It'll be Boxing Week when that happens; right now, Mike's gotta check up on Santa.
Panel 1: We see three-foot tall Michael walking down the hall.
Panel 2: He holds onto the border of the panel as he looks at the tree; since there are no presents underneath it, he thought-bubbles "Not yet."
Panel 3: About an hour later, Two-foot tall Mike walks on the staircase.
Panel 4: He again leans into the room, sees that no gifts are under the tree and thinks "Nope, not yet."
Panel 5: An hour after that, he looks in the room and thinks "WHOA!!"
Panel 6: As he sees the gifts that John and Elly have put under the tree, he thought-bubbles "How does Santa DO that??"
Summary: This is a fairly cute strip that a lot of people would probably want to stick on a fridge; too bad that we had the present search and Elly's nasty use of Santa as a threat as antecedents, though. That sort of soured the sweetness we see here.