Accumulated Other Comprehensive Income (Loss)

3 Months Ended

May 31, 2024

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 29, 2024	$	(37,116)	$	96,395	$	59,279
Other comprehensive income before reclassifications	—		13,281		13,281
Amounts reclassified from accumulated other comprehensive income	84		(10,966)		(10,882)
Other comprehensive income	84		2,315		2,399
Balance as of May 31, 2024	$	(37,032)	$	98,710	$	61,678

Changes In and Reclassifications Out of Accumulated Other Comprehensive Income

	Three Months Ended May 31
(In thousands)	2024		2023
Retirement Benefit Plans:
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales	$	50	$	58
CarMax Auto Finance income	4		4
Selling, general and administrative expenses	57		67
Total amortization reclassifications recognized in net pension expense	111		129
Tax expense	(27)		(31)
Amortization reclassifications recognized in net pension expense, net of tax	84		98
Net change in retirement benefit plan unrecognized actuarial losses, net of tax	84		98
Cash Flow Hedges (Note 5):
Changes in fair value	17,509		(36,007)
Tax (expense) benefit	(4,228)		8,871
Changes in fair value, net of tax	13,281		(27,136)
Reclassifications to CarMax Auto Finance income	(14,498)		(12,564)
Tax benefit	3,532		3,063
Reclassification of hedge gains, net of tax	(10,966)		(9,501)
Net change in cash flow hedge unrecognized gains, net of tax	2,315		(36,637)
Total other comprehensive income (loss), net of tax	$	2,399	$	(36,539)

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 $20.0 million as of May 31, 2024 and $19.3 million as of February 29, 2024.