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Stock And Stock-Based Incentive Plans (Tables) | 12 Months Ended
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Feb. 28, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Schedule Of Common Stock Repurchases | Common Stock Repurchases
| Years Ended February 28 or 29
| 2021 |  | 2020 |  | 2019
Number of shares repurchased (in thousands) | 2,379.8 |  |  | 6,971.1 |  |  | 13,634.7 |
Average cost per share | $ | 90.87 |  |  | $ | 80.56 |  |  | $ | 66.22 |
Available for repurchase, as of end of year (in millions) | $ | 1,336.1 |  |  | $ | 1,552.3 |  |  | $ | 2,113.9 |
Composition Of Share-Based Compensation Expense | Composition of Share-Based Compensation Expense
| Years Ended February 28 or 29
(In thousands) | 2021 |  | 2020 |  | 2019
Cost of sales | $ | 6,805 |  |  | $ | 6,382 |  |  | $ | 2,952 |
CarMax Auto Finance income | 5,657 |  |  | 4,940 |  |  | 3,804 |
Selling, general and administrative expenses | 111,749 |  |  | 99,435 |  |  | 69,928 |
Share-based compensation expense, before income taxes | $ | 124,211 |  |  | $ | 110,757 |  |  | $ | 76,684 |
Composition Of Share-Based Compensation Expense - By Grant Type | Composition of Share-Based Compensation Expense – By Grant Type
| Years Ended February 28 or 29
(In thousands) | 2021 |  | 2020 |  | 2019
Nonqualified stock options | $ | 31,500 |  |  | $ | 30,166 |  |  | $ | 29,992 |
Cash-settled restricted stock units (RSUs) | 72,243 |  |  | 60,739 |  |  | 29,141 |
Stock-settled market stock units (MSUs) | 15,596 |  |  | 12,874 |  |  | 12,683 |
Other share-based incentives: |  |  |  |  |
Stock-settled performance stock units (PSUs) | 489 |  |  | 2,559 |  |  | 1,733 |
Stock-settled deferred stock units (DSUs) | 1,925 |  |  | 2,500 |  |  | 1,155 |
Restricted stock (RSAs) | 147 |  |  | 23 |  |  | 307 |
Employee stock purchase plan | 2,311 |  |  | 1,896 |  |  | 1,673 |
Total other share-based incentives | 4,872 |  |  | 6,978 |  |  | 4,868 |
Share-based compensation expense, before income taxes | $ | 124,211 |  |  | $ | 110,757 |  |  | $ | 76,684 |
Unrecognized Share-Based Compensation Expense – By Grant Type
| As of February 28, 2021
|  |  | Weighted Average
| Unrecognized |  | Remaining
| Compensation |  | Recognition Life
(Costs in millions) | Costs |  | (Years)
Nonqualified stock options | $ | 44.0 |  |  | 2.1
Stock-settled market stock units | 14.9 |  |  | 1.2
Other share-based incentives: |  |  |
Stock-settled performance stock units | 0.5 |  |  | 1.2
Stock-settled deferred stock units | — |  |  | — |
Restricted stock | 0.2 |  |  | 2.0
Total other share-based incentives | 0.7 |  |  | 1.4
Total | $ | 59.6 |  |  | 1.9
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 29, 2020 | 6,994 |  |  | $ | 64.85 |  |  |  |  |
Options granted | 1,607 |  |  | 71.56 |  |  |  |  |
Options exercised | (2,306) |  |  | 62.06 |  |  |  |  |
Options forfeited or expired | (29) |  |  | 70.39 |  |  |  |  |
Outstanding as of February 28, 2021 | 6,266 |  |  | $ | 67.57 |  |  | 4.5 |  | $ | 325,425 |
Exercisable as of February 28, 2021 | 2,390 |  |  | $ | 62.58 |  |  | 3.5 |  | $ | 136,083 |
Outstanding Stock Options | Stock Option Information
| Years Ended February 28 or 29
| 2021 |  | 2020 |  | 2019
Options granted | 1,607,401 |  |  | 1,601,489 |  |  | 1,745,497 |
Weighted average grant date fair value per share | $ | 22.80 |  |  | $ | 22.10 |  |  | $ | 18.75 |
Cash received from options exercised (in millions) | $ | 143.1 |  |  | $ | 124.4 |  |  | $ | 58.1 |
Intrinsic value of options exercised (in millions) | $ | 94.0 |  |  | $ | 78.6 |  |  | $ | 37.1 |
Realized tax benefits (in millions) | $ | 25.5 |  |  | $ | 21.8 |  |  | $ | 10.2 |
Assumptions Used To Estimate Option Values | Assumptions Used to Estimate Option Values
| Years Ended February 28 or 29
| 2021 |  | 2020 |  | 2019
Dividend yield |  |  | 0.0 | % |  |  |  | 0.0 | % |  |  |  | 0.0 | %
Expected volatility factor (1) | 36.1 | % | - | 56.1 | % |  | 26.8 | % | - | 32.6 | % |  | 26.1 | % | - | 34.1 | %
Weighted average expected volatility |  |  | 38.2 | % |  |  |  | 29.2 | % |  |  |  | 29.1 | %
Risk-free interest rate (2) | 0.1 | % | - | 0.7 | % |  | 1.5 | % | - | 2.4 | % |  | 1.7 | % | - | 3.0 | %
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 29, 2020 | 1,557 |  |  | $ | 66.85 |
Stock units granted | 670 |  |  | 71.09 |
Stock units vested and converted | (525) |  |  | 59.25 |
Stock units cancelled | (96) |  |  | 70.59 |
Outstanding as of February 28, 2021 | 1,606 |  |  | $ | 70.88 |
Cash-Settled Restricted Stock Unit Information
| Years Ended February 28 or 29
| 2021 |  | 2020 |  | 2019
Stock units granted | 669,937 |  |  | 562,321 |  |  | 629,942 |
Initial weighted average grant date fair value per share | $ | 71.09 |  |  | $ | 78.62 |  |  | $ | 63.07 |
Payments (before payroll tax withholdings) upon |  |  |  |  |
vesting (in millions) | $ | 38.1 |  |  | $ | 37.8 |  |  | $ | 21.0 |
Realized tax benefits (in millions) | $ | 10.5 |  |  | $ | 10.5 |  |  | $ | 5.8 |
Stock-Settled Market Stock Unit Activity
|  |  | Weighted
|  |  | Average
| Number of |  | Grant Date
(Units in thousands) | Units |  | Fair Value
Outstanding as of February 29, 2020 | 477 |  |  | $ | 84.05 |
Stock units granted | 200 |  |  | 93.82 |
Stock units vested and converted | (149) |  |  | 74.17 |
Stock units cancelled | (8) |  |  | 91.00 |
Outstanding as of February 28, 2021 | 520 |  |  | $ | 90.53 |
Stock-Settled Market Stock Unit Information
| Years Ended February 28 or 29
| 2021 |  | 2020 |  | 2019
Stock units granted | 199,916 |  |  | 131,311 |  |  | 205,868 |
Weighted average grant date fair value per share | $ | 93.82 |  |  | $ | 98.67 |  |  | $ | 82.09 |
Realized tax benefits (in millions) | $ | 3.2 |  |  | $ | 4.0 |  |  | $ | 1.4 |
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting | Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
| As of February 28, 2021
(In thousands) | Minimum (1) |  | Maximum (1)
Fiscal 2022 | $ | 32,426 |  |  | $ | 86,470 |
Fiscal 2023 | 36,241 |  |  | 96,642 |
Fiscal 2024 | 9,687 |  |  | 25,831 |
Total expected cash settlements | $ | 78,354 |  |  | $ | 208,943 |
(1)Net of estimated forfeitures.

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