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Stock and Stock-Based Incentive Plans | 6 Months Ended
--- | ---
Aug. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock and Stock-Based Incentive Plans | Stock and Stock-Based Incentive Plans (A)Share Repurchase Program As of August 31, 2024, a total of $4.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.15 billion remained available for repurchase. Common Stock Repurchases
| Three Months Ended |  | Six Months Ended
| August 31 |  | August 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares repurchased (in thousands) | 1,376.7 |  |  | — |  |  | 2,822.4 |  |  | — |
Average cost per share | $ | 77.04 |  |  | $ | — |  |  | $ | 74.41 |  |  | $ | — |
Available for repurchase, as of end of period (in millions) | $ | 2,150.1 |  |  | $ | 2,451.3 |  |  | $ | 2,150.1 |  |  | $ | 2,451.3 |
(B)Share-Based Compensation Composition of Share-Based Compensation Expense
| Three Months Ended |  | Six Months Ended
| August 31 |  | August 31
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 1,639 |  |  | $ | 1,195 |  |  | $ | 2,648 |  |  | $ | 2,585 |
CarMax Auto Finance income | 1,449 |  |  | 1,198 |  |  | 2,134 |  |  | 1,647 |
Selling, general and administrative expenses | 32,133 |  |  | 31,294 |  |  | 79,234 |  |  | 66,598 |
Share-based compensation expense, before income taxes | $ | 35,221 |  |  | $ | 33,687 |  |  | $ | 84,016 |  |  | $ | 70,830 |
Composition of Share-Based Compensation Expense – By Grant Type
| Three Months Ended |  | Six Months Ended
| August 31 |  | August 31
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Nonqualified stock options | $ | 9,174 |  |  | $ | 13,650 |  |  | $ | 28,118 |  |  | $ | 27,727 |
Cash-settled restricted stock units (RSUs) | 17,277 |  |  | 12,804 |  |  | 28,667 |  |  | 27,915 |
Stock-settled market stock units (MSUs) | 4,187 |  |  | 3,884 |  |  | 11,767 |  |  | 10,108 |
Other share-based incentives: |  |  |  |  |  |  |
Stock-settled performance stock units (PSUs) | 2,117 |  |  | 797 |  |  | 12,301 |  |  | 1,538 |
Restricted stock (RSAs) | — |  |  | 76 |  |  | — |  |  | 307 |
Stock-settled deferred stock units (DSUs) | 1,850 |  |  | 1,850 |  |  | 1,850 |  |  | 1,850 |
Employee stock purchase plan | 616 |  |  | 626 |  |  | 1,313 |  |  | 1,385 |
Total other share-based incentives | $ | 4,583 |  |  | $ | 3,349 |  |  | $ | 15,464 |  |  | $ | 5,080 |
Share-based compensation expense, before income taxes | $ | 35,221 |  |  | $ | 33,687 |  |  | $ | 84,016 |  |  | $ | 70,830 |
(C)Stock Incentive Plan Information Share/Unit Activity
| Six Months Ended August 31, 2024
| Equity Classified |  | Liability Classified
(Shares/units in thousands) | Options | MSUs | Other |  | RSUs
Outstanding as of February 29, 2024 | 7,393 |  | 383 |  | 195 |  |  | 1,297 |
Granted | 1,230 |  | 238 |  | 263 |  |  | 918 |
Exercised or vested and converted | (485) |  | (75) |  | (47) |  |  | (556) |
Cancelled | (111) |  | (11) |  | — |  |  | (65) |
Outstanding as of August 31, 2024 | 8,027 |  | 535 |  | 411 |  |  | 1,594 |
Weighted average grant date fair value per share/unit: |  |  |  |  |
Granted | $ | 29.20 |  | $ | 95.73 |  | $ | 69.43 |  |  | $ | 67.22 |
Ending outstanding | $ | 28.07 |  | $ | 104.28 |  | $ | 75.26 |  |  | $ | 71.19 |
| As of August 31, 2024 |  |
Unrecognized compensation (in millions) | $ | 46.6 |  | $ | 24.5 |  | $ | 4.7 |  |  |
Schedule of Share Per Unit Activity | Share/Unit Activity
| Six Months Ended August 31, 2024
| Equity Classified |  | Liability Classified
(Shares/units in thousands) | Options | MSUs | Other |  | RSUs
Outstanding as of February 29, 2024 | 7,393 |  | 383 |  | 195 |  |  | 1,297 |
Granted | 1,230 |  | 238 |  | 263 |  |  | 918 |
Exercised or vested and converted | (485) |  | (75) |  | (47) |  |  | (556) |
Cancelled | (111) |  | (11) |  | — |  |  | (65) |
Outstanding as of August 31, 2024 | 8,027 |  | 535 |  | 411 |  |  | 1,594 |
Weighted average grant date fair value per share/unit: |  |  |  |  |
Granted | $ | 29.20 |  | $ | 95.73 |  | $ | 69.43 |  |  | $ | 67.22 |
Ending outstanding | $ | 28.07 |  | $ | 104.28 |  | $ | 75.26 |  |  | $ | 71.19 |
| As of August 31, 2024 |  |
Unrecognized compensation (in millions) | $ | 46.6 |  | $ | 24.5 |  | $ | 4.7 |  |  |

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