The New Year is just a few hours away and one of the highlights of the day is the iconic ball drop at Times Square in New York City.

As thousands gather to watch the massive, shimmering ball descend over the flagpole for 60 seconds and count down the New Year, millions of others watch the celebrations live from wherever they are. More than a ton of confetti is also dropped to celebrate the occasion.

Times Square’s ball-dropping tradition began in 1907, although New Year’s Eve celebrations at the legendary venue first took place in 1904.

The Times Square website says, “This proud tradition is now a universal symbol of the New Year.”

Here’s what you need to know about the annual Times Square tradition and how to watch the festivities on CNN and streaming.

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How to watch and stream CNN’s New Year’s Eve special

Anderson Cooper and Andy Cohen will return as co-hosts of CNN’s “New Year’s Eve Live with Anderson Cooper and Andy Cohen” for the eighth consecutive year, hosting the show live from Times Square.

The show begins Tuesday, December 31st at 8 p.m. ET. Guests include 50 Cent, live from his residency at Planet Hollywood Resort & Casino in Las Vegas, Sting, Meghan Trainor, Shania Twain, Diplo, Lil Jon and Patti LaBelle. Comedians Whitney Cummings, Amy Sedaris, Sasheer Zamata, Ziwe and Adam Devine will also be part of the show.