Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 123

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 123
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 have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen.  We use a fiscal year end measurement date for both the pension plan and the restoration plan.Benefit Plan Information As of February 28 or 29 Pension PlanRestoration PlanTotal(In thousands)202520242025202420252024Plan assets$206,384 $202,382 $— $— $206,384 $202,382 Projected benefit obligation206,860 208,200 8,565 8,677 215,425 216,877 Funded status recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495)Amounts recognized in the consolidated balance sheets:     Current liability$— $— $(655)$(645)$(655)$(645)Noncurrent liability(476)(5,818)(7,910)(8,032)(8,386)(13,850)Net amount recognized$(476)$(5,818)$(8,565)$(8,677)$(9,041)$(14,495) Pension PlanRestoration PlanTotal(In thousands)202520242023202520242023202520242023Total net pension (benefit) expense$(3,496)$(3,842)$(3,443)$445 $452 $429 $(3,051)$(3,390)$(3,014)Total net actuarial (gain) loss(1)$(1,099)$(9,114)$(33,110)$88 $(175)$(1,726)$(1,011)$(9,289)$(34,836) (1)    Changes recognized in Accumulated Other Comprehensive Income. The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, and plan assets will change primarily as a result of the actual return on plan assets.  Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2025 or 2024.  There were $0.3 million employer contributions in fiscal 2025 and no contributions in fiscal 2024.  The net actuarial gain in a fiscal year is recognized in accumulated other comprehensive income and may later be recognized as a component of future