Santa dropping his pants on a rooftop while reviewing his list suggests the naughty column got long enough to cause a medical situation. The cigar makes it worse, or better, depending on your perspective.
The Details:
Chunky white block text reads "ON SANTA'S" above "SHIT LIST" in bold uppercase lettering. A retro cartoon illustration in red, white, and skin tones depicts Santa Claus from the waist up beside a red brick chimney, smoking a cigar and holding a long scroll, with his pants lowered to reveal spotted underwear, set against a black background with scattered white snowflake dots and a scalloped border edge.