Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Aug. 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	—		(669)		(669)
Amounts reclassified from accumulated other comprehensive income	196		(18,799)		(18,603)
Other comprehensive income (loss)	196		(19,468)		(19,272)
Balance as of August 31, 2023	$	(44,394)	$	122,991	$	78,597

Changes In and Reclassifications Out of Accumulated Other Comprehensive Income


	Three Months Ended August 31				Six Months Ended August 31
(In thousands)	2023		2022		2023		2022
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales	$	58	$	273	$	116	$	538
CarMax Auto Finance income	3		16		7		32
Selling, general and administrative expenses	68		347		135		702
Total amortization reclassifications recognized in net pension expense	129		636		258		1,272
Tax expense	(31)		(155)		(62)		(310)
Amortization reclassifications recognized in net pension expense, net of tax	98		481		196		962
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	98		481		196		962

Cash Flow Hedges (Note 5):
Changes in fair value	35,002		40,168		(1,005)		110,210
Tax (expense) benefit	(8,535)		(10,315)		336		(28,302)
Changes in fair value, net of tax	26,467		29,853		(669)		81,908
Reclassifications to CarMax Auto Finance income	(12,295)		(5,687)		(24,859)		(5,986)
Tax benefit	2,997		1,460		6,060		1,537
Reclassification of hedge gains, net of tax	(9,298)		(4,227)		(18,799)		(4,449)
Net change in cash flow hedge unrecognized gains, net of tax	17,169		25,626		(19,468)		77,459
Total other comprehensive income (loss), net of tax	$	17,267	$	26,107	$	(19,272)	$	78,421

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 $26.2 million as of August 31, 2023 and $32.6 million as of February 28, 2023.