Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 139

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 139
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 (Note 11):   Actuarial gain arising during the year$1,011 $9,289 $34,836 Tax expense(240)(2,208)(8,359)Actuarial gain arising during the year, net of tax771 7,081 26,477 Actuarial loss amortization reclassifications recognized in net pension expense:   Cost of sales195 231 1,084 CarMax Auto Finance income15 15 70 Selling, general and administrative expenses232 270 1,391 Total amortization reclassifications recognized in net pension expense442 516 2,545 Tax expense(105)(123)(611)Amortization reclassifications recognized in net   pension expense, net of tax337 393 1,934 Net change in retirement benefit plan unrecognized   actuarial losses, net of tax1,108 7,474 28,411 Cash Flow Hedges (Note 5):   Changes in fair value(23,662)(9,291)180,510 Tax benefit (expense)6,077 2,348 (44,318)Changes in fair value, net of tax(17,585)(6,943)136,192 Reclassifications to CarMax Auto Finance income(51,808)(52,354)(26,859)Tax benefit12,086 13,233 6,547 Reclassification of hedge gains, net of tax(39,722)(39,121)(20,312)Net change in cash flow hedge unrecognized gains, net of tax(57,307)(46,064)115,880 Total other comprehensive (loss) income, net of tax$(56,199)$(38,590)$144,291   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 $1.5 million as of February 28, 2025 and $19.3 million as of February 29, 2024.

16.  LEASE COMMITMENTS 

Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment.  We also have stores subject to sale-leaseback transactions that do not qualify for sale accounting and are accounted for as financing