We don't do a Christmas (or Holiday) party. Our big event is in February and it's an "Employee Appreciation Party". Free food (buffet dinner) and free drinks (for most of the night, I think it turns into a cash bar late). There are cocktails, wine, and beer as well as soda, tea, and water. We recognize people who celebrated milestones the past year. (10, 15, 20, 25, 30, 35, and 40). After the presentations, there's dancing (and the bar stays open). They also arrange for free taxi rides to/from the event if you feel you've had too much. It's at a hotel so there's discount rooms if you want to do that.
I went to two I think until I became a manager. Then, while nothing's been said, I feel I "need" to be there, so I've gone to the last three. DW goes as my "plus one". Neither of us is good at small talk, so we generally leave after the presentations.