Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

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Property, Plant and Equipment
 12 Months Ended
Dec. 29, 2012
Property, Plant and Equipment

Note E — Property, Plant and Equipment

 

     2012      2011  
     In thousands  

Land

    $ 54,264       $ 53,138   

Buildings and improvements

      862,288         754,391   

Machinery and equipment

      1,066,865         1,022,510   
  

 

 

     

 

 

  

Property, plant and equipment, at cost

      1,983,417         1,830,039   

Less accumulated depreciation and amortization

      1,155,199         1,092,588   
  

 

 

     

 

 

  

Property, plant and equipment, net

    $ 828,218       $ 737,451   
  

 

 

     

 

 

  

Assets under capital leases, primarily buildings and improvements, are included in property, plant and equipment at a cost of $42.7 million, less accumulated amortization of $18.9 million, at the end of 2012 and $43.6 million, less accumulated amortization of $16.2 million, at the end of 2011. Amortization expense for assets under capital leases is included in depreciation expense.

Property, plant and equipment at December 2011 included $22.6 million of land and buildings owned by an independent contractor during the construction of a VF facility. The purchase obligation representing the in-process  portion of the construction was recorded in accrued liabilities at December 2011 (Note J). VF purchased these assets when the contractor completed construction in 2012.

Assets subject to a mortgage have a cost of $21.2 million, less accumulated depreciation of $2.4 million and $2.0 million at the end of 2012 and 2011, respectively. All other property, plant and equipment is unencumbered.