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Business Combinations and Asset Acquisitions (Tables)
Jun. 01, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Consideration
(In thousands)
Total cash consideration for outstanding shares$251,047 
Fair value of common stock (1)
90,571 
Fair value of preexisting relationship60,200 
Total$401,818 

(1)     Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021).
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
(In thousands)Fair Value
Cash$9,484 
Accounts receivable, net33,719 
Other current assets2,397 
Property and equipment, net20,741 
Goodwill (1)
141,258 
Intangible assets218,000 
Operating lease assets97,250 
Other assets191 
Total assets acquired523,040 
Accounts payable5,063 
Accrued expenses and other current liabilities11,277 
Current portion of operating lease liabilities12,795 
Deferred income taxes (1)
3,823 
Operating lease liabilities, excluding current portion88,264 
Total liabilities assumed121,222 
Net assets acquired$401,818 
(1)     During the third quarter of fiscal 2022, we obtained new information about facts and circumstances that existed as of the acquisition date, which resulted in a change in the fair value of assets and liabilities recognized. The adjustments were primarily related to research and development tax credits, which resulted in a decrease in goodwill and a decrease in deferred income taxes of $8.4 million.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
(In thousands)Useful Life (Years)Fair Value
Trade nameIndefinite$31,900 
Internally developed software752,900 
Customer relationships17133,200 
Identifiable intangible assets$218,000