Accumulated Other Comprehensive Income (Loss)

3 Months Ended

May 31, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income

Changes in Accumulated Other Comprehensive Income By Component


					Total
	Net		Net		Accumulated
	Unrecognized		Unrecognized		Other
	Actuarial		Hedge		Comprehensive
(In thousands, net of income taxes)	Losses		Gains		Income
Balance as of February 28, 2023	$	(44,590)	$	142,459	$	97,869
Other comprehensive loss before reclassifications	—		(27,136)		(27,136)
Amounts reclassified from accumulated other comprehensive income	98		(9,501)		(9,403)
Other comprehensive income (loss)	98		(36,637)		(36,539)
Balance as of May 31, 2023	$	(44,492)	$	105,822	$	61,330

Changes In and Reclassifications Out of Accumulated Other Comprehensive Income


	Three Months Ended May 31
(In thousands)	2023		2022
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales	$	58	$	265
CarMax Auto Finance income	4		16
Selling, general and administrative expenses	67		355
Total amortization reclassifications recognized in net pension expense	129		636
Tax expense	(31)		(155)
Amortization reclassifications recognized in net pension expense, net of tax	98		481
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	98		481

Cash Flow Hedges (Note 5):
Changes in fair value	(36,007)		70,042
Tax benefit (expense)	8,871		(17,987)
Changes in fair value, net of tax	(27,136)		52,055
Reclassifications to CarMax Auto Finance income	(12,564)		(299)
Tax benefit	3,063		77
Reclassification of hedge gains, net of tax	(9,501)		(222)
Net change in cash flow hedge unrecognized gains, net of tax	(36,637)		51,833
Total other comprehensive (loss) income, net of tax	$	(36,539)	$	52,314

Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income. The cumulative balances are net of deferred taxes of $20.7 million as of May 31, 2023 and $32.6 million as of February 28, 2023.