Calvin is writing to Santa Claus. He tells Santa he didn't get several things from his list last year. For Santa's convenience, Calvin has grouped those items together on page 12. Calvin asks Santa to please check them carefully and include them with the rest of this year's loot. While Hobbes reads the note, Calvin tells him that Santa's gotten sloppy without competition.

Calvin listens to the radio as it plays "Santa Claus is Coming to Town". Calvin turns the radio and offers the thought that Santa is either a kindly, old elf or a CIA spook.

Calvin tells Hobbes the Santa thing bothers him, especially the judge and jury bit. Calvin wants assurances Santa is impartial. He wonders what criteria Santa uses to determine good and bad. He asks about extenuating circumstances. He suggests kids should have legal counsel. Hobbes asks if he's worried about the salamander incident. Calvin quickly cries that was temporary insanity.

Calvin questions what Santa does when you've been both good and bad. He wonders what if a kid tried to do good, but bad things kept happening. What if a kid just had terrible luck and got blamed for things he only sort of did on purpose. Hobbes wants to know who they're talking about. Calvin says this is just a hypothetical case.

Calvin tells Hobbes the Santa Claus thing makes no sense. Calvin doesn't get the mystery, the secrecy. If Santa exists, why doesn't he show himself and prove it. If Santa doesn't exist, what's the meaning of all this. Hobbes doesn't know, but asks if this isn't a religious holiday. Calvin admits it is, but he says he has the same questions about God.

Calvin questions whether he'll get any presents since he doubted the existence of Santa Claus. Calvin is concerned Santa might be putting his name on a "bad" list right now. Hobbes offers that if Calvin wasn't on the "bad" list all along, doubting Santa's existence wouldn't push him over. Calvin sarcastically thanks Hobbes for the comfort. Hobbes pleads that this is why he's on the "bad" list...insults.

Calvin decides to believe in Santa Claus, no matter how preposterous he sounds. Hobbes asks what convinced him. Calvin replies that it was a simple risk analysis. Calvin wants lots of presents. Calvin thinks it he shouldn't risk getting them over a matter of belief. He'll believe whatever they want. Hobbes comments on how cynically enterprising that is of Calvin. Calvin says "It's the spirit of Christmas".

Calvin whispers to Hobbes in bed asking if he's awake. Hobbes is. Calvin hasn't heard Santa yet. He wonders if he's coming. Hobbes notes it's only 11:00. They may be later in the route. They hear a thump. Hobbes says it's Santa. He tells Calvin Santa is saying something. Dad is jumping around holding his foot, cussing in his pain. Mom tells him to be quiet or Calvin will hear him.

Calvin and Hobbes tiptoe down the stairs. They look into the living room. They start cheering that they got presents, that Santa came. Dad grumbles about it not being morning already. Mom sleepily looks at the alarm clock and says that, technically, it was.