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Stock and Stock-Based Incentive Plans (Tables)
 3 Months Ended
May 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Common Stock Repurchases
Common Stock Repurchases
 Three Months Ended
 May 31
 20232022
Number of shares repurchased (in thousands)
— 1,644.4 
Average cost per share$— $95.83 
Available for repurchase, as of end of period (in millions)
$2,451.3 $2,616.9 
Composition of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Three Months Ended
 May 31
(In thousands)20232022
Cost of sales$1,390 $240 
CarMax Auto Finance income449 708 
Selling, general and administrative expenses35,304 22,236 
Share-based compensation expense, before income taxes$37,143 $23,184 
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)20232022
Nonqualified stock options$14,077 $11,212 
Cash-settled restricted stock units (RSUs)15,111 849 
Stock-settled market stock units (MSUs)6,224 5,347 
Other share-based incentives:
Stock-settled performance stock units (PSUs)741 4,691 
Restricted stock (RSAs)231 344 
Employee stock purchase plan759 741 
Total other share-based incentives$1,731 $5,776 
Share-based compensation expense, before income taxes$37,143 $23,184 

Unrecognized Share-Based Compensation Expense – By Grant Type

 As of May 31, 2023
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$79.1 2.1
Stock-settled market stock units26.2 2.2
Other share-based incentives:
  Stock-settled performance stock units4.2 1.8
  Restricted stock0.1 0.1
Total other share-based incentives4.3 1.7
Total$109.6 2.1
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, 20236,776 $82.28 
Options granted1,491 $70.48 
Options exercised(18)$54.23 
Options forfeited or expired(13)$67.46 
Outstanding as of May 31, 20238,236 $80.23 4.2$24,557 
Exercisable as of May 31, 20235,038 $77.13 3.0$21,385 
Cash Proceeds Received and Tax Benefit from Share-Based Payment Awards
Stock Option Information
Three Months Ended May 31
20232022
Options granted1,491,326 1,263,797 
Weighted average grant date fair value per share$29.10 $33.32 
Cash received from options exercised (in millions)
$1.0 $3.4 
Intrinsic value of options exercised (in millions)
$0.2 $1.2 
Realized tax benefits (in millions)
$0.1 $0.3 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
Assumptions Used to Estimate Option Values
 Three Months Ended May 31
 20232022
Dividend yield 0.0 % 0.0 %
Expected volatility factor (1)
44.1 %-44.7 %38.7 %-45.4 %
Weighted average expected volatility44.6 %39.4 %
Risk-free interest rate (2)
3.6 %-5.2 %0.4 %-3.0 %
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]
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2023404 $120.61 
Stock units granted178 $99.49 
Stock units vested and converted(184)$93.11 
Stock units cancelled(2)$124.95 
Outstanding as of May 31, 2023396 $123.86 

Stock-Settled Market Stock Unit Information
Three Months Ended May 31
20232022
Stock units granted178,232 131,701 
Weighted average grant date fair value per share$99.49 $126.59 
Realized tax benefits (in millions)
$2.1 $3.0 
Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of May 31, 2023
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2025$34,719 $92,583 
Fiscal 202625,123 66,995 
Fiscal 202713,100 34,933 
Total expected cash settlements$72,942 $194,511 

(1)Net of estimated forfeitures.
Share-Based Payment Arrangement, Cash Settled Restricted Stock Unit, Activity
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20231,004 $97.19 
Stock units granted901 $70.48 
Stock units vested and converted(467)$93.60 
Stock units cancelled(20)$94.64 
Outstanding as of May 31, 20231,418 $81.44 

Cash-Settled Restricted Stock Unit Information
Three Months Ended May 31
20232022
Stock units granted900,511 660,085 
Initial weighted average grant date fair value per share$70.48 $91.14 
Payments (before payroll tax withholdings) upon vesting (in millions)
$36.3 $65.2 
Realized tax benefits (in millions)
$9.0 $15.9