Stock And Stock-Based Incentive Plans (Tables)

3 Months Ended

May 31, 2017

Share-based Compensation [Abstract]

Common Stock Repurchases

Common Stock Repurchases

	Three Months Ended
	May 31
	2017		2016
Number of shares repurchased (in thousands)	3,034.7		2,569.6
Average cost per share	$	60.00	$	51.39
Available for repurchase, as of end of period (in millions)	$	1,408.3	$	1,266.0

Composition Of Share-Based Compensation Expense

Composition of Share-Based Compensation Expense

	Three Months Ended
	May 31
(In thousands)	2017		2016
Cost of sales	$	227	$	1,360
CarMax Auto Finance income	820		904
Selling, general and administrative expenses	18,093		29,583
Share-based compensation expense, before income taxes	$	19,140	$	31,847

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)	2017		2016
Nonqualified stock options	$	10,370	$	13,131
Cash-settled restricted stock units	3,118		12,376
Stock-settled market stock units	3,621		3,650
Stock-settled performance stock units	1,353		2,133
Employee stock purchase plan	414		410
Restricted stock awards	264		147
Share-based compensation expense, before income taxes	$	19,140	$	31,847

Unrecognized Share-Based Compensation Expense - by Grant Type [Table Text Block]

Unrecognized Share-­Based Compensation Expense – By Grant Type

	As of May 31, 2017
(Costs in millions)	Unrecognized Compensation Costs		Weighted Average Remaining Recognition Life (Years)
Nonqualified stock options	$	53.6	2.8
Stock-settled market stock units	17.7		1.9
Stock-settled performance stock units	5.3		1.9
Restricted stock	0.3		1.2
Total	$	76.9	2.5

Stock Option Activity

Stock Option Activity

			Weighted Average
					Remaining	Aggregate
	Number of		Exercise		Contractual	Intrinsic
(Shares and intrinsic value in thousands)	Shares		Price		Life (Years)	Value
Outstanding as of February 28, 2017	7,753		$	50.00
Options granted	1,930		58.38
Options exercised	(158	)	39.64
Options cancelled	(5	)	62.05
Outstanding as of May 31, 2017	9,520		$	51.86	4.8	$	119,287
Exercisable as of May 31, 2017	4,647		$	46.55	3.5	$	83,119

Stock Option Information

	Three Months Ended May 31
	2017		2016
Options granted	1,930,362		2,154,718
Weighted average grant date fair value per share	$	16.11	$	14.19
Cash received from options exercised (in millions)	$	6.6	$	4.1
Intrinsic value of options exercised (in millions)	$	3.2	$	4.9
Realized tax benefits (in millions)	$	1.3	$	1.9

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Assumptions Used to Estimate Option Values

	Three Months Ended May 31
	2017					2016
Dividend yield				0.0	%				0.0	%
Expected volatility factor (1)	29.4	%	—	32.7	%	30.4	%	—	33.9	%
Weighted average expected volatility				29.8	%				30.8	%
Risk-free interest rate (2)	0.7	%	—	2.1	%	0.2	%	—	1.6	%
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.

Restricted Stock Awards and Restricted Stock Unit Activity

Stock-Settled Market Stock Unit Activity

			Weighted Average
	Number of		Grant Date
(Units in thousands)	Units		Fair Value
Outstanding as of February 28, 2017	504		$	65.74
Stock units granted	159		$	73.58
Stock units vested and converted	(221	)	$	55.42
Stock units cancelled	(2	)	$	74.76
Outstanding as of May 31, 2017	440		$	73.72

Restricted Stock Awards Information

	Three Months Ended May 31
	2017		2016
Restricted stock granted	—		19,998
Weighted average grant date fair value per share	$	—	$	51.63

Cash-Settled Restricted Stock Unit Information

	Three Months Ended May 31
	2017		2016
Stock units granted	627,127		631,907
Initial weighted average grant date fair value per share	$	58.38	$	51.63
Payments (before payroll tax withholdings) upon vesting (in millions)	$	25.9	$	22.9
Realized tax benefits (in millions)	$	10.4	$	9.0

Stock-Settled Performance Stock Unit Information

	Three Months Ended May 31
	2017		2016
Stock units granted	73,648		83,032
Weighted average grant date fair value per share	$	58.38	$	51.63

Restricted Stock Awards Activity

			Weighted Average
	Number of		Grant Date
(Units in thousands)	Units		Fair Value
Outstanding as of February 28, 2017	50		$	50.94
Restricted stock vested	(1	)	$	51.63
Outstanding as of May 31, 2017	49		$	50.93

Stock-Settled Market Stock Unit Information

	Three Months Ended May 31
	2017		2016
Stock units granted	158,637		168,681
Weighted average grant date fair value per share	$	73.58	$	63.97
Realized tax benefits (in millions)	$	7.0	$	5.2

Stock-Settled Performance Stock Unit Activity

		Weighted Average
	Number of	Grant Date
(Units in thousands)	Units	Fair Value
Outstanding as of February 28, 2017	149	$	60.94
Stock units granted	74	$	58.38
Outstanding as of May 31, 2017	223	$	60.10

Cash-Settled Restricted Stock Unit Activity

			Weighted Average
	Number of		Grant Date
(Units in thousands)	Units		Fair Value
Outstanding as of February 28, 2017	1,406		$	55.05
Stock units granted	627		$	58.38
Stock units vested and converted	(459	)	$	45.00
Stock units cancelled	(17	)	$	57.11
Outstanding as of May 31, 2017	1,557		$	59.33

Expected Cash Settlement Range Upon Cash Settled Restricted Stock Unit Vesting [Table Text Block]

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting

	As of May 31, 2017
(In thousands)	Minimum(1)		Maximum (1)
Fiscal 2019	$	18,443	$	49,182
Fiscal 2020	19,776		52,735
Fiscal 2021	22,360		59,626
Total expected cash settlements	$	60,579	$	161,543

⁽¹⁾  Net of estimated forfeitures.