Start by pouring 2 cups of eggnog and 1 cup of heavy whipping cream into a large glass measuring cup. Stir gently to combine, then set aside.

In a medium saucepan, whisk together ¾ cup of granulated sugar, ½ cup of cornstarch, ¼ teaspoon of salt, and ½ teaspoon of ground nutmeg.

Incorporate 4 egg yolks into the saucepan with the dry mixture. Whisk everything together until smooth.

Slowly pour the eggnog and cream mixture into the saucepan while continuously whisking.

Place the saucepan over medium heat and continuously stir the pudding mixture for approximately 8-10 minutes, until it thickens.

Once thickened, remove from heat and stir in 1 teaspoon of rum extract and 2 tablespoons of unsalted butter.

Strain the pudding through a fine mesh sieve into a large bowl to remove any lumps.

Cover the pudding with plastic wrap directly on the surface to prevent a skin from forming. Chill in the refrigerator for at least 4 hours or overnight.

Once chilled, serve in festive bowls topped with whipped cream, grated nutmeg, and sugared cranberries.