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CarMax Auto Finance Income (Tables) | 6 Months Ended
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Aug. 31, 2014
CarMax Auto Finance Income [Abstract] |
Components Of CarMax Auto Finance Income |
| Three Months Ended August 31 |  | Six Months Ended August 31
(In millions) | 2014 | % (1) | 2013 | % (1) |  | 2014 | % (1) | 2013 | % (1)
Interest margin: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fee income |  | $ | 150.7 |  | 7.8 |  | $ | 137.2 |  | 8.4 |  | $ | 297.6 |  | 7.9 |  | $ | 270.7 |  | 8.5
Interest expense |  |  | (23.9) |  | (1.2) |  |  | (22.6) |  | (1.4) |  |  | (47.0) |  | (1.2) |  |  | (45.4) |  | (1.4)
Total interest margin |  |  | 126.8 |  | 6.6 |  |  | 114.6 |  | 7.0 |  |  | 250.6 |  | 6.6 |  |  | 225.3 |  | 7.1
Provision for loan losses |  |  | (20.4) |  | (1.1) |  |  | (18.0) |  | (1.1) |  |  | (36.2) |  | (1.0) |  |  | (29.3) |  | (0.9)
Total interest margin after |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
provision for loan losses |  |  | 106.4 |  | 5.5 |  |  | 96.6 |  | 5.9 |  |  | 214.4 |  | 5.7 |  |  | 196.0 |  | 6.2
Other income |  |  | ― |  | ― |  |  | 0.1 |  | ― |  |  | ― |  | ― |  |  | 0.1 |  | ―
Direct expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and fringe benefit expense |  |  | (6.3) |  | (0.3) |  |  | (5.6) |  | (0.3) |  |  | (12.5) |  | (0.3) |  |  | (11.1) |  | (0.4)
Other direct expenses |  |  | (7.5) |  | (0.4) |  |  | (6.7) |  | (0.4) |  |  | (14.7) |  | (0.4) |  |  | (13.6) |  | (0.4)
Total direct expenses |  |  | (13.8) |  | (0.7) |  |  | (12.3) |  | (0.7) |  |  | (27.2) |  | (0.7) |  |  | (24.7) |  | (0.8)
CarMax Auto Finance income |  | $ | 92.6 |  | 4.8 |  | $ | 84.4 |  | 5.2 |  | $ | 187.2 |  | 5.0 |  | $ | 171.4 |  | 5.4
Total average managed receivables |  | $ | 7,724.5 |  |  |  | $ | 6,516.3 |  |  |  | $ | 7,557.3 |  |  |  | $ | 6,334.4 |  |
(1)Annualized percentage of total average managed receivables.

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