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. 01, 2022
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 2021 December 2020
Land and improvements $ 10,557  $ 9,732 
Buildings and improvements 175,181  154,839 
Machinery and equipment 337,134  327,562 
Property, plant and equipment, at cost 522,872  492,133 
Less: accumulated depreciation and amortization (417,717) (373,236)
Property, plant and equipment, net $ 105,155  $ 118,897 
Depreciation expense was $22.4 million, $23.7 million and $22.3 million in 2021, 2020 and 2019, respectively.
During 2021 and 2020, the Company assessed retail store assets, including property, plant and equipment, for impairment due to the decision to exit certain VF Outlet 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.