Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Nov. 30, 2023

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

Accumulated Other Comprehensive Loss

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	—		(8,623)		(8,623)
Amounts reclassified from accumulated other comprehensive income	294		(28,873)		(28,579)
Other comprehensive income (loss)	294		(37,496)		(37,202)
Balance as of November 30, 2023	$	(44,296)	$	104,963	$	60,667

Changes In and Reclassifications Out of Accumulated Other Comprehensive Income

	Three Months Ended November 30				Nine Months Ended November 30
(In thousands)	2023		2022		2023		2022
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales	$	58	$	272	$	174	$	810
CarMax Auto Finance income	4		19		11		51
Selling, general and administrative expenses	67		346		202		1,048
Total amortization reclassifications recognized in net pension expense	129		637		387		1,909
Tax expense	(31)		(155)		(93)		(465)
Amortization reclassifications recognized in net pension expense, net of tax	98		482		294		1,444
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	98		482		294		1,444
Cash Flow Hedges (Note 5):
Changes in fair value	(10,594)		42,521		(11,599)		152,731
Tax benefit (expense)	2,640		(10,919)		2,976		(39,221)
Changes in fair value, net of tax	(7,954)		31,602		(8,623)		113,510
Reclassifications to CarMax Auto Finance income	(13,321)		(8,965)		(38,180)		(14,951)
Tax benefit	3,247		2,302		9,307		3,839
Reclassification of hedge gains, net of tax	(10,074)		(6,663)		(28,873)		(11,112)
Net change in cash flow hedge unrecognized gains, net of tax	(18,028)		24,939		(37,496)		102,398
Total other comprehensive (loss) income, net of tax	$	(17,930)	$	25,421	$	(37,202)	$	103,842

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 $20.4 million as of November 30, 2023 and $32.6 million as of February 28, 2023.