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Stock And Stock-Based Incentive Plans (Tables)

12 Months Ended

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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