At Billy and Victoria's, Nikki told Reed that she was staying overnight for Christmas. Victoria wished that Victor could join them, but wasn't ready to make amends with her father. Nick soon stopped by and Victoria invited him in. He agreed to put his issues with Billy aside so the family could be together. Nikki was thrilled, but saddened by Victor's absence.

Victor went to his office alone and thought about how he'd turned away from his family and how Victoria had called him "Scrooge." There was a knock on his door; it was Nikki, who again asked him to join the family. He turned her down once more and asked her to let him be. She angrily stormed out. After, he returned to the Newman Ranch and requested that the staff be at work — even though it was Christmas. He then sat down to watch A Christmas Carol. The TV began to flicker and the show (Y&R, that is, not the movie) turned to black and white. A huge flame shot out of the fireplace and a male voice called, "Christian," from the TV. "Who the hell are you?" Victor asked. "You know," the voice replied. "You're not my father," Victor stated. "Get the hell out of here." "I'm here," Ghost Dad replied. "I've been forced to wander the face of the Earth." GD kept calling him, "Christian Miller," infuriating Victor. GD reminded Victor how Victor is abandoning his family just as his own father had. Victor became emotional and yelled at his father's ghost for leaving him and his mother. GD announced that Victor would be visited by three spirits — and urged him to heed their warnings. Victor didn't care and demanded that GC leave. He then slowly made his way up the stairs to bed.

At 1 a.m., Victor (still in black and white) jolted awake and told himself that seeing his father's ghost had just been a dream. He then saw a bright light in the hallway. It was the ghost of Hope, a.k.a "Christmas Past." He asked if he was dreaming, but all she replied was that she wanted to take him somewhere. He grabbed her hand and there was a bright flash. They ended up on a street in front of a house, where a woman was standing outside. Victor recognized her as his mother and recalled how she'd brought him to an orphanage on Christmas Eve. A little boy — young Victor — shouted for his mother as she left. Victor remembered how he'd cried himself to sleep as a child and that he became angry about being alone. Now a teen Victor was shown fighting with another orphan; teen Vic was then seen sneaking out one night. "I never looked back," Victor recalled. Hope added that Christian was gone and Victor Newman was born. Now actual flashbacks of Victor and Nikki were shown as Hope called Nikki the love of his life. Victor disagreed, but Hope pointed out that Nikki brought him balance in his life so that he'd have a family and his business. Victor didn't want to stay in the past, but Hope forced him to remember his touching reunion with his mother as an adult. In the present, Victor's eyes filled with tears. He then found himself back in bed.

At 2 a.m., Victor heard another voice. This time, he found Sabrina's ghost — wearing a crazy Victorian-looking getup — by his bed. Victor was happy to see her, a.k.a. The "Ghost of Christmas Present." She took him to see how his loved ones were celebrating. First, they visited a jailed Adam. Victor stated that Adam deserved it, but Sabrina warned that he'd come to regret framing his son. Next, they traveled to the Abbott mansion, where Abby and Tucker were celebrating their engagement. Traci then shared that she'd run into Victor, who was planning to work over the holiday, and added that she found it sad. Diane returned to the manse and complained that she had to work on Christmas Eve, thanks to Victor's job offer. Still, she refused to let it ruin her holiday with Kyle. They then went to Billy and Victoria's, where Noah and Abby joined the family. Reed asked where Victor was and Nikki apologized for Victor not being able to make it. Victoria stated that Victor just didn't care about his family, but Abby wished that he could be there. Nikki didn't want them to bad-mouth Victor at Christmas and reminded them how lucky they were to have each other. "Victor has nothing," she said sadly and encouraged them to wish Newman well, even if it wasn't in person. Nikki then raised a toast to Victor and everyone joined in. "They miss you," Sabrina told him. "Some do, some don't," he shrugged. Sabrina soon returned him to his bedroom and he was sorry to see her leave. She warned him to beware ignorance, noting that sometimes he refuses to see things outside of his narrow point of view. "Unless you do something about it, you're doomed," she declared.

At 3 a.m., Victor was visited by a silent, shrouded figure whom he correctly concluded was the "Ghost Of Yet To Come." Victor rolled his eyes and was prepared to see his bleak future. They stopped by the Abbotts where Jack was calling Victoria to congratulate her on her work with Beauty Of Nature. Jack then called for his beautiful wife — Nikki! They next saw Billy and Victoria playing cards with a little girl, their daughter. Billy noted that their daughter had never met Victor, for which Victoria was grateful. They turned on the TV to watch a famous Abby giving an interview about her new season of THE NAKED HEIRESS, new clothing line and new book. Next, they went to Newman Enterprises, where Nick was now in charge. Noah was angry with Nick for blowing off him, Summer and Faith. Nick — sounding very much like Victor — asked him to leave, explaining that he had work to do. Victor was saddened to see his son behaving like this. They then went to the graveyard where a sobbing Sharon was putting flowers on Adam's grave. Finally, they traveled to Victor's bedroom, where Victor saw himself dead in bed. He felt the body and realized that he'd died a while back — and that no one had found him. The scene cut to a funeral, where Nikki was thanking everyone for attending. An uncomfortable Nick and Abby bailed to go to work. Billy tried to comfort an upset Victoria. Victor became emotional and concluded that the shrouded figure was Colleen. He regretted doing wrong with her heart and promised to change for the better.

At 6 a.m., Victor awoke — and the picture was now back in color. He realized that it was Christmas and gave his staff a day off and a holiday bonus. He next went to congratulate Ashley and Tucker on their engagement and wish Traci a happy holiday; he also gave Diane the day off. He then brought Victoria flowers and entered her home with bags of gifts for the family. Nikki smiled as she watched him play with his grandkids and hug Abby. "God bless us, everyone," a stunned Billy said. Later, Victor thanked Nikki and wished her a Merry Christmas.

Victor returned home and dressed his dog in reindeer antlers. Aww! Way to get into the holiday spirit!