Pete and Erin are watching Die Hard, and Darryl is getting a) drunk on glow-wine and b) pretty worked up about Jim's apparent forgetfulness.
In the conference room, the Belschnickel, hands out wooden gift bowls that he'll want back after they're used for the gift-giving, which will follow his declaration of whether each employee is "impish or admirable." Jim tries to prompt Dwight into saying "naughty or nice" instead, unsuccessfully, but not for lack of spending a lot of time on it. Dwight starts by declaring Phyllis admirable and giving her a stack of canning gaskets, even though she'd rather have the bowl. Moving on to Oscar, who for some reason looks like he's expecting something good, Dwight gives a significant glance to Angela, calls Oscar "impish" and smacks the bowl out of his hand. He moves on to give Pam a mousetrap for the kids, some tiny canning jars (sans gaskets) to Angela, and a slingshot to Stanley. Jim suddenly remembers he has to go. Dwight is disappointed that Jim's going to miss the breaking the pig-rib, but acts like it's cool. And then he judges Jim impish, and commences beating him with the bundle of sticks. Until he flees the building. "Belschnickel, I gotta cut out early too," Meredith says, putting her hands against the wall. In the far background, Darryl is still in his office, drinking directly from the punchbowl. I guess I don't blame him for not wanting to use the spoon.
Out in the parking lot, as Jim gets in a taxi, Jim complains to Pam, "Now I'm gonna be all whipped for my first day at work." He says goodbye and thank you to her, adding that it was the perfect Christmas party. She sadly kisses him goodbye, and he's off. She mopes back inside, not unobserved by Dwight from the window above. No wonder Pam's disappointed; she's married to an idiot who thinks it's a good idea to take a cab to Philadelphia.