This is the famous M65 Parka Extreme Cold Weather in size Small Regular. This type of parka jacket was developed during the Korean war in the 50’s. The jacket is meant to be worn as a extra layer on top of the normal clothing and gear. This is why the fit so extremely loose. In popular culture this style of jacket is known a the fishtail parka.
1972 contract year, outer shell + inside liner.
Jacket can still be worn as the zippers still run smoothly. However some patching and repair work by a professional clothing repair atelier would greatly benefit the jacket.