Accumulated Other Comprehensive Loss |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in Accumulated Other Comprehensive Income (Loss) By Component | | | | | | | | | | | | | | | | | | | | | | | Total | | Net | | Net | | Accumulated | | Unrecognized | | Unrecognized | | Other | | Actuarial | | Hedge Gains | | Comprehensive | (In thousands, net of income taxes) | Losses | | (Losses) | | Income (Loss) | Balance as of February 28, 2021 | $ | (92,662) | | | $ | (26,029) | | | $ | (118,691) | | Other comprehensive income before reclassifications | 17,034 | | | 40,211 | | | 57,245 | | Amounts reclassified from accumulated other | | | | | | comprehensive income (loss) | 2,627 | | | 12,397 | | | 15,024 | | Other comprehensive income | 19,661 | | | 52,608 | | | 72,269 | | Balance as of February 28, 2022 | (73,001) | | | 26,579 | | | (46,422) | | Other comprehensive income before reclassifications | 26,477 | | | 136,192 | | | 162,669 | | Amounts reclassified from accumulated other | | | | | | comprehensive income (loss) | 1,934 | | | (20,312) | | | (18,378) | | Other comprehensive income | 28,411 | | | 115,880 | | | 144,291 | | Balance as of February 28, 2023 | (44,590) | | | 142,459 | | | 97,869 | | Other comprehensive income (loss) before reclassifications | 7,081 | | | (6,943) | | | 143 | | Amounts reclassified from accumulated other | | | | | | comprehensive income (loss) | 393 | | | (39,121) | | | (38,733) | | Other comprehensive income (loss) | 7,474 | | | (46,064) | | | (38,590) | | Balance as of February 29, 2024 | $ | (37,116) | | | $ | 96,395 | | | $ | 59,279 | |
Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | | | | | | | | | | | | | | | | | | | Years Ended February 29 or 28 | (In thousands) | 2024 | | 2023 | | 2022 | Retirement Benefit Plans (Note 11): | | | | | | Actuarial gain arising during the year | $ | 9,289 | | | $ | 34,836 | | | $ | 22,517 | | Tax expense | (2,208) | | | (8,359) | | | (5,483) | | Actuarial gain arising during the year, net of tax | 7,081 | | | 26,477 | | | 17,034 | | Actuarial loss amortization reclassifications recognized in net pension expense: | | | | | | Cost of sales | 231 | | | 1,084 | | | 1,451 | | CarMax Auto Finance income | 15 | | | 70 | | | 84 | | Selling, general and administrative expenses | 270 | | | 1,391 | | | 1,938 | | Total amortization reclassifications recognized in net pension expense | 516 | | | 2,545 | | | 3,473 | | Tax expense | (123) | | | (611) | | | (846) | | Amortization reclassifications recognized in net | | | | | | pension expense, net of tax | 393 | | | 1,934 | | | 2,627 | | Net change in retirement benefit plan unrecognized | | | | | | actuarial losses, net of tax | 7,474 | | | 28,411 | | | 19,661 | | | | | | | | Cash Flow Hedges (Note 5): | | | | | | Changes in fair value | (9,291) | | | 180,510 | | | 54,105 | | Tax benefit (expense) | 2,348 | | | (44,318) | | | (13,894) | | Changes in fair value, net of tax | (6,943) | | | 136,192 | | | 40,211 | | Reclassifications to CarMax Auto Finance income | (52,354) | | | (26,859) | | | 16,680 | | Tax benefit (expense) | 13,233 | | | 6,547 | | | (4,283) | | Reclassification of hedge (gains) losses, net of tax | (39,121) | | | (20,312) | | | 12,397 | | Net change in cash flow hedge unrecognized gains, net of tax | (46,064) | | | 115,880 | | | 52,608 | | Total other comprehensive (loss) income, net of tax | $ | (38,590) | | | $ | 144,291 | | | $ | 72,269 | |
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 (loss). The cumulative balances are net of deferred taxes of $19.3 million as of February 29, 2024 and $32.6 million as of February 28, 2023.
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