Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 127

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 127
---
 Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan.  The total cost for this plan was not significant in fiscal 2025, fiscal 2024 and fiscal 2023.

12.  DEBT

(In thousands)As of February 28 or 29Debt Description (1)Maturity Date20252024Revolving credit facility (2)June 2028$— $— Term loan (2)June 2024— 300,000 Term loan (2)October 2026699,773 699,633 4.17% Senior notes April 2026200,000 200,000 4.27% Senior notesApril 2028200,000 200,000 Financing obligationsVarious dates through February 2059487,676 516,544 Non-recourse notes payableVarious dates through June 203217,119,758 16,866,972 Total debt18,707,207 18,783,149 Less: current portion(543,339)(797,449)Less: unamortized debt issuance costs(26,528)(26,044)Long-term debt, net $18,137,340 $17,959,656 (1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.(2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.Revolving Credit Facility.  Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes.  We pay a commitment fee on the unused portions of the available 

72

funds.  Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing.  Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt.  As of February 28, 2025, the unused capacity of $2.00 billion was fully available to us. The weighted average interest rate for the credit facility was 5.72% in fiscal 2025, 3.99% in fiscal 2024 and 2.