CarMax 2010 Annual Report Download - page 68

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58
unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the
nonperformance risk.
ITEMS MEASURED AT FAIR VALUE ON A RECURRING BASIS
(In m illions )
ASSETS
Money market securities 31.2$ ―$ ―$ 31.2$
Retained interest in securitized receivables ― ― 552.4 552.4
Financial derivatives ― 1.3 ― 1.3
Total assets at fair value 31.2$ 1.3$ 552.4$ 584.9$
Percent of total ass ets at fair value 5.3% 0.3% 94.4% 100.0%
Percent of total ass ets 1.2% 0.1% 21.6% 22.9%
LIABILITIES
Financial derivatives ―$ 7.2$ ―$ 7.2$
To tal liabilities at fair valu e ―$ 7.2$ ―$ 7.2$
Percen t o f to tal liab ilities ―%1.2% ―%1.2%
As of February 28, 2010
Level 1 Level 2 Level 3 Total
CHANGES IN LEVEL 3 ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS
(In m illions )
Balance as of March 1, 2009 348.3$
Total realized/unrealized gains (1) 80.1
Purchases , sales , iss uances and s ettlements , net 124.0
Balance as of February 28, 2010 552.4$
Change in unrealized gains on assets still held (1) 71.9$
Retained interest in
securitized receivables
(1)
Reported in CarMax Auto Finance income in the consolidated statements of earnings.
7. PROPERTY AND EQUIPMENT
(In thousands)
Land 211,132$ 198,809$
Land held for s ale 11,945 1,432
Land held for development 38,464 38,200
Build ings 519,907 509,682
Capital leas es 30,640 30,640
Leasehold improvements 85,955 83,823
Furniture, fixtures and equipment 236,194 230,552
Construction in progress 37,137 71,289
Total property and equipment 1,171,374 1,164,427
Les s accumulated depreciation and amortization 277,921 226,168
Property and equipment, net 893,453$ 938,259$
2010 2009
As of February 28
Land held for development represents land owned for potential expansion. Leased property meeting capital
lease criteria is capitalized and the present value of the related lease payments is recorded as long-term debt.
Accumulated amortization on capital lease assets was $9.6 million as of February 28, 2010, and $7.9 million
as of February 28, 2009.