Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 119

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 119
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$3,841,833 $3,665,530   (1)    Land held for development represents land owned for potential location growth.Depreciation expense was $287.8 million in fiscal 2025, $261.4 million in fiscal 2024 and $244.4 million in fiscal 2023.

8.    GOODWILL AND INTANGIBLE ASSETS

GoodwillWe test goodwill for impairment annually as of December 1, or whenever events or circumstances indicate that the carrying value may not be recoverable.  Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other.  Subsequent to the operating segment change made during the first quarter of fiscal 2025, as discussed in Note 1(A), the goodwill acquired as part of the Edmunds acquisition of $141.3 million has been allocated solely to our CarMax Sales Operations reporting unit.  No impairment was recognized in fiscal 2025, fiscal 2024 or fiscal 2023.

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IntangiblesAs of February 28, 2025Gross CarryingAccumulatedNet(In thousands)AmountAmortizationAmountIntangible assets not subject to amortization:Trade name$31,900 $— $31,900 Intangible assets subject to amortization:Internally developed software52,900 (28,339)24,561 Customer relationships133,200 (29,382)103,818 Total intangible assets$218,000 $(57,721)$160,279 As of February 29, 2024Gross CarryingAccumulatedNetAmountAmortizationAmountIntangible assets not subject to amortization:Trade name$31,900 $— $31,900 Intangible assets subject to amortization:Internally developed software52,900 (20,782)32,118 Customer relationships133,200 (21,547)111,653 Total intangible assets$218,000 $(42,329)$175,671 The intangible assets above relate to the acquisition of Edmunds on June 1, 2021.Amortization expense of intangible assets was $15.4 million in fiscal 2025, fiscal 2024 and fiscal 2023.We estimate that amortization expense related to intangible assets will be $15.4 million