In the years since its 2003 release, “Elf” has become America’s favorite holiday movie. Every year, families watch director Jon Favreau’s comedy about a human named Buddy (Will Ferrell) who was raised by Santa’s elves at the North Pole and goes to New York City to reunite with his birth father,

Will Ferrell will always have a special place in his heart for Elf. In an exclusive interview with PEOPLE, the actor, 57, reacts to it being over two decades since the holiday film was released and reflects on the impact it still has on audiences new and old to this day.

Will Ferrell is a happy elf. The Elf star recently reflected on the enduring legacy of his holiday classic more than 20 years after its release in November 2003, saying he felt grateful that the Jon Favreau-directed comedy has cemented itself as a bonafide Christmas rewatch staple.

Will Ferrell feels lucky that his 2003 festive classic Elf "continues to resonate" with audiences 20 years later. The Step Brothers actor, who plays Buddy the Elf in the holiday staple, feels grateful to be involved with a film that "really means so much to so many people" even after 21 years.