Set in Kansas City in 1933, Eastwood plays a police lieutenant known simply by his last name, Speer. Reynolds plays a former cop turned private eye named Mike Murphy. Both Speer and Murphy served on the force together and were once good friends, but are now bitter enemies. When Murphy's partner is slain they team up again to fight the mob.
Now that Santa and Mrs. Claus have the North Pole running smoothly, the Counsel of Legendary Figures has called an emergency meeting on Christmas Eve! The evil Jack Frost has been making trouble, looking to take over the holiday! So he launches a plan to sabotage the toy factory and compel Scott to invoke the little-known Escape Clause and wish he'd never become Santa.