Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Jan. 02, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
The following table presents components of property, plant and equipment, net recorded in the Company's balance sheets:
(In thousands) December 2020 December 2019
Land and improvements $ 9,732  $ 12,452 
Buildings and improvements 154,839  178,303 
Machinery and equipment 327,562  402,417 
Property, plant and equipment, at cost 492,133  593,172 
Less: accumulated depreciation and amortization (373,236) (460,980)
Property, plant and equipment, net $ 118,897  $ 132,192 
Depreciation expense was $23.7 million, $22.3 million and $23.8 million in 2020, 2019 and 2018, respectively.
During 2020, the Company assessed retail store assets, including property, plant and equipment, for impairment due to the decision to exit certain VF OutletTM locations as well as retail store closures resulting from COVID-19. Refer to Note 13 to the Company's financial statements for additional information on the related fair value measurements.