
					Net		Total
	Net		Net		Unrecognized		Accumulated
	Unrecognized		Unrecognized		Beneficial		Other
	Actuarial		Hedge		Interests		Comprehensive
(In thousands, net of income taxes)	Losses		Gains		Gains		(Loss) Income
Balance as of February 28, 2023	$	(44,590)	$	142,459	$	—	$	97,869
Other comprehensive (loss) income
before reclassifications	7,081		(6,943)		—		138
Amounts reclassified from accumulated other
comprehensive (loss) income	393		(39,121)		—		(38,728)
Other comprehensive income (loss)	7,474		(46,064)		—		(38,590)
Balance as of February 29, 2024	(37,116)		96,395		—		59,279
Other comprehensive (loss) income
before reclassifications	771		(17,585)		—		(16,814)
Amounts reclassified from accumulated other
comprehensive (loss) income	337		(39,722)		—		(39,385)
Other comprehensive income (loss)	1,108		(57,307)		—		(56,199)
Balance as of February 28, 2025	(36,008)		39,088		—		3,080
Other comprehensive (loss) income
before reclassifications	(2,820)		(9,897)		53		(12,664)
Amounts reclassified from accumulated other
comprehensive (loss) income	304		(24,846)		—		(24,542)
Other comprehensive (loss) income	(2,516)		(34,743)		53		(37,206)
Balance as of February 28, 2026	$	(38,524)	$	4,345	$	53	$	(34,126)


	Years Ended February 28 or 29
(In thousands)	2026		2025		2024
Retirement Benefit Plans (Note 11):
Actuarial (loss) gain arising during the year	$	(3,694)	$	1,011	$	9,289
Tax benefit (expense)	874		(240)		(2,208)
Actuarial (loss) gain arising during the year, net of tax	(2,820)		771		7,081
Actuarial loss amortization reclassifications recognized in net pension expense:
Cost of sales	172		195		231
CarMax Auto Finance income	14		15		15
Selling, general and administrative expenses	212		232		270
Total amortization reclassifications recognized in net pension expense	398		442		516
Tax expense	(94)		(105)		(123)
Amortization reclassifications recognized in net
pension expense, net of tax	304		337		393
Net change in retirement benefit plan unrecognized
actuarial losses, net of tax	(2,516)		1,108		7,474

Cash Flow Hedges (Note 5):
Changes in fair value	(13,102)		(23,662)		(9,291)
Tax benefit	3,205		6,077		2,348
Changes in fair value, net of tax	(9,897)		(17,585)		(6,943)
Reclassifications to CarMax Auto Finance income	(32,826)		(51,808)		(52,354)
Tax benefit	7,980		12,086		13,233
Reclassification of hedge gains, net of tax	(24,846)		(39,722)		(39,121)
Net change in cash flow hedge unrecognized gains, net of tax	(34,743)		(57,307)		(46,064)

Beneficial Interests (Note 6):
Changes in fair value	70		—		—
Tax expense	(17)		—		—
Changes in fair value, net of tax	53		—		—
Total other comprehensive loss, net of tax	$	(37,206)	$	(56,199)	$	(38,590)

Changes in the funded status of our retirement plans, changes in the fair value of derivatives that are designated and qualify as cash flow hedges and changes in the fair value of certain of our beneficial interests in non-consolidated securitizations are recognized in accumulated other comprehensive (loss) income. The cumulative balances are net of deferred taxes of $10.5 million as of February 28, 2026 and $1.5 million as of February 28, 2025.