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Stock and Stock-Based Incentive Plans (Tables)
 3 Months Ended
May 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Common Stock Repurchases
Common Stock Repurchases
 Three Months Ended
 May 31
 20212020
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)20212020
Cost of sales$1,729 $679 
CarMax Auto Finance income1,708 1,270 
Selling, general and administrative expenses38,420 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)20212020
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 plan783 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
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$70.1 2.5
Stock-settled market stock units23.8 1.8
Other share-based incentives:
Stock-settled performance stock units4.5 1.3
Stock-settled deferred stock units— — 
Restricted stock0.2 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 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20216,266 $67.57 
Options granted917 $136.93 
Options exercised(375)$57.60 
Options forfeited or expired(6)$81.99 
Outstanding as of May 31, 20216,802 $77.46 4.7$382,783 
Exercisable as of May 31, 20213,646 $65.49 3.8$247,007 
Outstanding Stock Options Stock Option Information
Three Months Ended May 31
20212020
Options granted917,455 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
 20212020
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 ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20211,606 $70.88 
Stock units granted361 $136.94 
Stock units vested and converted(701)$65.41 
Stock units cancelled(27)$80.61 
Outstanding as of May 31, 20211,239 $93.01 
 
Cash-Settled Restricted Stock Unit Information
Three Months Ended May 31
20212020
Stock units granted361,115 669,053 
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 ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2021520 $90.53 
Stock units granted81 $178.31 
Stock units vested and converted(194)$81.86 
Stock units cancelled(1)$114.02 
Outstanding as of May 31, 2021406 $112.12 

Stock-Settled Market Stock Unit Information
Three Months Ended May 31
20212020
Stock units granted80,910 194,766 
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 202418,834 50,225 
Fiscal 202510,143 27,048 
Total expected cash settlements$74,314 $198,172 
 
(1)Net of estimated forfeitures.