The impacts of the adjustments on our condensed consolidated financial statements are summarized as follows:

Three Months Ended

April 4, 2021

March 29, 2020

(MILLIONS, EXCEPT PER COMMON SHARE DATA)

Previous Accounting Principle

Impact of Change

As Reported

Previous Accounting Principle

Impact of Change

As Adjusted

Condensed Consolidated Statements of Income:

Other (income)/deductions––net

$

(857)

$

(146)

$

(1,004)

$

216

$

(25)

$

190

Income from continuing operations before provision for taxes on income

5,536

146

5,683

2,817

25

2,842

Provision for taxes on income

773

32

805

355

4

359

Income from discontinued operations––net of tax

9

—

9

948

(68)

881

Net income before allocation to noncontrolling interests

4,772

114

4,886

3,410

(47)

3,364

Net income attributable to Pfizer Inc. common shareholders

4,763

114

4,877

3,401

(47)

3,355

Earnings per common share––basic:

Income from continuing operations attributable to Pfizer Inc. common shareholders

$

0.85

$

0.02

$

0.87

$

0.44

$

—

$

0.45

Income from discontinued operations––net of tax

—

0.17

(0.01)

0.16

Net income attributable to Pfizer Inc. common shareholders

0.85

0.02

0.87

0.61

(0.01)

0.60

Earnings per common share––diluted:

Income from continuing operations attributable to Pfizer Inc. common shareholders

$

0.84

$

0.02

$

0.86

$

0.44

$

—

$

0.44

Income from discontinued operations––net of tax

—

0.17

(0.01)

0.16

Net income attributable to Pfizer Inc. common shareholders

0.84

0.02

0.86

0.61

(0.01)

0.60

Condensed Consolidated Statements of Comprehensive Income:

Foreign currency translation adjustments, net

$

546

$

(81)

$

465

$

(1,272)

$

16

$

(1,256)

Benefit plans: actuarial gains/(losses), net

47

(47)

—

(166)

166

—

Reclassification adjustments related to amortization

75

(75)

—

66

(66)

—

Reclassification adjustments related to settlements, net

19

(19)

—

53

(53)

—

Other

(81)

81

—

16

(16)

—

Tax provision/(benefit) on other comprehensive income/(loss)

72

12

84

(377)

(3)

(380)

Condensed Consolidated Statements of Cash Flows:

Deferred taxes from continuing operations

$

167

$

32

$

199

$

77

$

4

$

82

Benefit plan contributions in excess of expense/income

(226)

(146)

(373)

(250)

(25)

(276)

April 4, 2021

December 31, 2020

(MILLIONS)

Previous Accounting Principle

Impact of Change

As Reported

Previous Accounting Principle

Impact of Change

As Adjusted

Condensed Consolidated Balance Sheets:

Noncurrent deferred tax assets and other noncurrent tax assets

$

2,569

$

(32)

$

2,537

$

2,383

$

—

$

2,383

Other noncurrent assets

4,738

6

4,744

4,569

—

4,569

Pension benefit obligations

4,527

—

4,526

4,766

—

4,766

Retained earnings

95,044

114

95,158

96,770

(6,378)

90,392

Accumulated other comprehensive loss

(4,523)

(141)

(4,664)

(11,688)

6,378

(5,310)