XML 96 R43.htm IDEA: XBRL DOCUMENT v3.22.1
Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 28, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 28 or 29
 202220212020
Number of shares repurchased (in thousands)
4,475.2 2,379.8 6,971.1 
Average cost per share$125.49 $90.87 $80.56 
Available for repurchase, as of end of year (in millions)
$774.5 $1,336.1 $1,552.3 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 28 or 29
(In thousands)202220212020
Cost of sales$4,924 $6,805 $6,382 
CarMax Auto Finance income5,043 5,657 4,940 
Selling, general and administrative expenses101,966 111,749 99,435 
Share-based compensation expense, before income taxes$111,933 $124,211 $110,757 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 28 or 29
(In thousands)202220212020
Nonqualified stock options$33,598 $31,500 $30,166 
Cash-settled restricted stock units (RSUs)52,435 72,243 60,739 
Stock-settled market stock units (MSUs)13,984 15,596 12,874 
Other share-based incentives:
Stock-settled performance stock units (PSUs)6,289 489 2,559 
Stock-settled deferred stock units (DSUs)1,925 1,925 2,500 
Restricted stock (RSAs)966 147 23 
Employee stock purchase plan2,736 2,311 1,896 
Total other share-based incentives11,916 4,872 6,978 
Share-based compensation expense, before income taxes$111,933 $124,211 $110,757 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 28, 2022
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$47.3 1.8
Stock-settled market stock units14.3 1.1
Other share-based incentives:
Stock-settled performance stock units1.6 0.5
Restricted stock1.8 1.3
Total other share-based incentives3.4 0.9
Total$65.0 1.6
Stock Option Activity
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20216,266 $67.57   
Options granted922 136.88   
Options exercised(1,302)61.30   
Options forfeited or expired(90)90.25   
Outstanding as of February 28, 20225,796 $79.66 4.2$196,694 
Exercisable as of February 28, 20223,031 $68.72 3.5$125,141 
Outstanding Stock Options
Stock Option Information
Years Ended February 28 or 29
202220212020
Options granted922,475 1,607,401 1,601,489 
Weighted average grant date fair value per share$42.31 $22.80 $22.10 
Cash received from options exercised (in millions)
$79.8 $143.1 $124.4 
Intrinsic value of options exercised (in millions)
$95.2 $94.0 $78.6 
Realized tax benefits (in millions)
$20.6 $25.5 $21.8 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 28 or 29
 202220212020
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
31.8 %-37.6 %36.1 %-56.1 %26.8 %-32.6 %
Weighted average expected volatility  36.2 %  38.2 %  29.2 %
Risk-free interest rate (2)
0.0 %-1.4 %0.1 %-0.7 %1.5 %-2.4 %
Expected term (in years) (3)  
  4.6  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
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20211,606 $70.88 
Stock units granted378 136.46 
Stock units vested and converted(722)66.28 
Stock units cancelled(99)90.76 
Outstanding as of February 28, 20221,163 $93.37 

 Cash-Settled Restricted Stock Unit Information
Years Ended February 28 or 29
202220212020
Stock units granted378,382 669,937 562,321 
Initial weighted average grant date fair value per share$136.46 $71.09 $78.62 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$92.6 $38.1 $37.8 
Realized tax benefits (in millions)
$23.0 $10.5 $10.5 
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2021520 $90.53 
Stock units granted82 178.15 
Stock units vested and converted(198)82.16 
Stock units cancelled(11)122.75 
Outstanding as of February 28, 2022393 $112.17 
Stock-Settled Market Stock Unit Information
Years Ended February 28 or 29
202220212020
Stock units granted82,061 199,916 131,311 
Weighted average grant date fair value per share$178.15 $93.82 $98.67 
Realized tax benefits (in millions)
$10.4 $3.2 $4.0 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 28, 2022
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2023$45,959 $122,556 
Fiscal 202420,164 53,771 
Fiscal 202510,692 28,511 
Total expected cash settlements$76,815 $204,838 
 
(1)Net of estimated forfeitures.