Father Time is an elderly bearded man who carries an hourglass or other timekeeping device (not unlike the Grim Reaper or Chronos). On New Year’s Eve, this personification of time passes his duties to an allegorical Baby New Year. The annual ritual is depicted in the stop-motion children’s special Rudolph’s Shiny New Year, produced by Rankin/Bass in 1976.
Note: After the passing of a few more grains of sand we shall have a Happy New Year!