.2
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	112.5	23.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	15	34.7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	21.1	23.8
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	13.2	10
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	$ 4.9	$ 4.7

Auto Loan Receivables (Allowanc

Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021	Mar. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 507,201	$ 433,030		$ 411,100
Financing Receivable, Allowance for Credit Loss, Writeoff	(402,500)	(227,200)
Provision for loan losses	317,000	141,700	$ 160,700
Recoveries (2)	159,700	$ 107,400
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 74,200
Allowance For Loan Losses
Financing Receivable, Allowance for Credit Loss [Line Items]
Item as percent of total ending managed receivables	3.02%	2.77%		2.97%
Core managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ 401,500	$ 377,500		$ 379,400
Financing Receivable, Allowance for Credit Loss, Writeoff	(348,100)	(206,500)
Provision for loan losses	229,600	105,200
Recoveries (2)	142,500	99,400
Other managed receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	105,700	55,500		$ 31,700
Financing Receivable, Allowance for Credit Loss, Writeoff	(54,400)	(20,700)
Provision for loan losses	87,400	36,500
Recoveries (2)	$ 17,200	$ 8,000

Auto Loan Receivables (Past Due

Auto Loan Receivables (Past Due Receivables) (Details) - USD ($) $ in Millions	Feb. 28, 2023	Feb. 28, 2022
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 16,767.9	$ 15,652.3
Past due receivables as a percentage of total ending managed receivables	5%	4.02%
Financing Receivable, before Allowance for Credit Loss, Current	$ 15,930.4	$ 15,022.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 837.5	$ 630
Managed Receivables
Financing Receivable, Past Due [Line Items]
Item as percent of total ending managed receivables	100%	100%
Core managed receivables
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	$ 16,329.2	$ 15,390
Financing Receivable, before Allowance for Credit Loss, Current	15,602.8	14,815.9
Financing Receivable, before Allowance for Credit Loss, Noncurrent	726.4	574.1
Core managed receivables | Credit Grade A [Member]
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	8,489.9	7,749.7
Financing Receivable, before Allowance for Credit Loss, Current	8,450.3	7,711.9
Financing Receivable, before Allowance for Credit Loss, Noncurrent	39.6	37.8
Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	5,913.6	5,670.1
Financing Receivable, before Allowance for Credit Loss, Current	5,540.2	5,401.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent	373.4	268.8
Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	1,925.7	1,970.2
Financing Receivable, before Allowance for Credit Loss, Current	1,612.3	1,702.7
Financing Receivable, before Allowance for Credit Loss, Noncurrent	313.4	267.5
Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Total ending managed receivables	438.7	262.3
Financing Receivable, before Allowance for Credit Loss, Current	327.6	206.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 111.1	$ 55.9
Thirty One To Sixty Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	2.90%	2.50%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 486.8	$ 392.1
Thirty One To Sixty Days Past Due [Member] | Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	426.2	359.1
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	25.1	25.4
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	225.7	173.3
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	175.4	160.4
Thirty One To Sixty Days Past Due [Member] | Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 60.6	$ 33
Sixty One To Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	1.71%	1.21%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 287.2	$ 189.1
Sixty One To Ninety Days Past Due [Member] | Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	245.1	170
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	10.6	9.2
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	120	75.6
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	114.5	85.2
Sixty One To Ninety Days Past Due [Member] | Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 42.1	$ 19.1
Greater Than Ninety Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	0.39%	0.31%
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 63.5	$ 48.8
Greater Than Ninety Days Past Due [Member] | Core managed receivables
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	55.1	45
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	3.9	3.2
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade B
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	27.7	19.9
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	23.5	21.9
Greater Than Ninety Days Past Due [Member] | Other managed receivables | Credit Grade C And Other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 8.4	$ 3.8
Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due receivables as a percentage of total ending managed receivables	95%	95.98%

Derivative Instruments And He_2

Derivative Instruments And Hedging Activities (Narrative) (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Designated As Hedging Instrument
Derivative [Line Items]
Additional reclassification from AOCL to CAF income	$ 52,100
Derivative notional amount	4,490,000	$ 3,640,000
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Derivative notional amount	1,140,000	580,000
Derivative, Gain (Loss) on Derivative, Net	$ 24,500	$ 8,800

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	$ 865,943	$ 701,865
Mutual fund investments	22,671	24,022
Total assets at fair value	$ 1,019,812	$ 774,678
Percent of total assets at fair value	100%	100%
Percent of total assets	3.90%	2.90%
Total liabilities at fair value	$ 0	$ (1,379)
Percent of total liabilities	0%	0%
Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	$ 97,328	$ 39,452
Derivative instruments designated as hedges		(1,379)
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	33,870	9,339
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	865,943	701,865
Mutual fund investments	22,671	24,022
Total assets at fair value	$ 888,614	$ 725,887
Percent of total assets at fair value	87.10%	93.70%
Percent of total assets	3.40%	2.80%
Total liabilities at fair value	$ 0	$ 0
Percent of total liabilities	0%	0%
Level 1 | Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	$ 0	$ 0
Derivative instruments designated as hedges		0
Level 1 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market securities	0	0
Mutual fund investments	0	0
Total assets at fair value	$ 131,198	$ 48,791
Percent of total assets at fair value	12.90%	6.30%
Percent of total assets	0.50%	0.20%
Total liabilities at fair value	$ 0	$ (1,379)
Percent of total liabilities	0%	0%
Level 2 | Designated As Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	$ 97,328	$ 39,452
Derivative instruments designated as hedges		(1,379)
Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments designated as hedges	$ 33,870	$ 9,339

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Senior Notes	$ 500,000	$ 500,000
Debt Instrument, Fair Value Disclosure	$ 473,749	$ 517,396

Property And Equipment (Schedul

Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset, before Accumulated Amortization	$ 192,117	$ 157,890
Total property and equipment	5,045,838	4,646,616
Less: accumulated depreciation and amortization	(1,614,924)	(1,437,548)
Property and equipment, net	3,430,914	3,209,068
Depreciation expense	244,400	215,300	$ 195,300
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	947,734	913,577
Land held for development (1)
Property, Plant and Equipment [Line Items]
Total property and equipment	62,770	73,347
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment	2,454,937	2,290,686
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	356,974	331,002
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	559,927	520,407
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	156,925	113,091
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 314,454	$ 246,616

Intangible Assets, Goodwill a_3

Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Internally developed software
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]
Finite-Lived Intangible Assets, Gross	$ 52,900	$ 52,900
Finite-Lived Intangible Assets, Accumulated Amortization	(13,225)	(5,668)
Finite-Lived Intangible Assets, Net	39,675	47,232
Customer Relationships
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]
Finite-Lived Intangible Assets, Gross	133,200	133,200
Finite-Lived Intangible Assets, Accumulated Amortization	(13,712)	(5,876)
Finite-Lived Intangible Assets, Net	119,488	127,324
Goodwill	141,258	141,258
Indefinite-lived Intangible Assets (Excluding Goodwill)	31,900	31,900
Intangible Assets, Gross (Excluding Goodwill)	218,000	218,000
Finite-Lived Intangible Assets, Accumulated Amortization	(26,937)	(11,544)
Intangible Assets, Net (Excluding Goodwill)	191,063	206,456
Amortization of Intangible Assets	15,400	$ 11,500
Finite-Lived Intangible Asset, Expected Amortization, Year One	15,400
Finite-Lived Intangible Asset, Expected Amortization, Year Two	15,400
Finite-Lived Intangible Asset, Expected Amortization, Year Three	15,400
Finite-Lived Intangible Asset, Expected Amortization, Year Five	15,400
Finite-Lived Intangible Asset, Expected Amortization, Year Four	15,400
CarMax Sales Operations
Goodwill [Line Items]
Goodwill	98,900
Edmunds
Goodwill [Line Items]
Goodwill	$ 42,400

Cancellation Reserves (Schedule

Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 144.7	$ 124.5
Cancellations	(103.6)	(94.7)
Provision for future cancellations	98.1	114.9
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 139.2	$ 144.7

Cancellation Reserves (Narrativ

Cancellation Reserves (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2023	Feb. 28, 2022
Cancellation Reserves [Abstract]
Cancellation reserves, current portion	$ 76.1	$ 78.7

Income Taxes (Schedule Of Incom

Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Current, Federal	$ 128,994	$ 264,194	$ 209,447
Current, State	29,598	61,855	44,678
Current, Total	158,592	326,049	254,125
Deferred, Federal	(1,118)	10,560	(27,971)
Deferred, State	(5,432)	4,440	(7,816)
Deferred, Total	(6,550)	15,000	(35,787)
Income Tax Expense (Benefit), Total	$ 152,042	$ 341,049	$ 218,338

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21%	21%	21%
State and local income taxes, net of federal benefit	3.40%	3.70%	3.30%
Share-based compensation	0%	(1.80%)	(1.60%)
Nondeductible and other items	1.50%	0.70%	0.50%
Credits	(2.00%)	(0.70%)	(0.60%)
Effective income tax rate	23.90%	22.90%	22.60%

Income Taxes (Schedule Of Tempo

Income Taxes (Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Accrued expenses and other	$ 102,611	$ 122,791
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss	123,636	104,454
Deferred Tax Assets, Tax Deferred Expense, Other	3,484	4,236
Deferred Tax Assets, Operating Loss Carryforwards	35,184	38,637
DeferredTaxAssetsLeasingArrangements	146,006	144,693
Share-based compensation	37,165	40,579
Capital loss carry forward	847	745
Total deferred tax assets	448,933	456,135
Less: valuation allowance	(1,305)	(1,455)
Total deferred tax assets after valuation allowance	447,628	454,680
Deferred Tax Liabilities, Intangible Assets	47,072	51,088
Property and equipment	113,015	115,263
Deferred Tax Liabilities, Leasing Arrangements	137,617	137,095
Inventory	14,512	19,147
Derivatives	54,672	11,156
Total deferred tax liabilities	366,888	333,749
Net deferred tax asset	$ 80,740	$ 120,931

Income Taxes (Schedule Of Recon

Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 24,765	$ 28,997	$ 30,865
Increases for tax positions of prior years	114	432	188
Decreases for tax positions of prior years	(19)	(5,056)	(4,468)
Increases based on tax positions related to the current year	3,813	2,657	3,634
Settlements	(79)	(391)	(4)
Lapse of statute	(1,502)	(1,874)	(1,218)
Balance at end of year	$ 27,092	$ 24,765	$ 28,997

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, gross	$ 27,092	$ 24,765	$ 28,997	$ 30,865
Unrecognized tax benefits that would impact effective tax rate, if recognized	10,600	8,500	7,600
Accrued interest	4,000	3,400	$ 4,700
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	35,184	$ 38,637
Federal tax credit carryforward [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	12,600
State tax credit carryforward [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	12,500
Federal NOL carryforward, no expiration [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	5,700
State NOL carryforward [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 3,000

Benefit Plans (Narrative) (Deta

Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions to the plan in current year	$ 0
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	(0.5)
Expected benefit payments to the plan next fiscal year	7
Expected benefit payments to the plan year two	7
Expected benefit payments to the plan year three	7
Expected benefit payments to the plan year four	8.2
Expected benefit payments to the plan year five	8.2
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to the plan next year	0.7
Expected benefit payments to the plan year two	0.7
Expected benefit payments to the plan year three	0.7
Expected benefit payments to the plan year four	0.7
Expected benefit payments to the plan year five	0.7
Retirement Savings Plan401k
Defined Benefit Plan Disclosure [Line Items]
Total cost for company contributions	$ 64	$ 63.8	$ 48.5
Equity securities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	55%
Fixed income securities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	45%

Benefit Plans (Benefit Plan Inf

Benefit Plans (Benefit Plan Information) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 190,007	$ 214,928
Projected benefit obligation	218,341	284,291
Funded status recognized	(28,334)	(69,363)
Current liability	(639)	(630)
Noncurrent liability	(27,695)	(68,733)
Net amount recognized	(28,334)	(69,363)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets	190,007	214,928
Projected benefit obligation	209,298	273,257
Funded status recognized	(19,291)	(58,329)
Current liability	0	0
Noncurrent liability	(19,291)	(58,329)
Net amount recognized	(19,291)	(58,329)
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Projected benefit obligation	9,043	11,034
Funded status recognized	(9,043)	(11,034)
Current liability	(639)	(630)
Noncurrent liability	(8,404)	(10,404)
Net amount recognized	$ (9,043)	$ (11,034)

Benefit Plans (Components Of Ne

Benefit Plans (Components Of Net Pension Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Defined Benefit Plan Disclosure [Line Items]
Total net pension (benefit) expense	$ (3,014)	$ (2,068)	$ (945)
Total net actuarial gain(1)	(34,836)	(22,517)	(33,913)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total net pension (benefit) expense	(3,443)	(2,493)	(1,378)
Total net actuarial gain(1)	(33,110)	(21,941)	(33,703)
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Total net pension (benefit) expense	429	425	433
Total net actuarial gain(1)	$ (1,726)	$ (576)	$ (210)

Benefit Plans (Assumptions Used

Benefit Plans (Assumptions Used To Determine Benefit Obligations) (Details)	Feb. 28, 2023	Feb. 28, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.20%	3.45%
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.20%	3.45%

Benefit Plans (Assumptions Us_2

Benefit Plans (Assumptions Used To Determine Net Pension Expense) (Details)	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.45%	2.95%	2.85%
Expected rate of return on plan assets	7.50%	7.50%	7.75%
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.45%	2.95%	2.85%
Expected rate of return on plan assets	0%	0%	0%

Benefit Plans (Schedule Of Fair

Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 190,007	$ 214,928
Interest receivable
Defined Benefit Plan Disclosure [Line Items]
Plan assets	6	0
Equity securities – international | Level 1 | Mutual funds (Level 1):
Defined Benefit Plan Disclosure [Line Items]
Plan assets	17,578	26,525
Short-term Investments | Collective funds (NAV):
Defined Benefit Plan Disclosure [Line Items]
Plan assets	1,856	2,016
Equity securities | Collective funds (NAV):
Defined Benefit Plan Disclosure [Line Items]
Plan assets	86,010	133,723
Fixed income securities | Collective funds (NAV):
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 84,557	$ 52,664

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Debt Instrument [Line Items]
Financing Obligations	$ 522,526	$ 524,766
Debt, Long-term and Short-term, Combined Amount	18,382,111	18,734,417
Less: current portion	(579,468)	(532,272)
Unamortized Debt Issuance Expense	(27,506)	(27,126)
Long-term Debt	17,775,137	18,175,019
Non-recourse Notes Payable	16,360,092	15,466,799
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt	0	1,243,500
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
October 2021 Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 699,493	$ 699,352

Debt Debt (Schedule of Maturiti

Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Maturities of Long-Term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 54,317
FinancingObligationPaymentsDueYearTwo	56,214
FinancingObligationsPaymentsDueYearThree	59,411
FinancingObligationsPaymentsDueYearFour	50,059
FinancingObligationsPaymentsDueYearFive	49,652
FinancingObligationsPaymentsDueAfterYearFive	758,379
FinancingObligationsPaymentsDue	1,028,032
FinancingObligationsUndiscountedExcessAmount	(505,506)
Financing Obligations	$ 522,526	$ 524,766

Debt Debt (Schedule of Funding

Debt Debt (Schedule of Funding Vehicles) (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Schedule of Funding Vehicles [Line Items]
Non-recourse Notes Payable	$ 16,360,092	$ 15,466,799
Warehouse Facility One [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,300,000
Warehouse Facility Three [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	2,800,000
Warehouse Facility Two [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	500,000
Warehouse Facilities [Member]
Schedule of Funding Vehicles [Line Items]
Warehouse Facilities Maximum Borrowing Capacity	5,600,000
Debt Instrument, Unused Borrowing Capacity, Amount	1,950,000
Non-recourse Notes Payable	3,650,000
Asset-backed term funding transactions
Schedule of Funding Vehicles [Line Items]
Non-recourse Notes Payable	$ 12,710,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Debt Instrument [Line Items]
Long-term Debt	$ 17,775,137,000	$ 18,175,019,000
Interest Paid, Capitalized, Investing Activities	5,600,000	$ 5,900,000	$ 3,300,000
Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	2,000,000,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,000,000,000
Debt, Weighted Average Interest Rate	2.87%	1.97%	1.74%
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	5.47%
Long-term Debt	$ 300,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt	500,000,000
October 2021 Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 700,000,000
Minimum | Financing Obligation
Debt Instrument [Line Items]
Initial Lease Terms	15 years
Maximum | Financing Obligation
Debt Instrument [Line Items]
Initial Lease Terms	20 years

Stock And Stock-Based Incenti_3

Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Preferred Stock
Stock and Stock-Based Incentive Plans
Preferred shares authorized (in shares)	20,000,000
Preferred Stock, par value (in dollars per share)	$ 20
Preferred stock shares outstanding (in shares)	0
Share Repurchase Program
Stock and Stock-Based Incentive Plans
Share repurchase, authorized amount	$ 4,000,000,000
Available for repurchase, as of end of year	$ 2,451,300,000	$ 774,500,000	$ 1,336,100,000
Stock Compensation Plan
Stock and Stock-Based Incentive Plans
Common stock, shares authorized (in shares)	60,850,000
Common shares reserved for future grants	5,769,765
Stock Option
Stock and Stock-Based Incentive Plans
Vesting period, in years	4 years
Years until expiration	7 years
Cash-Settled Restricted Stock Units
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,004,000	1,163,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 97.19	$ 93.37
Cash-Settled Restricted Stock Units | Minimum
Stock and Stock-Based Incentive Plans
Cash payment per RSU, percentage	75%
Cash-Settled Restricted Stock Units | Maximum
Stock and Stock-Based Incentive Plans
Cash payment per RSU, percentage	200%
Stock-Settled Market Stock Units
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Conversion ratio, number of final trading days in vesting period	40 days
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient	2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	404,000	393,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 120.61	$ 112.17
Stock-Settled Market Stock Units | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock	0
Stock-Settled Market Stock Units | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock	2
Performance Shares
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	43,364
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 109.02
Performance Shares | Fiscal 2020 grants - Year 1
Stock and Stock-Based Incentive Plans
PSU conversion threshold	117%
Performance Shares | Fiscal 2022 Grants - Performance Target Not Set
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	48,658
Performance Shares | Fiscal 2022 grants - Year 1
Stock and Stock-Based Incentive Plans
PSU conversion threshold	200%
Performance Shares | Fiscal 2020 grants - Year 3
Stock and Stock-Based Incentive Plans
PSU conversion threshold	200%
Performance Shares | Fiscal 2020 grants - Year 2
Stock and Stock-Based Incentive Plans
PSU conversion threshold	100%
Performance Shares | Minimum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock	0
PSU conversion threshold	25%
Performance Shares | Maximum
Stock and Stock-Based Incentive Plans
Stock units converted to common stock	2
PSU conversion threshold	200%
Deferred Stock Units
Stock and Stock-Based Incentive Plans
Vesting period, in years	1 year
Stock units converted to common stock	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	78,893
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 91.65
Restricted Stock Awards
Stock and Stock-Based Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	7,847
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 124.21
Restricted Stock Awards | Minimum
Stock and Stock-Based Incentive Plans
Vesting period, in years	1 year
Restricted Stock Awards | Maximum
Stock and Stock-Based Incentive Plans
Vesting period, in years	3 years
Employee Stock Purchase Plan
Stock and Stock-Based Incentive Plans
Common stock, shares authorized (in shares)	8,000,000
Associate contribution limit	10%
Associate contribution limit, value	$ 10,000
Company match	$ 0.15
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award	251,651	160,093	202,085
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 81.40	$ 125.22	$ 87.41
shares remained available under the purchase plan	2,014,192

Stock And Stock-Based Incenti_4

Stock And Stock-Based Incentive Plans (Schedule Of Common Stoc Repurchases) (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased	3,403,900	4,475,200	2,379,800
Average cost per share	$ 94.95	$ 125.49	$ 90.87
Available for repurchase, as of end of year	$ 2,451.3	$ 774.5	$ 1,336.1

Stock And Stock-Based Incenti_5

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 88,172	$ 111,933	$ 124,211
TOTAL COST OF SALES
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	2,269	4,924	6,805
CAF Income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	2,295	5,043	5,657
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before income taxes	$ 83,608	$ 101,966	$ 111,749

Stock And Stock-Based Incenti_6

Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 88,172	$ 111,933	$ 124,211
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	38,629	33,598	31,500
Cash-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	23,567	52,435	72,243
Stock-Settled Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	15,617	13,984	15,596
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	5,123	6,289	489
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	1,850	1,925	1,925
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	806	966	147
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	2,580	2,736	2,311
Total other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, before income taxes	$ 10,359	$ 11,916	$ 4,872

Stock And Stock-Based Incenti_7

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details) $ in Millions	12 Months Ended
	Feb. 28, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 67.7
Weighted Average Remaining Recognition Life (Years)	1 year 7 months 6 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 50.9
Weighted Average Remaining Recognition Life (Years)	1 year 8 months 12 days
Stock-Settled Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 15.4
Weighted Average Remaining Recognition Life (Years)	1 year 1 month 6 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 1.1
Weighted Average Remaining Recognition Life (Years)	1 year 7 months 6 days
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 0.3
Weighted Average Remaining Recognition Life (Years)	4 months 24 days
Total other share-based incentives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 1.4
Weighted Average Remaining Recognition Life (Years)	1 year 3 months 18 days

Stock And Stock-Based Incenti_8

Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of beginning of year, Number of Shares	5,796,000
Options granted, Number of Shares	1,301,862	922,475	1,607,401
Options exercised, Number of Shares	(268,000)
Options forfeited or expired, Number of Shares	(54,000)
Outstanding as of end of year, Number of Shares	6,776,000	5,796,000
Exercisable as of end of year, Number of Shares	3,937,000
Outstanding as of beginning of year, Weighted Average Exercise Price	$ 79.66
Options granted, Weighted Average Exercise Price	90.71
Options exercised, Weighted Average Exercise Price	63.74
Options forfeited or expired, Weighted Average Exercise Price	96.21
Outstanding as of end of year, Weighted Average Exercise Price	82.28	$ 79.66
Exercisable as of end of year, Weighted Average Exercise Price	$ 73.20
Outstanding as of end of year, Weighted Average Remaining Contractual Life (Years)	3 years 9 months 18 days
Exercisable as of end of year, Weighted Average Remaining Contractual Life (Years)	2 years 9 months 18 days
Outstanding as of end of year, Aggregate Intrinsic Value	$ 15,008
Exercisable as of end of year, Aggregate Intrinsic Value	$ 14,838

Stock And Stock-Based Incenti_9

Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Settled) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted, Number of Shares	1,301,862	922,475	1,607,401
Weighted average grant date fair value per share	$ 33.24	$ 42.31	$ 22.80
Cash received from options exercised (in millions)	$ 17.1	$ 79.8	$ 143.1
Intrinsic value of options exercised (in millions)	7.3	95.2	94
Realized tax benefits	$ 1.8	$ 20.6	$ 25.5
Cash-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	677,783	378,382	669,937
Initial weighted average grant date fair value per share	$ 91.14	$ 136.46	$ 71.09
Payments (before payroll tax withholdings) upon vesting	$ 67.1	$ 92.6	$ 38.1
Realized tax benefits	$ 16.8	$ 23	$ 10.5
Stock-Settled Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted, Number of Units	140,743	82,061	199,916
Initial weighted average grant date fair value per share	$ 125.37	$ 178.15	$ 93.82
Realized tax benefits	$ 2.9	$ 10.4	$ 3.2

Stock And Stock-Based Incent_10

Stock And Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Dividend yield	0%	0%	0%
Expected volatility factor, Minimum	38.70%	31.80%	36.10%
Expected volatility factor, Maximum	53.60%	37.60%	56.10%
Weighted average expected volatility	39.50%	36.20%	38.20%
Risk-free interest rate, Minimum	0.40%	0%	0.10%
Risk-free interest rate, Maximum	4.70%	1.40%	0.70%
Expected term (in years)	4 years 7 months 6 days	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 - $ / shares	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	1,163,000
Stock units granted, Number of Units	677,783	378,382	669,937
Stock units vested and converted, Number of Units	(755,000)
Stock units cancelled, Number of Units	(82,000)
Outstanding at end of year, number of shares or Units	1,004,000	1,163,000
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value	$ 93.37
Initial weighted average grant date fair value per share	91.14	$ 136.46	$ 71.09
Stock units vested and converted, Weighted Average Grant Date Fair Value	85.83
Stock units cancelled, Weighted Average Grant Date Fair Value	97.66
Outstanding as of end of year, Weighted Average Grant Date Fair Value	$ 97.19	$ 93.37

Stock And Stock-Based Incent_12

Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details) $ in Thousands	Feb. 28, 2023 USD ($)
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fiscal 2024	$ 30,096
Fiscal 2025	22,407
Fiscal 2026	12,525
Total expected cash settlements	65,028
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fiscal 2024	80,255
Fiscal 2025	59,752
Fiscal 2026	33,399
Total expected cash settlements	$ 173,406

Stock And Stock-Based Incent_13

Stock And Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - Stock-Settled Market Stock Units - $ / shares	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares or Units	393,000
Stock units granted, Number of Units	140,743	82,061	199,916
Stock units vested and converted, Number of Units	(123,000)
Stock units cancelled, Number of Units	(7,000)
Outstanding at end of year, number of shares or Units	404,000	393,000
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value	$ 112.17
Stock units granted, weighted average grant date fair value	125.37	$ 178.15	$ 93.82
Stock units vested and converted, Weighted Average Grant Date Fair Value	98.76
Stock units cancelled, Weighted Average Grant Date Fair Value	127.97
Outstanding as of end of year, Weighted Average Grant Date Fair Value	$ 120.61	$ 112.17

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Antidilutive securities not included in calculation of dilutive net earnings per share	2,217,957	750,516	1,131,764

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	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings	$ 484,762	$ 1,151,297	$ 746,919
Weighted average common shares outstanding (in shares)	158,800	162,410	163,183
Weighted average common shares and dilutive potential common shares (in shares)	159,771	165,176	165,133
Basic net earnings per share (in dollars per share)	$ 3.05	$ 7.09	$ 4.58
Diluted net earnings per share (in dollars per share)	$ 3.03	$ 6.97	$ 4.52
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive potential common shares (in shares)	688	2,268	1,543
Stock-Settled Market Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive potential common shares (in shares)	283	498	407

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2023	Feb. 28, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Deferred tax	$ 32.6	$ 14.2

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	$ (46,422)	$ (118,691)	$ (150,071)
Other comprehensive income before reclassifications	162,669	57,245	13,113
Amounts reclassified from accumulated other comprehensive loss	(18,378)	15,024	18,267
Other comprehensive income	144,291	72,269	31,380
Balance at end of year	97,869	(46,422)	(118,691)
Net Unrecognized Actuarial Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(73,001)	(92,662)	(121,302)
Other comprehensive income before reclassifications	26,477	17,034	25,729
Amounts reclassified from accumulated other comprehensive loss	1,934	2,627	2,911
Other comprehensive income	28,411	19,661	28,640
Balance at end of year	(44,590)	(73,001)	(92,662)
Net Unrecognized Hedge Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	26,579	(26,029)	(28,769)
Other comprehensive income before reclassifications	136,192	40,211	(12,616)
Amounts reclassified from accumulated other comprehensive loss	(20,312)	12,397	15,356
Other comprehensive income	115,880	52,608	2,740
Balance at end of year	142,459	26,579	(26,029)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income	$ 144,291	$ 72,269	$ 31,380

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Actuarial gain arising during the year	$ 34,836	$ 22,517	$ 33,913
Tax expense	(8,359)	(5,483)	(8,184)
Actuarial gain arising during the year, net of tax	26,477	17,034	25,729
Actuarial loss amortization reclassifications in net pension expense	2,545	3,473	3,837
Tax expense	(611)	(846)	(926)
Amortization reclassifications recognized in net pension expense, net of tax	1,934	2,627	2,911
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	28,411	19,661	28,640
Changes in fair value	180,510	54,105	(17,122)
Tax (expense) benefit	(44,318)	(13,894)	4,506
Changes in fair value, net of tax	136,192	40,211	(12,616)
Reclassifications to CarMax Auto Finance income	(26,859)	16,680	20,841
Tax benefit (expense)	6,547	(4,283)	(5,485)
Reclassification of hedge (gains) losses, net of tax	(20,312)	12,397	15,356
Net change in cash flow hedge unrecognized gains, net of tax	115,880	52,608	2,740
Total other comprehensive income, net of tax	144,291	72,269	31,380
TOTAL COST OF SALES
Actuarial loss amortization reclassifications in net pension expense	1,084	1,451	1,617
CarMax Auto Finance income
Actuarial loss amortization reclassifications in net pension expense	70	84	108
Selling, general and administrative expenses
Actuarial loss amortization reclassifications in net pension expense	$ 1,391	$ 1,938	$ 2,112

Leases (Narrative) (Details)

Leases (Narrative) (Details)	12 Months Ended
	Feb. 28, 2023
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term, years	1 year
Real Estate Lease Term	5 years
Equipment Lease Term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term, years	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	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Leases [Abstract]
Operating Lease, Cost	$ 90,925	$ 75,629	$ 57,325
Finance Lease, Right-of-Use Asset, Amortization	16,039	13,230	8,362
Finance Lease, Interest Expense	21,969	17,015	10,724
Finance Lease, Cost	38,008	30,245	19,086
Lease, Cost	$ 128,933	$ 105,874	$ 76,411

Leases Leases - Supplemental Ba

Leases Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Feb. 28, 2022
Leases [Abstract]
Operating lease assets	$ 545,677	$ 537,357
Finance lease assets	145,372	127,183
Total lease assets	691,049	664,540
Current portion of operating lease liabilities	53,287	44,197
Finance Lease, Liability, Current	18,788	10,290
Operating lease liabilities, excluding current portion	523,828	523,269
Finance Lease, Liability, Noncurrent	165,135	145,179
Total lease liabilities	761,038	722,935
Finance Lease Accumulated Depreciation	$ 46,700	$ 30,700

Leases Lease Term and Discount

Leases Lease Term and Discount Rate (Details)	Feb. 28, 2023 Rate	Feb. 28, 2022 Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	16 years 4 months 6 days	17 years 3 months 21 days
Finance Lease, Weighted Average Remaining Lease Term	10 years 10 months 2 days	12 years 5 months 1 day
Operating Lease, Weighted Average Discount Rate, Percent	4.91%	4.80%
Finance Lease, Weighted Average Discount Rate, Percent	19.34%	14.35%

Leases Lease Supplemental Cash

Leases Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Leases [Abstract]
Operating Lease, Payments	$ 89,321	$ 72,371	$ 56,762
Finance Lease, Interest Payment on Liability	19,371	11,194	8,517
Finance Lease, Principal Payments	12,200	11,923	7,424
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	58,121	50,911	14,010
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 37,931	$ 32,052	$ 45,857

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) $ in Thousands	Feb. 28, 2023 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 79,608
Lessee, Operating Lease, Liability, Payments, Due Year Two	78,703
Lessee, Operating Lease, Liability, Payments, Due Year Three	73,122
Lessee, Operating Lease, Liability, Payments, Due Year Four	66,658
Lessee, Operating Lease, Liability, Payments, Due Year Five	62,472
Lessee, Operating Lease, Liability, Payments, Due after Year Five	539,664
Lessee, Operating Lease, Liability, Payments, Due	900,227
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(323,112)
Operating Lease, Liability	577,115
Finance Lease, Liability, Payments, Due Next Twelve Months	41,264
Finance Lease, Liability, Payments, Due Year Two	38,894
Finance Lease, Liability, Payments, Due Year Three	40,043
Finance Lease, Liability, Payments, Due Year Four	36,123
Finance Lease, Liability, Payments, Due Year Five	29,132
Finance Lease, Liability, Payments, Due after Year Five	198,587
Finance Lease, Liability, Payment, Due	384,043
Finance Lease, Liability, Undiscounted Excess Amount	(200,120)
Finance Lease, Liability	183,923
Lessee Lease Not Yet Commenced Amount	$ 22,900

Commitments And Contingencies (

Commitments And Contingencies (Details) - USD ($) $ in Millions	Feb. 28, 2023	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Liability associated with guarantee	$ 27.1	$ 18.5
Purchase obligation	407.3
Purchase obligation due next twelve months	$ 246.2

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 29,684,873	$ 31,900,412	$ 18,950,149
Depreciation and amortization	265,224	273,188	242,156
Gross Profit	2,800,203	3,287,542	2,379,125
CARMAX AUTO FINANCE INCOME	663,404	801,507	562,810
Selling, General and Administrative Expense	(2,487,357)	(2,325,220)	(1,704,419)
Depreciation, Depletion and Amortization, Nonproduction	(228,449)	(211,956)	(194,356)
Interest expense	(120,398)	(94,095)	(86,178)
Nonoperating Income (Expense)	9,401	34,568	8,275
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	636,804	1,492,346	$ 965,257
TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	15,762	8,332
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	(28,038)	(22,169)
Gross Profit	(5,333)	(5,207)
CarMax Sales Operations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	29,551,617	31,798,596
Gross Profit	2,704,398	3,207,946
CarMax Sales Operations | TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	1,499	840
CarMax Sales Operations | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	29,551,617	31,798,596
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	133,256	101,816
Gross Profit	101,138	84,803
Other Segments | TOTAL COST OF SALES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	14,263	7,492
Other Segments | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	161,294	123,985
Other Segments | Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
NET SALES AND OPERATING REVENUES	$ 28,038	$ 22,169