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

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