Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 118

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 118
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13,064 13,064 Total assets at fair value$1,188,582 $58,825 $1,247,407 Percent of total assets at fair value95.3 %4.7 %100.0 %Percent of total assets4.4 %0.2 %4.6 %Liabilities:   Derivative instruments designated as hedges$— $(2,302)$(2,302)Total liabilities at fair value$— $(2,302)$(2,302)Percent of total liabilities— %— %— %

65

Fair Value of Financial InstrumentsThe carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments.  Auto loans receivable are presented net of an allowance for estimated loan losses, which we believe approximates fair value.  We believe that the carrying value of our revolving credit facility and term loan approximates fair value due to the variable rates associated with these obligations.  The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices.  The carrying value and fair value of the senior unsecured notes as of February 28, 2025 and February 29, 2024, respectively, are as follows:(In thousands)As of February 28, 2025As of February 29, 2024Carrying value$400,000 $400,000 Fair value$390,201 $380,249 

7.    PROPERTY AND EQUIPMENT

 As of February 28 or 29(In thousands)20252024Land$1,020,677 $990,225 Land held for development (1)179,810 193,923 Buildings2,681,927 2,612,746 Leasehold improvements366,842 361,850 Furniture, fixtures and equipment607,666 586,813 Construction in progress300,136 117,352 Software471,175 385,867 Finance leases228,163 230,537Total property and equipment5,856,396 5,479,313 Less: accumulated depreciation and amortization(2,014,563)(1,813,783)Property and equipment, net