Enhanced Investments - Financial Portal

Published: 2021-03-11

		Consolidated financial statements
		MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
		These financial statements form the basis for all of the financial	The board of directors has appointed an Audit Committee, which is
		information that appears in this annual report.	made up of unrelated and independent directors. The Audit Committee’s responsibilities include reviewing the financial statements and other information in this annual report, and recommending them to the board of directors for approval. You will find a description of the Audit Committee’s other responsibilities on page 170 of this annual report.
		The financial statements and all of the information in this annual report
		are the responsibility of the management of BCE Inc. (BCE) and have been reviewed and approved by the board of directors. The board of directors is responsible for ensuring that management fulfills its financial reporting responsibilities. Deloitte LLP, Independent Registered Public
			The internal auditors and the shareholders’ auditors have free and
			independent access to the Audit Committee.
		Accounting Firm, have audited the financial statements.
		Management has prepared the financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Under these principles, management has made certain estimates and assumptions that are reflected in the financial statements and notes. Management believes that these financial statements fairly present BCE’s consolidated financial position, results of operations and cash flows.
			(signed) Mirko Bibic President and Chief Executive Officer
			(signed) Glen LeBlanc Executive Vice-President and Chief Financial Officer
		Management has a system of internal controls designed to provide reasonable assurance that the financial statements are accurate and complete in all material respects. This is supported by an internal audit group that reports to the Audit Committee, and includes communication with employees about policies for ethical business conduct. Management believes that the internal controls provide reasonable assurance that our financial records are reliable and form a proper basis for preparing the financial statements, and that our assets are properly accounted for and safeguarded.
			(signed) Thierry Chaumont
			Senior Vice-President, Controller and Tax
			March 4, 2021

Consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 121

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of BCE Inc.
OPINION ON THE FINANCIAL STATEMENTSWe have audited the accompanying consolidated statements of financial position of BCE Inc. and subsidiaries (the “Company”) as at December 31, 2020 and 2019, the related consolidated income statements, statements of comprehensive income, changes in equity, and cash flows for each of the two years in the period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2020 and 2019, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2020, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.	BASIS FOR OPINION
	These financial statements are the responsibility of the Company’s
	management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
	Securities and Exchange Commission and the PCAOB.
	We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31,
2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission and our report dated March 4, 2021, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Consolidated	fi nancial statements
122 \| BCE InC. 2020 AnnuAl REpoRt

		CRITICAL AUDIT MATTER	HOW THE CRITICAL AUDIT MATTER WAS ADDRESSED IN THE AUDITOur audit procedures related to forecasts of future operating performance, determination of EBITDA multiples, discount rates, and perpetuity growth rates used by management to determine the recoverable amounts for Bell Media included the following, among others:
		The critical audit matter communicated below is a matter arising from the
		current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
			• Evaluated the effectiveness of controls over the assessment of
			goodwill and intangible assets for impairment, including those over the forecasts of future operating performance, and the determination of the EBITDA multiples, discount rates and perpetuity growth rates.
			• Evaluated management’s ability to accurately forecast future operating
		Goodwill and Intangible Assets – Bell Media Group – Refer to Notes 8, 18 and 21 to the financial statements	performance by comparing actual results to management’s historical forecasts.
			• Evaluated the reasonableness of management’s forecasts of future
		CRITICAL AUDIT MATTER DESCRIPTIONGoodwill and indefinite-life intangible assets (specifically broadcast licenses) for the Bell Media group of cash generating units (“Bell Media”) are tested annually or when there is an indication that the asset may be impaired. During the second quarter of 2020, Bell Media identified declines in advertising revenue, lower subscriber revenues and overall increases in discount rates as indicators that certain assets may be impaired. As a result of the second quarter and annual assessments of impairment of goodwill and intangible assets for Bell Media, management has determined that there was no impairment of goodwill and there was an impairment for intangible assets.
			operating performance by comparing the forecasts to:
			• Historical operating performance;• Analyst and industry reports for the Company and certain of its
			peer companies, and other relevant publicly available information;
			• Known changes in Bell Media’s operations or the industry in which
			it operates, including the impact of the COVID-19 pandemic, which are expected to impact future operating performance;
			• Internal communications to management and the Board of Directors.
			• With the assistance of fair value specialists, evaluated the
			reasonableness of the (1) EBITDA multiples, (2) discount rates, and (3) perpetuity growth rates by:
		When testing goodwill for Bell Media, while there are several assumptions that are required to determine the recoverable amount, the judgments with the highest degree of subjectivity and impact, are the forecasts of future operating performance, determination of EBITDA multiples, discount rates and perpetuity growth rates. When testing intangible assets, the judgments with the highest degree of subjectivity and impact are forecasts of future operating performance, discount rates and perpetuity growth rates. Changes in these assumptions could have a significant impact on the recoverable amount of Bell Media, resulting in an impairment charge to goodwill or intangible assets as required. Given the significant judgments made by management, regarding the forecasts of future operating performance, determination of EBITDA multiples, discount rates and perpetuity growth rates, a high degree of auditor judgment was required and resulted in an increased extent of audit effort, which included the need to involve fair value specialists.
			• Testing the source information underlying the determination of the
			discount rates;
			• Reviewing relevant internal and external information, including
			analyst and industry reports, to assess the reasonability of the selected EBITDA multiples, discount rates, and perpetuity growth rates;
			• Developing a range of independent estimates and comparing those
			to the EBITDA multiples, discount rates, and perpetuity growth rates
			selected by management.
			/s/ Deloitte LLP
			Chartered Professional Accountants

			Montréal, Canada March 4, 2021
			We have served as the Company’s auditor since 1880.
Consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 123

CONSOLIDATED INCOME STATEMENTS
FOR THE YEAR ENDED DECEMBER 31
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT SHARE AMOUNTS)NOTE	2020	2019
Operating revenues	4	22,883	23,793
Operating costs	4, 5	(13,276)	(13,787)
Severance, acquisition and other costs	6	(116)	(114)
Depreciation	16	(3,475)	(3,458)
Amortization	18	(929)	(886)
Finance costs
				Interest expense	7	(1,110)	(1,125)
				Interest on post-employment benefit obligations	26	(46)	(63)
Impairment of assets	8, 16, 18	(472)	(102)
Other (expense) income	9	(194)	95
Income taxes	10	(792)	(1,129)
Net earnings from continuing operations		2,473	3,224
Net earnings from discontinued operations	3	226	29
Net earnings		2,699	3,253
Net earnings from continuing operations attributable to:
				Common shareholders	2,272	3,011
				Preferred shareholders	136	151
				Non-controlling interest	65	62
Net earnings from continuing operations		2,473	3,224
Net earnings attributable to:
				Common shareholders	2,498	3,040
				Preferred shareholders	136	151
				Non-controlling interest	35	65	62
Net earnings		2,699	3,253
Net earnings per common share – basic and diluted	11
				Continuing operations	2.51	3.34
				Discontinued operations	3	0.25	0.03
Net earnings per common share – basic and diluted		2.76	3.37
Weighted average number of common shares outstanding – basic (millions)		904.3	900.8

Consolidated	fi nancial statements
124 \| BCE InC. 2020 AnnuAl REpoRt

		CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		FOR THE YEAR ENDED DECEMBER 31
		(IN MILLIONS OF CANADIAN DOLLARS)	2020		2019
		2,473		3,224
		Other comprehensive income from continuing operations, net of income taxes
		Items that will be subsequently reclassified to net earnings
				Net change in value of publicly-traded and privately-held investments, net of income taxes
				(15)			6
				Net change in value of derivatives designated as cash flow hedges, net of income taxes
				(33)			112
		Items that will not be reclassified to net earnings
				Actuarial gains on post-employment benefit plans, net of income taxes of ($184) million
				and ($51) million for 2020 and 2019, respectively	503			140
				Net change in value of derivatives designated as cash flow hedges, net of income taxes
				of nil and $9 million for 2020 and 2019, respectively	(1)	(25)
		454		233
		226		29
		3,153		3,486
		Total comprehensive income attributable to:
		2,953		3,277
		136		151
		Non-controlling interest		64	58
		3,153		3,486

Consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 125

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (IN MILLIONS OF CANADIAN DOLLARS)NOTE	DECEMBER 31, 2020	DECEMBER 31, 2019
ASSETSCurrent assets
			Cash	224	141
			Cash equivalents	–			4
			Trade and other receivables	12				3,528	3,038
			Inventory	13				439	427
			Contract assets	14				687	1,111
			Contract costs	15				402	415
			Prepaid expenses	209	194
			Other current assets	199	190
Total current assets				5,688	5,520
Non-current assets
			Contract assets	14				256	533
			Contract costs	15				362	368
			Property, plant and equipment	16				27,513	27,636
			Intangible assets	18				13,102	13,352
			Deferred tax assets	10				106	98
			Investments in associates and joint ventures	19				756	698
			Post-employment benefit assets	26				1,277	558
			Other non-current assets	20				1,001	716
			Goodwill	21				10,604	10,667
Total non-current assets				54,977	54,626
Total assets				60,665	60,146
LIABILITIESCurrent liabilities
			Trade payables and other liabilities	22				3,935	3,954
			Contract liabilities	14				717	683
			Interest payable	222	227
			Dividends payable	766	729
			Current tax liabilities	214	303
			Debt due within one year	23				2,417	3,881
Total current liabilities				8,271	9,777
Non-current liabilities
			Contract liabilities	14				242	207
			Long-term debt	24				23,906	22,415
			Deferred tax liabilities	10				3,810	3,561
			Post-employment benefit obligations	26				1,962	1,907
			Other non-current liabilities	27				1,145	871
Total non-current liabilities				31,065	28,961
	Total liabilities				39,336	38,738
Commitments and contingencies	33
EQUITYEquity attributable to BCE shareholders Consolidated	fi nancial statements
			Preferred shares	29				4,003	4,004
			Common shares	29				20,390	20,363
			Contributed surplus	29				1,174	1,178
			Accumulated other comprehensive income	103	161
			Deficit	(4,681)	(4,632)
Total equity attributable to BCE shareholders				20,989	21,074
Non-controlling interest	35			340	334
Total equity				21,329	21,408
Total liabilities and equity				60,665	60,146
126 \| BCE InC. 2020 AnnuAl REpoRt

		CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
			ATTRIBUTABLE TO BCE SHAREHOLDERS
								ACCUM-
								ULATED
								OTHER	NON-
			CONTRI-					COMPRE-	CONTROL-
		FOR THE YEAR ENDED DECEMBER 31, 2020			PREFERRED	COMMON	BUTED	HENSIVE	LING	TOTAL
		(IN MILLIONS OF CANADIAN DOLLARS)		NOTE	SHARES	SHARES	SURPLUS				INCOME	DEFICIT	TOTAL						INTEREST	EQUITY
		Balance at December 31, 2019			4,004	20,363	1,178				161	(4,632)	21,074						334	21,408
		Net earnings									–	–		–	–	2,634	2,634				65	2,699
		Other comprehensive (loss) income
		from continuing operations									–	–		–	(48)	503	455				(1)	454
		Total comprehensive (loss) income									–	–		–	(48)	3,137	3,089				64	3,153
		Common shares issued under
		employee stock option plan		29							–	27		(1)	–	–	26				–	26
		Other share-based compensation		29							–	–		(3)	–	(35)	(38)				–	(38)
		Repurchase of preferred shares		29							(1)	–		–	–	–	(1)				–	(1)
		Dividends declared on BCE common
		and preferred shares									–	–		–	–	(3,147)	(3,147)				–	(3,147)
		Dividends declared by subsidiaries
		to non-controlling interest									–	–		–	–	–	–				(53)	(53)
		Settlement of cash flow hedges
		transferred to the cost basis of hedged items
											–	–		–	(10)	–	(10)				–	(10)
		Other									–	–		–	–	(4)	(4)				(5)	(9)
		Balance at December 31, 2020			4,003	20,390	1,174				103	(4,681)	20,989						340	21,329
			ATTRIBUTABLE TO BCE SHAREHOLDERS
								ACCUM-
								ULATED
								OTHER	NON-
			CONTRI-					COMPRE-	CONTROL-
		FOR THE YEAR ENDED DECEMBER 31, 2019			PREFERRED	COMMON	BUTED	HENSIVE	LING	TOTAL
		(IN MILLIONS OF CANADIAN DOLLARS)		NOTE	SHARES	SHARES	SURPLUS				INCOME	DEFICIT	TOTAL						INTEREST	EQUITY
		Balance at December 31, 2018			4,004	20,036	1,170				90	(4,937)	20,363						326	20,689
		Adoption of IFRS 16		2							–	–		–	–	(19)	(19)				(1)	(20)
		Balance at January 1, 2019			4,004	20,036	1,170				90	(4,956)	20,344						325	20,669
		Net earnings									–	–		–	–	3,191	3,191				62	3,253
		Other comprehensive income (loss)
		from continuing operations									–	–		–	97	140	237				(4)	233
		Total comprehensive income									–	–		–	97	3,331	3,428				58	3,486
		Common shares issued under
		employee stock option plan		29							–	251		(11)	–	–	240				–	240
		Common shares issued under
		employee savings plan (ESP)		29							–	75		–	–	–	75				–	75
		Other share-based compensation		29							–	1		19	–	1	21				–	21
		Dividends declared on BCE common
		and preferred shares									–	–		–	–	(3,008)	(3,008)				–	(3,008)

		Dividends declared by subsidiaries
		to non-controlling interest									–	–		–	–	–	–				(64)	(64)
		Settlement of cash flow hedges
		transferred to the cost basis of hedged items
Consolidated	fi nancial statements											–	–		–	(26)	–	(26)				–	(26)
		Other									–	–		–	–	–	–				15	15
		Balance at December 31, 2019			4,004	20,363	1,178				161	(4,632)	21,074						334	21,408
	BCE InC. 2020 AnnuAl REpoRt \| 127

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31
(IN MILLIONS OF CANADIAN DOLLARS)NOTE	2020	2019
Cash flows from operating activitiesNet earnings from continuing operations
		2,473	3,224
Adjustments to reconcile net earnings from continuing operations to cash flows
				from operating activities
				Severance, acquisition and other costs	6	116	114
				Depreciation and amortization	16, 18	4,404	4,344
				Post-employment benefit plans cost	26	315	309
				Net interest expense	1,087	1,101
				Impairment of assets	8	472	102
				Gains on investments	9	(3)	(18)
				Income taxes	10	792	1,129
				Contributions to post-employment benefit plans	26	(297)	(290)
				Payments under other post-employment benefit plans	26	(61)	(72)
				Severance and other costs paid	(78)	(167)
				Interest paid	(1,112)	(1,079)
				Income taxes paid (net of refunds)	(846)	(725)
				Acquisition and other costs paid	(35)	(60)
				Net change in operating assets and liabilities	473	(48)
				Cash from discontinued operations	3	54	94
Cash flows from operating activities		7,754	7,958
Cash flows used in investing activities
				Capital expenditures	4	(4,202)	(3,974)
				Business acquisitions	(65)	(51)
				Acquisition of spectrum licences	(86)	–
				Other investing activities	(79)	7
				Cash from (used in) discontinued operations	3	892	(18)
Cash flows used in investing activities		(3,540)	(4,036)
Cash flows used in financing activities
				Decrease in notes payable	(1,641)	(1,073)
				Increase in securitized trade receivables	–	131
				Issue of long-term debt	24	6,006	1,954
				Repayment of long-term debt	24	(5,003)	(2,221)
				Issue of common shares	29	26	240
				Purchase of shares for settlement of share-based payments	30	(263)	(142)
				Cash dividends paid on common shares	(2,975)	(2,819)
				Cash dividends paid on preferred shares	(132)	(147)
				Cash dividends paid by subsidiaries to non-controlling interest	(53)	(65)
				Other financing activities	(93)	(54)
				Cash used in discontinued operations	3	(7)	(6)
	Cash flows used in financing activities		(4,135)	(4,202)
Net increase (decrease) in cash		83	(284)
Cash at beginning of year		141	425
Consolidated	fi nancial statements
Cash at end of year		224	141
Net (decrease) increase in cash equivalents		(4)	4
Cash equivalents at beginning of year		4	–
Cash equivalents at end of year		–	4
128 \| BCE InC. 2020 AnnuAl REpoRt

		Notes to consolidated financial statements
		We, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries,
		joint arrangements and associates.
		Note 1 \|	Corporate information
		BCE is incorporated and domiciled in Canada. BCE’s head office is located at 1, Carrefour Alexander-Graham-Bell, Verdun, Québec, Canada. BCE is a telecommunications and media company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale customers in Canada. Our Bell Media segment		provides conventional TV, specialty TV, pay TV, streaming services, digital media services, radio broadcasting services and out-of-home (OOH) advertising services to customers in Canada. The consolidated financial statements (financial statements) were approved by BCE’s board of directors on March 4, 2021.
		Note 2 \|	Significant accounting policies
		A) BASIS OF PRESENTATION
		The financial statements were prepared in accordance with International		All amounts are in millions of Canadian dollars, except where noted.
		Financial Reporting Standards (IFRS), as issued by the International
				FUNCTIONAL CURRENCY
		Accounting Standards Board (IASB). The financial statements have
		been prepared on a historical cost basis, except for certain financial instruments that are measured at fair value as described in our accounting policies.		The financial statements are presented in Canadian dollars, the
				company’s functional currency.
		B) BASIS OF CONSOLIDATIONWe consolidate the financial statements of all of our subsidiaries. Subsidiaries are entities we control, where control is achieved when
				acquired subsidiaries to conform their accounting policies to ours.
				All intercompany transactions, balances, income and expenses are
		the company is exposed or has the right to variable returns from its involvement with the investee and has the current ability to direct the activities of the investee that significantly affect the investee’s returns.		eliminated on consolidation.
				Changes in our ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions, with no effect on net earnings or on Other comprehensive income from continuing operations. Any difference between the change in the carrying amount of non-controlling interest (NCI) and the consideration paid or received is attributed to owner’s equity.
		The results of subsidiaries acquired during the year are consolidated
		from the date of acquisition and the results of subsidiaries sold during the year are deconsolidated from the date of disposal. Where necessary, adjustments are made to the financial statements of
		C) REVENUE FROM CONTRACTS WITH CUSTOMERSRevenue is measured based on the value of the expected consideration in
				margin approach to determine stand-alone selling prices. Products and services purchased by a customer in excess of those included in the bundled arrangement are accounted for separately.
		a contract with a customer and excludes sales taxes and other amounts we collect on behalf of third parties. We recognize revenue when control of a product or service is transferred to a customer. When our right to consideration from a customer corresponds directly with the value to the customer of the products and services transferred to date, we recognize revenue in the amount to which we have a right to invoice.
				We may enter into arrangements with subcontractors and others who provide services to our customers. When we act as the principal in these arrangements, we recognize revenues based on the amounts billed to our customers. Otherwise, we recognize the net amount that we retain as revenues.

		For bundled arrangements, we account for individual products and services when they are separately identifiable and the customer can benefit from the product or service on its own or with other readily available resources. The total arrangement consideration is allocated to each product or service included in the contract with the customer based on its stand-alone selling price. We generally determine stand-alone selling prices based on the observable prices at which we sell products separately without a service contract and prices for non-bundled service offers with the same range of services, adjusted for market conditions and other factors, as appropriate. When similar products and services are not sold separately, we use the expected cost plus
				A contract asset is recognized in the consolidated statements of
				financial position (statements of financial position) when our right to consideration from the transfer of products or services to a customer is conditional on our obligation to transfer other products or services. Contract assets are transferred to trade receivables when our right to consideration becomes conditional only as to the passage of time.
Notes to consolidated	fi nancial statements
				A contract liability is recognized in the statements of financial position when we receive consideration in advance of the transfer of products
				or services to the customer. Contract assets and liabilities relating to the same contract are presented on a net basis.
	BCE InC. 2020 AnnuAl REpoRt \| 129

Incremental costs of obtaining a contract with a customer, principally comprised of sales commissions and prepaid contract fulfillment costs, are included in contract costs in the statements of financial position, except where the amortization period is one year or less, in which case costs of obtaining a contract are immediately expensed. Capitalized costs are amortized on a systematic basis that is consistent with the period and pattern of transfer to the customer of the related products or services.	WIRELINE SEGMENT REVENUESOur Wireline segment principally generates revenue from providing data, including Internet access and Internet protocol television (IPTV), local telephone, long distance, satellite TV service and connectivity, as well as other communications services and products to residential and business customers. Our Wireline segment also includes revenues from our wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers.
WIRELESS SEGMENT REVENUESOur Wireless segment principally generates revenue from providing integrated digital wireless voice and data communications products and services to residential and business customers.	We recognize product revenues from the sale of wireline equipment when a customer takes possession of the product. We recognize service revenues over time, as the services are provided. Revenues on certain long-term contracts are recognized using output methods based on products delivered, performance completed to date, time elapsed or milestones met. For bundled arrangements, stand-alone selling prices are determined using observable prices adjusted for market conditions and other factors, as appropriate, or the expected cost plus margin approach for customized business arrangements.
We recognize product revenues from the sale of wireless handsets and devices when a customer takes possession of the product. We recognize wireless service revenues over time, as the services are provided. For bundled arrangements, stand-alone selling prices are determined using observable prices adjusted for market conditions and other factors, as appropriate.
	For wireline customers, products are usually paid in full at the point of sale. Services are paid for on a monthly basis except where a billing schedule has been established with certain business customers under long-term contracts that can generally extend up to seven years.
For wireless products and services that are sold separately, customers usually pay in full at the point of sale for products and on a monthly basis for services. For wireless products and services sold in bundled arrangements, including device financing plans, customers pay monthly over a contract term of up to 24 months for residential customers and up to 36 months for business customers. If they include a significant financing component, device financing plan receivables are discounted at market rates and interest revenue is accreted over the contractual repayment period.
	MEDIA SEGMENT REVENUESOur Media segment principally generates revenue from conventional
	TV, specialty TV, digital media, radio broadcasting and OOH advertising
	and subscriber fees from specialty TV, pay TV and streaming services.
	We recognize advertising revenue when advertisements are aired on the radio or TV, posted on our websites or appear on our advertising panels and street furniture. Revenues relating to subscriber fees are recorded on a monthly basis as the services are provided. Customer payments are due monthly as the services are provided.
D) SHARE-BASED PAYMENTSOur share-based payment arrangements include stock options,
	Compensation expense is adjusted for subsequent changes in management’s estimate of the number of RSUs/PSUs that are expected to vest. The effect of these changes is recognized in the period of the change. Upon settlement of the RSUs/PSUs, any difference between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the deficit. Vested RSUs/PSUs are settled in BCE common shares, DSUs, or a combination thereof.
restricted share units and performance share units (RSUs/PSUs), deferred share units (DSUs), an employee savings plan (ESP) and a deferred share plan (DSP).
STOCK OPTIONSWe use a fair value-based method to measure the cost of our employee stock options, based on the number of stock options that are expected to vest. We recognize compensation expense in Operating costs in the consolidated income statements (income statements). Compensation expense is adjusted for subsequent changes in management’s estimate of the number of stock options that are expected to vest.
	DSUsIf compensation is elected to be taken in DSUs, we issue DSUs equal to the fair value of the services received. Additional DSUs are issued to reflect dividends declared on the common shares. DSUs are settled in BCE common shares purchased on the open market following the cessation of employment or when a director leaves the board. We credit contributed surplus for the fair value of DSUs at the issue date. Upon settlement of the DSUs, any difference between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the deficit.

We credit contributed surplus for stock option expense recognized over the vesting period. When stock options are exercised, we credit share capital for the amount received and the amounts previously credited to contributed surplus.
RSUs/PSUsFor each RSU/PSU granted, we recognize compensation expense in Operating costs in the income statements, equal to the market value of a BCE common share at the date of grant and based on the number of RSUs/PSUs expected to vest, recognized over the term of the vesting period, with a corresponding credit to contributed surplus. Additional RSUs/PSUs are issued to reflect dividends declared on the common shares.
Notes to consolidated	fi nancial statements
	ESPWe recognize our ESP contributions as compensation expense in Operating costs in the income statements. We credit contributed surplus for the ESP expense recognized over the two-year vesting period, based on management’s estimate of the accrued contributions that are expected to vest. Upon settlement of shares under the ESP, any difference between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the deficit.
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		DSPFor each deferred share granted under the DSP, we recognize compensation expense in Operating costs in the income statements equal to the market value of a BCE common share. Deferred shares are no longer granted, except those issued to reflect dividends declared on common shares.
			Compensation expense is adjusted for subsequent changes in the market value of BCE common shares. The cumulative effect of any change in value is recognized in the period of the change. Participants have the option to receive either BCE common shares or a cash equivalent for each vested deferred share upon qualifying for payout under the terms of the grant.
		E) INCOME AND OTHER TAXESCurrent and deferred income tax expense is recognized in the income statements, except to the extent that the expense relates to items
			using tax rates that have been enacted or substantively enacted at the reporting date.
		recognized in Other comprehensive income from continuing operations or directly in equity.
			Deferred taxes are provided on temporary differences arising from investments in subsidiaries, joint arrangements and associates, except where we control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
		A current or non-current tax asset (liability) is the estimated tax
		receivable (payable) on taxable earnings (loss) for the current or past periods.
		We use the liability method to account for deferred tax assets and liabilities, which arise from:	Tax liabilities are, where permitted, offset against tax assets within the
			same taxable entity and tax jurisdiction.
		• temporary differences between the carrying amount of assets and
			INVESTMENT TAX CREDITS (ITCs), OTHER TAX
		liabilities recognized in the statements of financial position and their corresponding tax bases
			CREDITS AND GOVERNMENT GRANTSWe recognize ITCs, other tax credits and government grants given on eligible expenditures when it is reasonably assured that they will be realized. They are presented as part of Trade and other receivables in the statements of financial position when they are expected to be utilized in the next year. We use the cost reduction method to account for ITCs and government grants, under which the credits are applied against the expense or asset to which the ITC or government grant relates.
		• the carryforward of unused tax losses and credits, to the extent they
		can be used in the future
		Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply when the asset or liability is recovered or settled. Both our current and deferred tax assets and liabilities are calculated
		F) CASH EQUIVALENTSCash equivalents are comprised of highly liquid investments with original maturities of three months or less from the date of purchase and are
		measured at amortized cost.
		G) SECURITIZATION OF TRADE RECEIVABLESProceeds on the securitization of trade receivables are recognized as a collateralized borrowing as we do not transfer control and substantially
		all the risks and rewards of ownership to another entity.
		H) INVENTORYWe measure inventory at the lower of cost and net realizable value.
			average cost formula for all other inventory. We maintain inventory valuation reserves for inventory that is slow-moving or potentially obsolete, calculated using an inventory aging analysis.
		Inventory includes all costs to purchase, convert and bring the inventories to their present location and condition. We determine cost using specific identification for major equipment held for resale and the weighted

		I) PROPERTY, PLANT AND EQUIPMENTWe record property, plant and equipment at historical cost. Historical
			LEASESWe enter into leases for network infrastructure and equipment, land and buildings in the normal course of business. Lease contracts are typical y made for fixed periods but may include purchase, renewal or termination options. Leases are negotiated on an individual basis and contain a wide range of different terms and conditions.
		cost includes expenditures that are attributable directly to the acquisition or construction of the asset, including the purchase cost, and labour.
Notes to consolidated	fi nancial statements
		Borrowing costs are capitalized for qualifying assets, if the time to build or develop is in excess of one year, at a rate that is based on our weighted average interest rate on our outstanding long-term debt. Gains or losses on the sale or retirement of property, plant and equipment are recorded in Other (expense) income in the income statements.
			We adopted IFRS 16 – Leases as of January 1, 2019. Certain finance leases entered into prior to January 1, 2019 were initially measured under IAS 17 – Leases, as permitted by the specific transition provisions of IFRS 16.
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IFRS 16We assess whether a contract contains a lease at inception of the contract. A lease contract conveys the right to control the use of an identified asset for a period in exchange for consideration. We recognize lease liabilities with corresponding right-of-use assets for all lease agreements, except for short-term leases and leases of low value assets, which are expensed on a straight-line basis over the lease term. Consideration in a contract is allocated to lease and non-lease components on a relative stand-alone value basis. We generally account for lease components and any associated non-lease components as a single lease component.		made at or before the commencement date and any initial direct costs.
		They are subsequently depreciated on a straight-line basis and reduced
		by impairment losses, if any. Right-of-use assets may also be adjusted to reflect the remeasurement of related lease liabilities. If we obtain ownership of the leased asset by the end of the lease term or the cost of the right-of-use asset reflects the exercise of a purchase option, we depreciate the right-of-use asset from the lease commencement date to the end of the useful life of the underlying asset. Otherwise, we depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using our incremental borrowing rate, unless the rate implicit in the lease is readily determinable. We apply a single incremental borrowing rate to a portfolio of leases with similar characteristics. Lease payments included in the measurement of the lease liability comprise:		Variable lease payments that do not depend on an index or rate are not
		included in the measurement of lease liabilities and right-of-use assets.
		The related payments are expensed in Operating costs in the period
		in which the event or condition that triggers those payments occurs.
		IAS 17Under IAS 17, leases of property, plant and equipment are recognized as finance leases when we obtain substantially all the risks and rewards of ownership of the underlying assets. At the inception of the lease, we record an asset together with a corresponding long-term lease liability, at the lower of the fair value of the leased asset or the present value of the minimum future lease payments, excluding non-lease components.
• fixed (and in-substance fixed) lease payments, less any lease incentives• variable lease payments that depend on an index or rate• payments expected under residual value guarantees and payments
	relating to purchase options and renewal option periods that are reasonably certain to be exercised (or periods subject to termination options that are not reasonably certain to be exercised)
		ASSET RETIREMENT OBLIGATIONS (AROs)We initially measure and record AROs at management’s best estimate using a present value methodology, adjusted subsequently for any changes in the timing or amount of cash flows and changes in discount rates. We capitalize asset retirement costs as part of the related assets and amortize them into earnings over time. We also increase the ARO and record a corresponding amount in interest expense to reflect the passage of time.
Lease liabilities are subsequently measured at amortized cost using the effective interest method. Lease liabilities are remeasured, with a corresponding adjustment to the related right-of-use assets, when there is a change in variable lease payments arising from a change in an index or rate, or when we change our assessment of whether purchase, renewal or termination options will be exercised.
Right-of-use assets are measured at cost, and are comprised of the initial measurement of the corresponding lease liabilities, lease payments
J) INTANGIBLE ASSETSFINITE-LIFE INTANGIBLE ASSETSFinite-life intangible assets are recorded at cost less accumulated
		at acquisition cost less accumulated amortization, and accumulated impairment losses, if any. Programs and feature films under licence agreements are recorded as assets for rights acquired and liabilities for obligations incurred when:
amortization and accumulated impairment losses, if any.
SOFTWAREWe record internal-use software at historical cost. Cost includes expenditures that are attributable directly to the acquisition or development of the software, including the purchase cost and labour.
		• we receive a broadcast master and the cost is known or reasonably
		determinable for new program and feature film licences; or
		• the licence term commences for licence period extensions or
		syndicated programs
Software development costs are capitalized when all the following
		Related liabilities of programs and feature films are classified as current or non-current, based on the payment terms. Amortization of program and feature film rights is recorded in Operating costs in the income statements.
conditions are met:
• technical feasibility can be demonstrated• management has the intent and the ability to complete the asset for

	use or sale
• it is probable that economic benefits will be generated• costs attributable to the asset can be measured reliably		INDEFINITE-LIFE INTANGIBLE ASSETSBrand assets, mainly comprised of the Bell, Bell Media and Bell MTS brands, and broadcast licences are acquired through business combinations and are recorded at fair value at the date of acquisition, less accumulated impairment losses, if any. Wireless spectrum licences are recorded at acquisition cost, including borrowing costs when the time to build or develop the related network is in excess of one year. Borrowing costs are calculated at a rate that is based on our weighted average interest rate on our outstanding long-term debt.
CUSTOMER RELATIONSHIPSCustomer relationship assets are acquired through business combinations and are recorded at fair value at the date of acquisition.
Notes to consolidated	fi nancial statements
PROGRAM AND FEATURE FILM RIGHTSWe account for program and feature film rights as intangible assets when these assets are acquired for the purpose of broadcasting. Program and feature film rights, which include producer advances and licence fees paid in advance of receipt of the program or film, are stated
		Currently, there are no legal, regulatory, competitive or other factors that limit the useful lives of our brands or spectrum licences.
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		K) DEPRECIATION AND AMORTIZATIONWe depreciate property, plant and equipment and amortize finite-life
			ESTIMATED USEFUL LIFE
		intangible assets on a straight-line basis over their estimated useful lives. We review our estimates of useful lives on an annual basis and adjust depreciation and amortization on a prospective basis, as required. Land and assets under construction or development are not depreciated.
				Property, plant and equipment
				Network infrastructure and equipment	2 to 50 years
				Buildings	5 to 50 years
				Finite-life intangible assets
				Software	2 to 12 years
				Customer relationships	2 to 26 years
				Program and feature film rights	Up to 5 years
		L) INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTSOur financial statements incorporate our share of the results of our
				Investments are reviewed for impairment at each reporting period and we compare their recoverable amount to their carrying amount when there is an indication of impairment.
		associates and joint ventures using the equity method of accounting, except when the investment is classified as held for sale. Equity income from investments is recorded in Other (expense) income in the income statements.
				We recognize our share of the assets, liabilities, revenues and expenses of joint operations in accordance with the related contractual agreements.
		Investments in associates and joint ventures are recognized initially at cost and adjusted thereafter to include the company’s share of income or loss and comprehensive income or loss on an after-tax basis.
		M) BUSINESS COMBINATIONS AND GOODWILLBusiness combinations are accounted for using the acquisition method.
				equity interest is remeasured to fair value and any gain or loss on remeasurement is recognized in Other (expense) income in the income statements. The excess of the purchase consideration and any previously-held equity interest over the fair value of identifiable net assets acquired is recorded as Goodwill in the statements of financial position. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously-held equity interest, the difference is recognized in Other (expense) income in the income statements immediately as a bargain purchase gain.
		The consideration transferred in a business combination is measured
		at fair value at the date of acquisition. Acquisition-related transaction costs are expensed as incurred and recorded in Severance, acquisition and other costs in the income statements.
		Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair values at the date of acquisition. When we acquire control of a business, any previously-held
		N) IMPAIRMENT OF NON-FINANCIAL ASSETSGoodwill and indefinite-life intangible assets are tested for impairment
				A CGU is the smallest identifiable group of assets that generates cash
		annually or when there is an indication that the asset may be impaired. Property, plant and equipment and finite-life intangible assets are tested for impairment if events or changes in circumstances, assessed at each reporting period, indicate that their carrying amount may not be recoverable. For the purpose of impairment testing, assets other than goodwill are grouped at the lowest level for which there are separately identifiable cash inflows.		inflows that are independent of the cash inflows from other assets or groups of assets.
				We identify any potential impairment by comparing the carrying value of a CGU or group of CGUs to its recoverable amount. The recoverable amount of a CGU or group of CGUs is the higher of its fair value less costs of disposal and its value in use. Both fair value less costs of disposal and value in use are based on estimates of discounted future cash flows or other valuation methods. Cash flows are projected based on past experience, actual operating results and business plans. When the recoverable amount of a CGU or group of CGUs is less than its carrying value, the recoverable amount is determined for its identifiable assets and liabilities. The excess of the recoverable amount of the CGU or group of CGUs over the total of the amounts assigned to its assets and liabilities is the recoverable amount of goodwill.
		Impairment losses are recognized and measured as the excess of the carrying value of the assets over their recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs of disposal and its value in use. Previously recognized impairment losses, other than those attributable to goodwill, are reviewed for possible reversal at each reporting date and, if the asset’s recoverable amount has increased, all or a portion of the impairment is reversed.
Notes to consolidated	fi nancial statements
				An impairment charge is recognized in the income statements for any
		GOODWILL IMPAIRMENT TESTINGWe perform an annual test for goodwill impairment in the fourth quarter for each of our cash generating units (CGUs) or groups of CGUs to which goodwill is allocated, and whenever there is an indication that goodwill might be impaired.
				excess of the carrying value of goodwill over its recoverable amount. For purposes of impairment testing of goodwill, our CGUs or groups of CGUs correspond to our reporting segments as disclosed in Note 4,
				Segmented information.
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O) FINANCIAL INSTRUMENTS AND CONTRACT ASSETSWe measure trade and other receivables, including wireless device financing plan receivables, at amortized cost using the effective interest
	Other financial liabilities, which include trade payables and accruals, compensation payable, obligations imposed by the Canadian Radio-television and Telecommunications Commission (CRTC), interest payable and long-term debt, are recorded at amortized cost using the effective interest method.
method, net of any allowance for doubtful accounts.
Our portfolio investments in equity securities are classified as fair value through other comprehensive income and are presented in our statements of financial position as Other non-current assets.
	We measure the allowance for doubtful accounts and impairment of contract assets based on an expected credit loss (ECL) model, which takes into account current economic conditions, historical information, and forward-looking information. We use the simplified approach for measuring losses based on the lifetime ECL for trade and other receivables and contract assets. Amounts considered uncollectible are written off and recognized in Operating costs in the income statements.
These securities are recorded at fair value on the date of acquisition,
including related transaction costs, and are adjusted to fair value at each reporting date. The corresponding unrealized gains and losses are recorded in Other comprehensive income from continuing operations in the consolidated statements of comprehensive income (statements of comprehensive income) and are reclassified from Accumulated other comprehensive income to Deficit in the statements of financial position when realized.
	The cost of issuing debt is included as part of long-term debt and is
	accounted for at amortized cost using the effective interest method.
	The cost of issuing equity is reflected in the consolidated statements
	of changes in equity as a charge to the deficit.
P) DERIVATIVE FINANCIAL INSTRUMENTSWe use derivative financial instruments to manage risks related to
	We use foreign currency forward contracts and options to manage the foreign currency exposure relating to anticipated purchases and sales denominated in foreign currencies. Changes in the fair value of these foreign currency forward contracts and options are recognized in our statements of comprehensive income, except for any ineffective portion, which is recognized immediately in Other (expense) income in the income statements. Realized gains and losses in Accumulated other comprehensive income are reclassified to the income statements or to the initial cost of the non-financial asset in the same periods as the corresponding hedged transactions are recognized.
changes in interest rates, foreign currency rates, commodity prices and cash flow exposures related to share-based payment plans, capital expenditures, long-term debt instruments and operating revenues and expenses. We do not use derivative financial instruments for speculative or trading purposes.
Derivatives that mature within one year are included in Other current assets or Trade payables and other liabilities in the statements of financial position, whereas derivatives that have a maturity of more than one year are included in Other non-current assets or Other non-current liabilities.
	We use foreign currency forward contracts and cross currency interest rate swaps to manage our U.S. dol ar debt under our committed credit facilities and commercial paper program and our U.S. dollar long-term debt. Changes in the fair value of these derivatives and the related debt are recognized in Other (expense) income in the income statements and offset, unless a portion of the hedging relationship is ineffective.
HEDGE ACCOUNTING
To qualify for hedge accounting, we document the relationship between
the derivative and the related identified risk exposure, and our risk management objective and strategy. This includes associating each derivative to a specific asset or liability, commitment, or anticipated transaction.
	DERIVATIVES USED AS ECONOMIC HEDGESWe use derivatives to manage cash flow exposures related to equity settled share-based payment plans and anticipated purchases in foreign currencies, equity price risk related to a cash-settled share-based payment plan, interest rate risk related to preferred share dividend rate resets and commodity price risk related to the purchase cost of fuel. As these derivatives do not qualify for hedge accounting, the changes in their fair value are recorded in the income statements in Operating costs for derivatives used to hedge cash-settled share-based payments and in Other (expense) income for other derivatives.
We assess the effectiveness of a derivative in managing an identified risk exposure when hedge accounting is initially applied, and on an ongoing basis thereafter. If a hedging relationship ceases to meet the qualifying criteria, we discontinue hedge accounting prospectively.
CASH FLOW HEDGESWe enter into cash flow hedges to mitigate foreign currency risk on certain debt instruments and anticipated purchases and sales, as well as interest rate risk related to anticipated debt issuances.

Q) POST-EMPLOYMENT BENEFIT PLANSDEFINED BENEFIT (DB) AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANSWe maintain DB pension plans that provide pension benefits for certain
Notes to consolidated	fi nancial statements
	We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods permitted by pension regulatory bodies. Contributions reflect actuarial assumptions about future investment returns, salary projections, future service and life expectancy.
employees and retirees. Benefits are based on the employee’s length of service and average rate of pay during the highest paid consecutive five years of service. Most employees are not required to contribute to the plans. Certain plans provide cost of living adjustments to help protect the income of retired employees against inflation.
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		We provide OPEBs to some of our employees, including:	costs in the income statements and represents the accretion of interest on the assets and obligations under our post-employment benefit plans. The interest rate is based on market conditions that existed at the beginning of the year. Actuarial gains and losses for all post-employment benefit plans are recorded in Other comprehensive income from continuing operations in the statements of comprehensive income in the period in which they occur and are recognized immediately in the deficit.
		• healthcare and life insurance benefits during retirement, which were
		phased out for new retirees since December 31, 2016. Most of these OPEB plans are unfunded and benefits are paid when incurred.
		• other benefits, including workers’ compensation and medical benefits
		to former or inactive employees, their beneficiaries and dependants, from the time their employment ends until their retirement starts, under certain circumstances
		We accrue our obligations and related costs under post-employment benefit plans, net of the fair value of the benefit plan assets. Pension and OPEB costs are determined using:	December 31 is the measurement date for our significant post-employment benefit plans. Our actuaries perform a valuation based on management’s assumptions at least every three years to determine the actuarial present value of the accrued DB pension plans and OPEB obligations. The most recent actuarial valuation of our significant pension plans was as at December 31, 2019.
		• the projected unit credit method, prorated on years of service, which
		takes into account future pay levels
		• a discount rate based on market interest rates of high-quality corporate
		fixed income investments with maturities that match the timing of benefits expected to be paid under the plans	DEFINED CONTRIBUTION (DC) PENSION PLANSWe maintain DC pension plans that provide certain employees with benefits. Under these plans, we are responsible for contributing a predetermined amount to an employee’s retirement savings, based on a percentage of the employee’s salary.
		• management’s best estimate of pay increases, retirement ages
		of employees, expected healthcare costs and life expectancy
		We value post-employment benefit plan assets at fair value using current market values.
			We recognize a post-employment benefit plans service cost for DC pension plans when the employee provides service to the company, essentially coinciding with our cash contributions.
		Post-employment benefit plans current service cost is included in Operating costs in the income statements. Interest on our post-employment benefit plan assets and obligations is recognized in Finance
			Generally, new employees can only participate in the DC pension plans.
		R) PROVISIONSProvisions are recognized when all the following conditions are met:
			Provisions are measured at the present value of the estimated expenditures expected to settle the obligation, if the effect of the time value of money is material. The present value is determined using current market assessments of the discount rate and risks specific to the obligation. The obligation increases as a result of the passage of time, resulting in interest expense which is recognized in Finance costs in the income statements.
		• the company has a present legal or constructive obligation based
		on past events
		• it is probable that an outflow of economic resources will be required
		to settle the obligation
		• the amount can be reasonably estimated
		S) ESTIMATES AND KEY JUDGMENTSWhen preparing the financial statements, management makes estimates
			ESTIMATESUSEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT AND FINITE-LIFE INTANGIBLE ASSETSProperty, plant and equipment represent a significant proportion of our total assets. Changes in technology or our intended use of these assets, as well as changes in business prospects or economic and industry factors, may cause the estimated useful lives of these assets to change.
		and judgments relating to:
		• reported amounts of revenues and expenses• reported amounts of assets and liabilities• disclosure of contingent assets and liabilities
		We base our estimates on a number of factors, including historical experience, current events, including but not limited to the COVID-19 pandemic, and actions that the company may undertake in the future, as well as other assumptions that we believe are reasonable under the circumstances. By their nature, these estimates and judgments are subject to measurement uncertainty and actual results could differ. Our more significant estimates and judgments are described below.
			POST-EMPLOYMENT BENEFIT PLANS
			The amounts reported in the financial statements relating to DB pension
			plans and OPEBs are determined using actuarial calculations that are based on several assumptions.
			The actuarial valuation uses management’s assumptions for, among
			other things, the discount rate, life expectancy, the rate of compensation increase, trends in healthcare costs and expected average remaining years of service of employees.
Notes to consolidated	fi nancial statements
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The most significant assumptions used to calculate the net post-JUDGMENTSPOST-EMPLOYMENT BENEFIT PLANS
employment benefit plans cost are the discount rate and life expectancy.
The discount rate is based on the yield on long-term, high-quality	The determination of the discount rate used to value our post-
corporate fixed income investments, with maturities matching the estimated cash flows of the post-employment benefit plans. Life expectancy is based on publicly available Canadian mortality tables and is adjusted for the company’s specific experience.	employment benefit obligations requires judgment. The rate is set by reference to market yields of long-term, high-quality corporate fixed income investments at the beginning of each fiscal year. Significant judgment is required when setting the criteria for fixed income investments to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of investments include the size of the issue and credit quality, along with the identification of outliers, which are excluded.
REVENUE FROM CONTRACTS WITH CUSTOMERSWe are required to make estimates that affect the amount of revenue from contracts with customers, including estimating the stand-alone selling prices of products and services.
	INCOME TAXES
IMPAIRMENT OF NON-FINANCIAL ASSETSWe make a number of estimates when calculating recoverable amounts using discounted future cash flows or other valuation methods to test for impairment. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model and the discount rate.
	The calculation of income taxes requires judgment in interpreting tax
	rules and regulations. There are transactions and calculations for which the ultimate tax determination is uncertain. Our tax filings are also subject to audits, the outcome of which could change the amount of current and deferred tax assets and liabilities.
	Management judgment is used to determine the amounts of deferred tax assets and liabilities to be recognized. In particular, judgment is required when assessing the timing of the reversal of temporary differences to which future income tax rates are applied.
DEFERRED TAXES
The amounts of deferred tax assets and liabilities are estimated with
consideration given to the timing, sources and amounts of future taxable income.
	LEASES
LEASES
	The application of IFRS 16 requires us to make judgments that affect
The application of IFRS 16 requires us to make estimates that affect the
	the measurement of right-of-use assets and liabilities. A lease contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception of the contract, we assess whether the contract contains an identified asset, whether we have the right to obtain substantially all of the economic benefits from use of the asset and whether we have the right to direct how and for what purpose the asset is used. In determining the lease term, we include periods covered by renewal options when we are reasonably certain to exercise those options. Similarly, we include periods covered by termination options when we are reasonably certain not to exercise those options. To assess if we are reasonably certain to exercise an option, we consider all facts and circumstances that create an economic incentive to exercise renewal options (or not exercise termination options). Economic incentives include the costs related to the termination of the lease, the significance of any leasehold improvements and the importance of the underlying assets to our operations.
measurement of right-of-use assets and liabilities, including determining the appropriate discount rate used to measure lease liabilities. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using our incremental borrowing rate, unless the rate implicit in the lease is readily determinable. Our incremental borrowing rate is derived from publicly available risk-free interest rates, adjusted for applicable credit spreads and lease terms. We apply a single incremental borrowing rate to a portfolio of leases with similar characteristics.
FAIR VALUE OF FINANCIAL INSTRUMENTSCertain financial instruments, such as investments in equity securities, derivative financial instruments and certain elements of borrowings, are carried in the statements of financial position at fair value, with changes in fair value reflected in the income statements and the statements of comprehensive income. Fair values are estimated by reference to published price quotations or by using other valuation techniques that may include inputs that are not based on observable market data, such as discounted cash flows and earnings multiples.
	REVENUE FROM CONTRACTS WITH CUSTOMERS
	The identification of performance obligations within a contract and
	the timing of satisfaction of performance obligations under long-term contracts requires judgment. Additionally, the determination of costs to obtain a contract, including the identification of incremental costs, also requires judgment.
CONTINGENCIESIn the ordinary course of business, we become involved in various claims and legal proceedings seeking monetary damages and other relief. Pending claims and legal proceedings represent a potential cost to our business. We estimate the amount of a loss by analyzing potential outcomes and assuming various litigation and settlement strategies, based on information that is available at the time.
	CGUs
	The determination of CGUs or groups of CGUs for the purpose of
	impairment testing requires judgment.
	CONTINGENCIES
ONEROUS CONTRACTSA provision for onerous contracts is recognized when the unavoidable costs of meeting our obligations under a contract exceed the expected benefits to be received under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of completing the contract.
	The determination of whether a loss is probable from claims and legal
	proceedings and whether an outflow of resources is likely requires judgment.
Notes to consolidated	fi nancial statements
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		T) ADOPTION OF NEW OR AMENDED ACCOUNTING STANDARDSAs required, effective January 1, 2020, we adopted the following new or amended accounting standards.
		STANDARD	DESCRIPTION	IMPACT
		IFRIC Agenda Decision on IFRS 16 – Leases	International Financial Reporting Interpretations Committee (IFRIC) agenda decision clarifying the determination of the lease term for cancellable or renewable leases under IFRS 16.	This agenda decision did not have a significant impact on our
				financial statements.
		Definition of a Business,	These amendments to the implementation guidance of IFRS 3	These amendments did not have any impact on our financial
		Amendments to IFRS 3 –	clarify the definition of a business to assist entities to determine whether a transaction should be accounted for as a business combination or an asset acquisition.	statements. They may affect whether future acquisitions are accounted for as business combinations or asset acquisitions, along with the resulting allocation of the purchase price between the net identifiable assets acquired and goodwill.
		Business Combinations
		U) FUTURE CHANGES TO ACCOUNTING STANDARDS
		The following amended accounting standards issued by the IASB have an effective date after December 31, 2020 and have not yet been adopted
		by BCE.
		STANDARD	DESCRIPTION	IMPACT	EFFECTIVE DATE
		COVID-19-Related Rent Concessions, Amendment to IFRS 16 – Leases	This amendment provides an optional relief to lessees from	We did not adopt the optional relief.	Effective for annual reporting periods beginning on or after June 1, 2020. Early application is permitted.
			applying IFRS 16’s guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic.
		Onerous Contracts – Cost of Fulfilling a Contract, Amendments to IAS 37 – Provisions, contingent liabilities and contingent assets	These amendments clarify which costs should be included in	We are currently assessing the impact of these amendments.	Effective for annual reporting periods beginning on or after January 1, 2022. Early application is permitted.
			determining the cost of fulfilling a contract when assessing whether a contract is onerous.
		Note 3 \|				Discontinued operations
		On June 1, 2020, BCE announced that it had entered into an agreement to sell substantially all of its data centre operations in an all-cash transaction valued at $1.04 billion.					the presentation for the current year. Property, plant and equipment and intangible assets that were sold were no longer depreciated or amortized effective June 1, 2020.
		We have reclassified amounts related to the sale for the previous year to discontinued operations in our consolidated income statements and consolidated statements of cash flows to make them consistent with					In Q4 2020, we completed the sale for proceeds of $933 million (net of debt and other items) and recorded a gain on sale, net of taxes, of
							$211 million. The capital gain as a result of the sale is mainly offset by
							the recognition of previously unrecognized capital loss carry forwards.
		The following table summarizes the carrying value of the assets and liabilities sold:
								2020
		Contract assets						1
		Contract costs						2
		Property, plant and equipment						484
		Intangible assets						227

		Goodwill						115
		Total assets sold						829
		Long-term debt						113
		Deferred tax liability						37
		Other non-current liabilities						9
Notes to consolidated	fi nancial statements
		Total liabilities sold						159
		Net assets sold						670
	BCE InC. 2020 AnnuAl REpoRt \| 137

The following tables summarize the income statements and statements of cash flows of our discontinued operations up to the point of sale.
FOR THE YEAR ENDED DECEMBER 31	2020	2019
Operating revenues	118	171
Operating costs	(57)	(71)
Depreciation	(18)	(38)
Amortization	(7)	(16)
Interest expense	(6)	(7)
Other expense	(8)	(6)
Income taxes	(7)	(4)
Net earnings attributable to common shareholders before gain on sale	15	29
Gain on sale (net of taxes of $3 million)	211	–
Net earnings attributable to common shareholders	226	29
FOR THE YEAR ENDED DECEMBER 31	2020	2019
Cash flows from operating activities	54	94
Cash flows from (used in) investing activities	892	(18)
Cash flows used in financing activities	(7)	(6)
Net increase in cash	939	70
Note 4 \|			Segmented information
The accounting policies used in our segment reporting are the same as				We measure the performance of each segment based on segment profit, which is equal to operating revenues less operating costs for the segment. Substantially all of our severance, acquisition and other costs, depreciation and amortization, finance costs and other expense are managed on a corporate basis and, accordingly, are not reflected in segment results.
those we describe in Note 2, Significant accounting policies. Our results are reported in three segments: Bell Wireless, Bell Wireline and Bell Media. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.
Accordingly, we operate and manage our segments as strategic business
units organized by products and services. Segments negotiate sales with each other as if they were unrelated parties.
				Substantially all of our operations and assets are located in Canada.
				Our Bell Wireless segment provides wireless voice and data communication products and services to our residential, small and medium-sized business and large enterprise customers as well as consumer electronic products across Canada.
To align with changes in how we manage our business and assess
performance, the operating results of our public safety land radio network business are now included within our Bell Wireline segment effective January 1, 2020, with prior periods restated for comparative purposes. Previously, these results were included within our Bell Wireless segment. Our public safety land radio network business, which builds and manages land mobile radio networks primarily for the government sector, is now managed by our Bell Business Markets team in order to better serve our customers with end-to-end communications solutions.
				Our Bell Wireline segment provides data, including Internet access and IPTV, local telephone, long distance, as well as other communication services and products to our residential, small and medium-sized business and large enterprise customers primarily in Ontario, Québec, the Atlantic provinces and Manitoba, while satel ite TV service and connectivity to business customers are available nationally across Canada. In addition, this segment includes our wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers.
As a result of the sale of substantially all of our data centre operations,
the financial results of these data centre operations, which were previously included in our Bell Wireline segment, are now presented as a discontinued operation. See Note 3, Discontinued operations, for additional details.
				Our Bell Media segment provides conventional TV, specialty TV, pay TV, streaming services, digital media services, radio broadcasting services and OOH advertising services to customers nationally across Canada.

Notes to consolidated	fi nancial statements
138 \| BCE InC. 2020 AnnuAl REpoRt

		SEGMENTED INFORMATION
				BELL	BELL	BELL	INTER-SEGMENT
		FOR THE YEAR ENDED DECEMBER 31, 2020	WIRELESS	WIRELINE	MEDIA	ELIMINATIONS				BCE
		Operating revenues
		External customers		8,630	11,884	2,369		–	22,883
		Inter-segment		53	322	381	(756)				–
		Total operating revenues		8,683	12,206	2,750	(756)				22,883
		Operating costs	(5,017)	(6,960)	(2,055)	756				(13,276)
		Segment profit (1)		3,666	5,246	695		–	9,607
		Severance, acquisition and other costs	6				(116)
		Depreciation and amortization	16, 18				(4,404)
		Finance costs
		Interest expense	7				(1,110)
		Interest on post-employment benefit obligations	26				(46)
		Impairment of assets	8				(472)
		Other expense	9				(194)
		Income taxes	10				(792)
		Net earnings from continuing operations					2,473
		Net earnings from discontinued operations	3				226
		Net earnings					2,699
		Goodwill	21	3,046	4,612	2,946		–	10,604
		Indefinite-life intangible assets	18	4,063	1,692	2,085		–	7,840
		Capital expenditures		916	3,161	125		–	4,202
		(1) The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
				BELL	BELL	BELL	INTER-SEGMENT
		FOR THE YEAR ENDED DECEMBER 31, 2019	WIRELESS	WIRELINE	MEDIA	ELIMINATIONS				BCE
		Operating revenues
		External customers		8,946	12,036	2,811		–	23,793
		Inter-segment		55	281	406	(742)				–
		Total operating revenues		9,001	12,317	3,217	(742)				23,793
		Operating costs	(5,210)	(6,952)	(2,367)	742				(13,787)
		Segment profit (1)		3,791	5,365	850		–	10,006
		Severance, acquisition and other costs	6				(114)
		Depreciation and amortization	16, 18				(4,344)
		Finance costs
		Interest expense	7				(1,125)
		Interest on post-employment benefit obligations	26				(63)
		Impairment of assets	8				(102)
		Other income	9				95
		Income taxes	10				(1,129)
		Net earnings from continuing operations					3,224
		Net earnings from discontinued operations	3				29

		Net earnings					3,253
		Goodwill	21	3,046	4,675	2,946		–	10,667
		Indefinite-life intangible assets	18	3,948	1,692	2,381		–	8,021
		Capital expenditures		671	3,195	108		–	3,974
		(1) The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 139

REVENUES BY SERVICES AND PRODUCTS
The following table presents our revenues disaggregated by type of services and products.
FOR THE YEAR ENDED DECEMBER 31	2020	2019
Services (1)
			Wireless	6,122	6,323
			Wireline data	7,691	7,617
			Wireline voice	3,402	3,564
			Media	2,369	2,811
			Other wireline services	248	251
Total services	19,832	20,566
Products (2)
			Wireless	2,508	2,623
			Wireline data	494	556
			Wireline equipment and other	49	48
Total products	3,051	3,227
Total operating revenues	22,883	23,793
(1) Our service revenues are generally recognized over time.(2) Our product revenues are generally recognized at a point in time.
Note 5 \|				Operating costs
FOR THE YEAR ENDED DECEMBER 31					NOTE	2020	2019
Labour costs
			Wages, salaries and related taxes and benefits (1)	(4,108)	(4,281)
			Post-employment benefit plans service cost (net of capitalized amounts)		26	(269)	(246)
			Other labour costs (2)	(975)	(1,004)
Less:
			Capitalized labour	1,007	1,028
Total labour costs	(4,345)	(4,503)
Cost of revenues (3)	(6,967)	(7,356)
Other operating costs (4)	(1,964)	(1,928)
Total operating costs	(13,276)	(13,787)
(1) Costs reported in 2020 are net of amounts from the Canada Emergency Wage Subsidy, a wage subsidy program offered by the federal government to eligible employers as a result of
			the COVID-19 pandemic.
(2) Other labour costs include contractor and outsourcing costs.(3) Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.(4) Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, information technology costs, professional service
			fees and rent.
Research and development expenses of $47 million and $109 million are included in operating costs for 2020 and 2019, respectively.
	Note 6 \|				Severance, acquisition and other costs
FOR THE YEAR ENDED DECEMBER 31	2020	2019
Severance	(35)	(63)
Acquisition and other	(81)	(51)
Total severance, acquisition and other costs	(116)	(114)
Notes to consolidated	fi nancial statements
140 \| BCE InC. 2020 AnnuAl REpoRt

		SEVERANCE COSTSSeverance costs consist of charges related to involuntary and voluntary employee terminations.
		ACQUISITION AND OTHER COSTSAcquisition and other costs consist of transaction costs, such as legal and financial advisory fees, related to completed or potential acquisitions,
		employee severance costs related to the purchase of a business, the costs to integrate acquired companies into our operations, costs relating to litigation and regulatory decisions, when they are significant, and other costs.
		Note 7 \|	Interest expense
		FOR THE YEAR ENDED DECEMBER 31	2020		2019
		Interest expense on long-term debt	(1,072)		(1,017)
		Interest expense on other debt	(87)		(153)
		Capitalized interest	49		45
		Total interest expense	(1,110)		(1,125)
		Included in interest expense on long-term debt is interest on lease liabilities of $199 million and $213 million for 2020 and 2019, respectively.		Capitalized interest was calculated using an average rate of 3.95% and
				3.96% for 2020 and 2019, respectively, which represents the weighted
				average interest rate on our outstanding long-term debt.
		Note 8 \|	Impairment of assets
		2020During the second quarter of 2020, we identified indicators of impairment for certain of our Bell Media TV services and radio markets, notably declines in advertising revenues, lower subscriber revenues and overall increases in discount rates resulting from the economic impact of the COVID-19 pandemic. Accordingly, impairment testing was required for certain groups of CGUs as well as for goodwill.		2019Impairment charges in 2019 included $85 million allocated to indefinite-life intangible assets, and $8 million allocated primarily to property, plant and equipment. These impairment charges related to broadcast licences and certain assets for various radio markets within our Bell Media segment. The impairment charges were a result of continued advertising demand and ratings pressures in the industry resulting from audience declines, as well as competitive pressure from streaming services. The charges were determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January 1, 2020 to December 31, 2024, using a discount rate of 7.5% and a perpetuity growth rate of nil as well as market multiple data from public companies and market transactions.
		During Q2 2020, we recognized $452 million of impairment charges for our English and French TV services as well as various radio markets within our Bell Media segment. These charges included $291 million allocated to indefinite-life intangible assets for broadcast licences, $146 million allocated to finite-life intangible assets, mainly for program and feature film rights, and $15 million to property, plant and equipment for network and infrastructure and equipment. They were determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of July 1, 2020 to December 31, 2025, using discount rates of 8.0% to 9.5% and a perpetuity growth rate of (1.0%) to nil as well as market multiple data from public companies and market transactions. After impairments, the carrying value of these CGUs was $942 million.
				The carrying value of these CGUs was $464 million at December 31, 2019.

		There was no impairment of Bell Media goodwill. See Note 21, Goodwill,
		for further details.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 141

Note 9 \|	Other (expense) income
FOR THE YEAR ENDED DECEMBER 31		2020	2019
Losses on retirements and disposals of property, plant and equipment and intangible assets			(83)	(9)
Net mark-to-market (losses) gains on derivatives used to economically hedge equity settled
					(51)	138
Early debt redemption costs		(50)	(18)
	19
					43	(53)
					(38)	(19)
Gains on investments			3	18
Other			(18)	38
Total other (expense) income			(194)	95
LOSSES ON RETIREMENTS AND DISPOSALS OF PROPERTY, PLANT AND EQUIPMENT AND
INTANGIBLE ASSETS
In 2020, we recorded a loss of $45 million due to a change in strategic direction related to the ongoing development of some of our TV platform assets under construction.
EQUITY GAINS (LOSSES) FROM INVESTMENTS IN ASSOCIATES AND JOINT VENTURESWe recorded a gain (loss) on investment of $43 million and ($53) million
						in one of BCE’s joint ventures. The obligation is marked to market each reporting period and the gain or loss on investment is recorded as equity gains or losses from investments in associates and joint ventures.
in 2020 and 2019, respectively, related to equity gains (losses) on our
share of an obligation to repurchase at fair value the minority interest
GAINS ON INVESTMENTS
In 2019, we recorded gains of $18 million, which included a gain on an obligation to repurchase at fair value the minority interest in one of our subsidiaries.
Note 10 \|	Income taxes
The following table shows the significant components of income taxes deducted from net earnings from continuing operations.
FOR THE YEAR ENDED DECEMBER 31			2020	2019
Current taxes
					(776)	(761)
					26	6
					32	22
					40	–
Deferred taxes
					(107)	(316)
					(26)	(8)
					15	(106)
					9	25
					(5)	9
Total income taxes			(792)	(1,129)
Notes to consolidated	fi nancial statements
142 \| BCE InC. 2020 AnnuAl REpoRt

		The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income
		tax rate of 26.9% for 2020 and 27.0% for 2019.
		FOR THE YEAR ENDED DECEMBER 31	2020		2019
		Net earnings from continuing operations	2,473		3,224
		Add back income taxes	792		1,129
		Earnings from continuing operations before income taxes	3,265		4,353
		Applicable statutory tax rate	26.9%		27.0%
		Income taxes computed at applicable statutory rates	(878)		(1,175)
		Non-taxable portion of gains on investments		1	5
		Uncertain tax positions		21	15
		Effect of change in provincial corporate tax rate		9	25
		Change in estimate relating to prior periods		6	14
		Non-taxable portion of equity gains (losses)		2	(20)
		Previously unrecognized tax benefits		47	5
		Other		–	2
		Total income taxes from continuing operations	(792)		(1,129)
		Average effective tax rate	24.3%		25.9%
		The following table shows aggregate current and deferred taxes relating to items recognized outside the income statements.
					2020	2019
					OTHER	OTHER
						COMPREHENSIVE	COMPREHENSIVE
		FOR THE YEAR ENDED DECEMBER 31					INCOME	DEFICIT	INCOME		DEFICIT
		Current taxes			–			14	3	4
		Deferred taxes			(172)			(20)	(90)		13
		Total income taxes (expense) recovery			(172)			(6)	(87)		17
		The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized
		in the statements of financial position and their corresponding tax basis, as well as tax loss carryforwards.
								PROPERTY,
								PLANT AND
									NON-	EQUIPMENT
									CAPITAL	POST-	INDEFINITE-	AND
									LOSS	EMPLOYMENT	LIFE	FINITE-LIFE	CRTC
									CARRY-	BENEFIT	INTANGIBLE	INTANGIBLE	TANGIBLE
		NET DEFERRED TAX LIABILITY							FORWARDS	PLANS	ASSETS	ASSETS	BENEFITS	OTHER	TOTAL
		January 1, 2019							129	415	(1,763)	(1,642)	16	(199)	(3,044)
		Income statement							(105)	3	–	(173)	(9)	(112)	(396)
		Business acquisitions							5	–	–	(6)	–	(1)	(2)
		Other comprehensive income							–	(54)	–	–	–	(36)	(90)
		Deficit							–	–	–	–	–	13	13
		Discontinued operations							–	–	–	(4)	–	–	(4)
		Other							2	–	–	46	–	12	60
		December 31, 2019							31	364	(1,763)	(1,779)	7	(323)	(3,463)
		Income statement							13	5	46	(426)	(7)	255	(114)
		Business acquisitions							25	–	–	–	–	1	26
		Other comprehensive income							–	(184)	–	–	–	12	(172)
		Deficit							–	–	–	–	–	(20)	(20)
		Discontinued operations							–	–	–	30	–	–	30
		Other							–	–	–	–	–	9	9
		December 31, 2020							69	185	(1,717)	(2,175)	–	(66)	(3,704)
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 143

At December 31, 2020, BCE had $357 million of non-capital loss		At December 31, 2019, BCE had $215 million of non-capital loss
carryforwards. We:		carryforwards. We:
• recognized a deferred tax asset of $69 million for $263 million of the		• recognized a deferred tax asset of $31 million for $122 million of the
	non-capital loss carryforwards. These non-capital loss carryforwards expire in varying annual amounts from 2025 to 2040.	non-capital loss carryforwards. These non-capital loss carryforwards expire in varying annual amounts from 2024 to 2039.
• did not recognize a deferred tax asset for $94 million of non-capital		• did not recognize a deferred tax asset for $93 million of non-capital
	loss carryforwards. This balance expires in varying annual amounts from 2024 to 2038.	loss carryforwards. This balance expires in varying annual amounts from 2023 to 2037.
At December 31, 2020, BCE had $64 million of unrecognized capital loss		At December 31, 2019, BCE had $734 million of unrecognized capital loss
carryforwards which can be carried forward indefinitely.		carryforwards which can be carried forward indefinitely.
Note 11 \|			Earnings per share
The following table shows the components used in the calculation of basic and diluted net earnings per common share for earnings attributable
to common shareholders.
FOR THE YEAR ENDED DECEMBER 31				2020	2019
Net earnings from continuing operations attributable to common shareholders – basic				2,272	3,011
Net earnings from discontinued operations attributable to common shareholders – basic				226	29
Net earnings attributable to common shareholders – basic				2,498	3,040
Dividends declared per common share (in dollars)				3.33	3.17
Weighted average number of common shares outstanding (in millions)
	Weighted average number of common shares outstanding – basic			904.3	900.8
	Assumed exercise of stock options (1)			0.1	0.6
Weighted average number of common shares outstanding – diluted (in millions)				904.4	901.4
(1) The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the
	exercise price is higher than the average market value of a BCE common share. The number of excluded options was 10,783,936 in 2020 and 61,170 in 2019.
Note 12 \|			Trade and other receivables
FOR THE YEAR ENDED DECEMBER 31						NOTE	2020	2019
Trade receivables (1)				3,414	2,981
Allowance for revenue adjustments				(185)	(104)
Allowance for doubtful accounts						28	(149)	(62)
Commodity taxes receivable				122	12
Current tax receivable				92	23
Other accounts receivable				234	188
Total trade and other receivables				3,528	3,038
(1) The details of securitized trade receivables are set out in Note 23, Debt due within one year.
WIRELESS DEVICE FINANCING PLAN RECEIVABLESWireless device financing plan receivables represent amounts owed to us under financing agreements that have not yet been bil ed. The current portion of these balances is included in Trade receivables within the Trade and other receivables line item on our statements of financial position

and the long-term portion is included within the Other non-current assets line item on our statements of financial position.
The following table summarizes our wireless device financing plan receivables at December 31, 2020.
FOR THE YEAR ENDED DECEMBER 31						NOTE	2020	2019
Notes to consolidated	fi nancial statements	Current				649	85
Non-current						20	399	65
Total wireless device financing plan receivables (1)				1,048	150
(1) Excludes allowance for doubtful accounts and allowance for revenue adjustments on the current portion of $28 million and $9 million at December 31, 2020 and December 31, 2019,
	respectively, and allowance for doubtful accounts and allowance for revenue adjustments on the non-current portion of $17 million and $5 million at December 31, 2020 and December 31,
	2019, respectively.
144 \| BCE InC. 2020 AnnuAl REpoRt

		Note 13 \|	Inventory
		FOR THE YEAR ENDED DECEMBER 31	2020		2019
		Wireless devices and accessories	189		199
		Merchandise and other	250		228
		Total inventory	439		427
		The total amount of inventory subsequently recognized as an expense in cost of revenues was $2,927 million and $3,141 million for 2020 and
		2019, respectively.
		Note 14 \|	Contract assets and liabilities
		The table below provides a reconciliation of the significant changes in the contract assets and the contract liabilities balances.
				CONTRACT ASSETS (1)	CONTRACT LIABILITIES
		FOR THE YEAR ENDED DECEMBER 31			NOTE	2020		2019	2020		2019
		Opening balance, January 1		1,644		1,493	890			899
		Revenue recognized included in contract liabilities
		at the beginning of the year		–		–	(643)			(666)
		Revenue recognized from contract liabilities included
		in contract assets at the beginning of the year		188		131	–	–
		Increase in contract liabilities during the year		–		–	688			644
		Increase in contract liabilities included in contract assets
		during the year		(186)		(175)	–	–
		Increase in contract assets from revenue recognized
		during the year		834		1,915	–	–
		Contract assets transferred to trade receivables		(1,376)		(1,461)	51	47
		Acquisitions		–		–	–	(4)
		Contract terminations transferred to trade receivables		(145)		(205)	19	24
		Discontinued operations			3	(1)		–	–	–
		Other		(15)		(54)	(46)			(54)
		Ending balance, December 31		943		1,644	959			890
		(1) Net of allowance for doubtful accounts of $59 million and $68 million at December 31, 2020 and December 31, 2019, respectively. See Note 28, Financial and capital management, for
		additional details.
		Note 15 \|	Contract costs
		The table below provides a reconciliation of the contract costs balance.
		FOR THE YEAR ENDED DECEMBER 31				NOTE	2020			2019
		Opening balance, January 1	783		707
		Incremental costs of obtaining a contract and contract fulfillment costs	535		602
		Amortization included in operating costs	(552)		(523)
		Impairment charges included in operating costs					–	(3)
		Discontinued operations				3	(2)	–

		Ending balance, December 31	764		783
		Contract costs are amortized over a period ranging from 12 to 84 months.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 145

Note 16 \|	Property, plant and equipment
			NETWORK
			INFRASTRUCTURE	LAND AND	ASSETS UNDER
FOR THE YEAR ENDED DECEMBER 31, 2020		AND EQUIPMENT (1)	BUILDINGS (1)	CONSTRUCTION	TOTAL
COST
January 1, 2020			67,597	8,079	1,687	77,363
Additions			2,414	247	2,071	4,732
Acquired through business combinations			2				5	–	7
Transfers			964	49	(1,825)	(812)
Retirements and disposals			(1,348)	(54)				(32)	(1,434)
Impairment losses recognized in earnings		8	(17)	(9)				(1)	(27)
Discontinued operations		3	(135)	(485)				(11)	(631)
December 31, 2020			69,477	7,832	1,889	79,198
ACCUMULATED DEPRECIATION
January 1, 2020			45,914	3,813				–	49,727
Depreciation			3,035	440				–	3,475
Retirements and disposals			(1,268)	(54)				–	(1,322)
Discontinued operations		3	(70)	(77)				–	(147)
Other			(48)				–	–	(48)
December 31, 2020			47,563	4,122				–	51,685
NET CARRYING AMOUNT
January 1, 2020			21,683	4,266	1,687	27,636
December 31, 2020			21,914	3,710	1,889	27,513
(1) Includes right-of-use assets. See Note 17, Leases, for additional details.
			NETWORK
			INFRASTRUCTURE	LAND AND	ASSETS UNDER
FOR THE YEAR ENDED DECEMBER 31, 2019		AND EQUIPMENT (1)	BUILDINGS (1)	CONSTRUCTION	TOTAL
COST
January 1, 2019			65,048	7,528	1,764	74,340
Additions			2,508	567	1,694	4,769
Acquired through business combinations			3	38				–	41
Transfers			1,130	(14)	(1,772)	(656)
Retirements and disposals			(1,085)	(42)				–	(1,127)
Impairment losses recognized in earnings		8	(11)	(4)				–	(15)
Discontinued operations		3	4				6	1	11
December 31, 2019			67,597	8,079	1,687	77,363
ACCUMULATED DEPRECIATION
January 1, 2019			43,834	3,405				–	47,239
Depreciation			3,015	443				–	3,458
Retirements and disposals			(1,003)	(27)				–	(1,030)
Discontinued operations		3	14	23				–	37
Other			54	(31)				–	23
	December 31, 2019			45,914	3,813				–	49,727
NET CARRYING AMOUNT
January 1, 2019			21,214	4,123	1,764	27,101
December 31, 2019			21,683	4,266	1,687	27,636
(1) Includes right-of-use assets. See Note 17, Leases, for additional details.
Notes to consolidated	fi nancial statements
146 \| BCE InC. 2020 AnnuAl REpoRt

		Note 17 \|	Leases
		RIGHT-OF-USE ASSETSBCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statements of financial position.
					NETWORK
					INFRASTRUCTURE	LAND AND
		FOR THE YEAR ENDED DECEMBER 31, 2020		AND EQUIPMENT	BUILDINGS				TOTAL
		COST
		January 1, 2020			3,609	2,933				6,542
		Additions			470	200				670
		Transfers			(360)		(2)	(362)
		Acquired through business combinations			–		4	4
		Lease terminations			(20)	(10)				(30)
		Impairment losses recognized in earnings		8	(1)		(9)	(10)
		Discontinued operations		(8)	(121)				(129)
		December 31, 2020			3,690	2,995				6,685
		ACCUMULATED DEPRECIATION
		January 1, 2020			1,301	817				2,118
		Depreciation			377	294				671
		Transfers			(199)		–	(199)
		Lease terminations			(2)		(6)	(8)
		Discontinued operations		(4)	(19)				(23)
		December 31, 2020			1,473	1,086				2,559
		NET CARRYING AMOUNT
		January 1, 2020			2,308	2,116				4,424
		December 31, 2020			2,217	1,909				4,126
					NETWORK
					INFRASTRUCTURE	LAND AND
		FOR THE YEAR ENDED DECEMBER 31, 2019		AND EQUIPMENT	BUILDINGS				TOTAL
		COST
		January 1, 2019			3,329	2,453				5,782
		Additions			526	512				1,038
		Transfers			(233)		–	(233)
		Acquired through business combinations			–		8	8
		Lease terminations			(12)	(38)				(50)
		Impairment losses recognized in earnings		8	(2)		(3)	(5)
		Discontinued operations		3	1		1	2
		December 31, 2019			3,609	2,933				6,542
		ACCUMULATED DEPRECIATION
		January 1, 2019			1,042	536				1,578
		Depreciation			372	298				670
		Transfers			(111)		–	(111)

		Lease terminations			(3)	(22)				(25)
		Discontinued operations		3	1		5	6
		December 31, 2019			1,301	817				2,118
		NET CARRYING AMOUNT
		January 1, 2019			2,287	1,917				4,204
Notes to consolidated	fi nancial statements
		December 31, 2019			2,308	2,116				4,424
	BCE InC. 2020 AnnuAl REpoRt \| 147

LEASES IN NET EARNINGS FROM CONTINUING OPERATIONS
The following table provides the expenses related to leases recognized in net earnings from continuing operations.
FOR THE YEAR ENDED DECEMBER 31	2020	2019
Interest expense on lease liabilities	199	213
Variable lease payment expenses not included in the measurement of lease liabilities	150	148
Expenses for leases of low value assets	60	58
Expenses for short-term leases	31	30
LEASES IN THE STATEMENTS OF CASH FLOWS
Total cash outflow related to leases was $1,219 million and $1,214 million for the period ended December 31, 2020 and December 31, 2019, respectively.
ADDITIONAL DISCLOSURESSee Note 23, Debt due within one year, and Note 24, Long-term debt, for
			See Note 33, Commitments and contingencies, for leases committed
lease liabilities balances included in the statements of financial position.			but not yet commenced as at December 31, 2020.
See Note 28, Financial and capital management, for a maturity analysis
of lease liabilities.
Note 18 \|				Intangible assets
					FINITE-LIFE	INDEFINITE-LIFE
									CUSTOMER	PROGRAM	SPECTRUM	TOTAL
FOR THE YEAR ENDED									RELATION-	AND FEATURE	AND OTHER					BROADCAST	INTANGIBLE
DECEMBER 31, 2020							NOTE	SOFTWARE	SHIPS	FILM RIGHTS	OTHER						TOTAL	BRANDS	LICENCES					LICENCES	TOTAL	ASSETS
COST
January 1, 2020								10,522	2,017	716	489	13,744							2,409	3,586					2,026	8,021	21,765
Additions								344	–	874	41						1,259	–	116	–										116	1,375
Acquired through business
													combinations	1	–	10	–						11	–	–	–								–	11
Transfers								810	–									–	–						810	–	–	–								–	810
Retirements and disposals								(2,479)	–									–	(36)						(2,515)	–	–	–								–	(2,515)
Impairment losses
													recognized in earnings	8	(13)	–	(110)	(25)						(148)	–	(1)	(296)	(297)	(445)
Amortization included in
													operating costs	–	–	(845)	–						(845)	–	–	–								–	(845)
Discontinued operations							3	(16)	(281)					–	–						(297)	–	–	–								–	(297)
December 31, 2020								9,169	1,736	645	469	12,019							2,409	3,701					1,730	7,840	19,859
ACCUMULATED AMORTIZATION
January 1, 2020								7,345	839					–	229						8,413	–	–	–								–	8,413
Amortization								787	99									–	43						929	–	–	–								–	929
Retirements and disposals								(2,480)	–									–	(37)						(2,517)	–	–	–								–	(2,517)
Discontinued operations							3		(8)	(60)									–	–						(68)	–	–	–								–	(68)

December 31, 2020								5,644	878					–	235						6,757	–	–	–								–	6,757
NET CARRYING AMOUNT
January 1, 2020								3,177	1,178	716	260						5,331	2,409	3,586					2,026	8,021	13,352
December 31, 2020								3,525	858	645	234						5,262	2,409	3,701					1,730	7,840	13,102
Notes to consolidated	fi nancial statements
148 \| BCE InC. 2020 AnnuAl REpoRt

		FINITE-LIFE	INDEFINITE-LIFE
							CUSTOMER	PROGRAM	SPECTRUM									TOTAL
				FOR THE YEAR ENDED			RELATION-	AND FEATURE	AND OTHER	BROADCAST											INTANGIBLE
				DECEMBER 31, 2019	SOFTWARE	SHIPS	FILM RIGHTS						OTHER	TOTAL	BRANDS	LICENCES	LICENCES								TOTAL	ASSETS
				COST
				January 1, 2019		9,525	2,014	704						500	12,743	2,409	3,587	2,111								8,107	20,850
				Additions		388	–	1,004						4	1,396	–	–	–								–	1,396
				Acquired through business
				combinations			–	6											–	–	6	–	–	–						–	6
				Transfers		657	–											–	–	657	–	–	–						–	657
				Retirements and disposals		(52)	(3)											–	(14)	(69)	–	–	–						–	(69)
				Impairment losses
				recognized in earnings	8		–	–											–	(1)	(1)	–	(1)	(85)						(86)	(87)
				Amortization included in
				operating costs			–	–	(992)						–	(992)	–	–	–								–	(992)
				Discontinued operations	3		4	–											–	–	4	–	–	–						–	4
				December 31, 2019		10,522	2,017	716						489	13,744	2,409	3,586	2,026								8,021	21,765
				ACCUMULATED AMORTIZATION
				January 1, 2019		6,720	727						–	198	7,645	–	–	–								–	7,645
				Amortization		743	98											–	45	886	–	–	–						–	886
				Retirements and disposals		(51)	–											–	(14)	(65)	–	–	–						–	(65)
				Discontinued operations	3		2	14											–	–	16	–	–	–						–	16
				Other		(69)	–											–	–	(69)	–	–	–						–	(69)
				December 31, 2019		7,345	839						–	229	8,413	–	–	–								–	8,413
				NET CARRYING AMOUNT
				January 1, 2019		2,805	1,287	704						302	5,098	2,409	3,587	2,111								8,107	13,205
				December 31, 2019		3,177	1,178	716						260	5,331	2,409	3,586	2,026								8,021	13,352
				Note 19 \|										Investments in associates and joint ventures
				The following tables provide summarized financial information with respect to BCE’s associates and joint ventures. For more details on our
				associates and joint ventures, see Note 34, Related party transactions.
				STATEMENTS OF FINANCIAL POSITION
				FOR THE YEAR ENDED DECEMBER 31	2020											2019
				Assets	3,953											4,045
				Liabilities	(2,448)											(2,689)
				Total net assets	1,505											1,356
				BCE’s share of net assets	756											698
				INCOME STATEMENTS

				FOR THE YEAR ENDED DECEMBER 31	NOTE	2020											2019
				Revenues	1,359											2,398
				Expenses	(1,351)											(2,545)
				Total net income (losses)							8	(147)
Notes to consolidated	fi nancial statements				BCE’s share of net income (losses)	9								5	(72)
	BCE InC. 2020 AnnuAl REpoRt \| 149

Note 20 \|	Other non-current assets
FOR THE YEAR ENDED DECEMBER 31		2020	2019
Long-term wireless device financing plan receivables		399	65
Investments (1)		167	128
Publicly-traded and privately-held investments		126	129
Long-term receivables			128	83
Derivative assets		92	200
Other			89	111
Total other non-current assets			1,001	716
(1) These amounts have been pledged as security related to obligations for certain employee benefits and are not available for general use.
Note 21 \|	Goodwill
The following table provides details about the changes in the carrying amounts of goodwill for the years ended December 31, 2020 and 2019.
BCE’s groups of CGUs correspond to our reporting segments.
						BELL	BELL
					NOTE	WIRELESS	MEDIA	BCE
Balance at January 1, 2019						3,046	2,931	10,658
Acquisitions and other						–	15	9
Balance at December 31, 2019						3,046	2,946	10,667
Acquisitions and other						–	–	52
Discontinued operations					3	–	–	(115)
Balance at December 31, 2020						3,046	2,946	10,604
IMPAIRMENT TESTINGAs described in Note 2, Significant accounting policies, goodwill is tested
							The discount rates are applied to the cash flow projections and are
annually for impairment or when there is an indication that goodwill may be impaired, by comparing the carrying value of a CGU or group of CGUs to the recoverable amount, where the recoverable amount is the higher of fair value less costs of disposal or value in use.							derived from the weighted average cost of capital for each CGU or group of CGUs.
							The following table shows the key assumptions used to estimate the
							recoverable amounts of the groups of CGUs.
During the second quarter of 2020, we identified indicators that goodwill for our Bell Media group of CGUs may be impaired as a result of the economic impact of the COVID-19 pandemic, notably declines in advertising revenues, lower subscriber revenues and increases in discount rates. Impairment testing of goodwill during 2020 for the Bell Media group of CGUs did not result in an impairment of goodwill.
			ASSUMPTIONS USED
			PERPETUITY	DISCOUNT
							GROWTH RATE	RATE
							0.8%	9.1%
							1.0%	6.0%
							0.5%	8.5%
RECOVERABLE AMOUNT
							The recoverable amounts determined in a prior year for the Bell Wireless
The recoverable amount for each of the Bell Wireless and Bell Wireline
							and Bell Wireline groups of CGUs exceed their corresponding current carrying values by a substantial margin and have been carried forward and used in the impairment test for the current year. We believe that any reasonable possible change in the key assumptions on which the estimate of recoverable amounts of the Bell Wireless or Bell Wireline groups of CGUs is based would not cause their carrying amounts to exceed their recoverable amounts.
groups of CGUs is its value in use. The recoverable amount for the Bell Media group of CGUs is its fair value less costs of disposal.

The recoverable amount for a CGU or group of CGUs is determined by
discounting five-year cash flow projections derived from business plans reviewed by senior management. The projections reflect management’s expectations of revenue, segment profit, capital expenditures, working capital and operating cash flows, based on past experience and future expectations of operating performance. Revenue and cost projections for the Bell Media group of CGUs also reflect market participant assumptions.
Notes to consolidated	fi nancial statements							For the Bell Media group of CGUs, the recoverable amount determined in the second quarter of 2020 has been carried forward and used in the annual impairment test. A decrease of (0.6%) in the perpetuity growth rate or an increase of 0.4% in the discount rate would have resulted in its recoverable amount being equal to its carrying value.
Cash flows beyond the five-year period are extrapolated using perpetuity growth rates. None of the perpetuity growth rates exceed the long-term historical growth rates for the markets in which we operate.
150 \| BCE InC. 2020 AnnuAl REpoRt

		Note 22 \|	Trade payables and other liabilities
		FOR THE YEAR ENDED DECEMBER 31		2020			2019
		2,595			2,604
		592			589
		Maple Leaf Sports and Entertainment Ltd. (MLSE) financial liability (1)		149			135
		Derivative liabilities		69			49
		Provisions		53			33
		33			101
		23			35
		CRTC deferral account obligation		13			13
		408			395
		3,935			3,954
		(1) Represents BCE’s obligation to repurchase the BCE Master Trust Fund’s (Master Trust Fund) 9% interest in MLSE at a price not less than an agreed minimum price should the Master Trust
		Fund exercise its put option. The obligation to repurchase is marked to market each reporting period and the gain or loss is recorded in Other (expense) income in the income statements.
		Note 23 \|	Debt due within one year
				WEIGHTED
				AVERAGE
						INTEREST RATE AT
		FOR THE YEAR ENDED DECEMBER 31			NOTE	2020				2019
		Notes payable (1)			28	392				1,994
		Loans secured by trade receivables			28	1,050				1,050
		Long-term debt due within one year (2)			24	975				837
		2,417			3,881
		(1) Includes commercial paper of $274 million in U.S. dollars ($349 million in Canadian dollars) and $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) as at December 31, 2020
		and December 31, 2019, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency
		contracts. See Note 28, Financial and capital management, for additional details.
		(2) Included in long-term debt due within one year is the current portion of lease liabilities of $754 million and $775 million as at December 31, 2020 and December 31, 2019, respectively.
		SECURITIZED TRADE RECEIVABLESOur securitized trade receivables programs are recorded as floating
									We continue to service these trade receivables. The buyers’ interest in the collection of these trade receivables ranks ahead of our interests, which means that we are exposed to certain risks of default on the amounts securitized.
		rate revolving loans secured by certain trade receivables and expire on December 31, 2021 and December 1, 2022.
		The following table provides further details on our securitized trade
		receivables programs.							We have provided various credit enhancements in the form of overcollateralization and subordination of our retained interests.
		FOR THE YEAR ENDED DECEMBER 31					2020	2019
		Average interest rate							The buyers will reinvest the amounts collected by buying additional
		throughout the year					1.58%	2.79%	interests in our trade receivables until the securitized trade receivables agreements expire or are terminated. The buyers and their investors have no further claim on our other assets if customers do not pay the amounts owed.
		Securitized trade receivables					2,007	2,185

		CREDIT FACILITIESBell Canada may issue notes under its Canadian and U.S. commercial paper programs up to the maximum aggregate principal amount of $3 billion in either Canadian or U.S. currency provided that at no time shall such maximum amount of notes exceed $3.5 billion in Canadian
									currency which equals the aggregate amount available under Bell Canada’s committed supporting revolving and expansion credit facilities as at December 31, 2020. The total amount of the net available committed revolving and expansion credit facilities may be drawn at any time.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 151

The table below is a summary of our total bank credit facilities at December 31, 2020.
				COMMERCIAL
	TOTAL		LETTERS OF	PAPER	NET
	AVAILABLE	DRAWN	CREDIT	OUTSTANDING	AVAILABLE
Committed credit facilities
						Unsecured revolving and expansion credit facilities (1) (2)	3,500	–				–	349	3,151
						Other	106	–	106				–	–
Total committed credit facilities	3,606	–	106					349	3,151
Total non-committed credit facilities	1,939	–	1,082					–	857
Total committed and non-committed credit facilities	5,545	–	1,188					349	4,008
(1) Bell Canada’s $2.5 billion committed revolving credit facility expires in November 2024 and its $1 billion committed expansion credit facility expires in November 2022.(2) As of December 31, 2020, Bell Canada’s outstanding commercial paper included $274 million in U.S. dollars ($349 million in Canadian dollars). All of Bell Canada’s commercial paper
						outstanding is included in debt due within one year.
RESTRICTIONSSome of our credit agreements:
• require us to meet specific financial ratios• require us to offer to repay and cancel the credit agreement upon a change of control of BCE or Bell Canada
We are in compliance with all conditions and restrictions under such credit agreements.
Note 24 \|									Long-term debt
		WEIGHTED
		AVERAGE
										INTEREST RATE AT
FOR THE YEAR ENDED DECEMBER 31	NOTE									DECEMBER 31, 2020	MATURITY				2020	2019
Debt securities
						1997 trust indenture	3.68%	2022–2050	16,400	14,500
						1976 trust indenture	9.54%	2021–2054	1,100	1,100
						2011 trust indenture	4.00%	2024				225	225
						2016 U.S. trust indenture (1)	4.41%	2048–2049	2,228	2,273
						1996 trust indenture (subordinated)	8.21%	2026–2031				275	275
Lease liabilities		4.91%	2021–2065	4,356	4,599
Other								386	328
Total debt				24,970	23,300
Net unamortized (discount) premium								(19)	15
Unamortized debt issuance costs								(70)	(63)
Less:
						Amount due within one year	23			(975)	(837)
Total long-term debt				23,906	22,415
(1) At December 31, 2020 and 2019, notes issued under the 2016 U.S. trust indenture totaled $1,750 million in U.S. dollars, and have been hedged for foreign currency fluctuations through
						cross currency interest rate swaps. See Note 28, Financial and capital management, for additional details.

Bell Canada’s debt securities have been issued in Canadian dollars with the exception of debt securities issued under the 2016 U.S. trust indenture, which have been issued in U.S. dollars. All debt securities bear a fixed interest rate.
RESTRICTIONSSome of our debt agreements:
Notes to consolidated	fi nancial statements
• impose covenants and new issue tests• require us to make an offer to repurchase certain series of debt securities upon the occurrence of a change of control event as defined in the
						relevant debt agreements
We are in compliance with all conditions and restrictions under such debt agreements.
152 \| BCE InC. 2020 AnnuAl REpoRt

		All outstanding debt securities have been issued under trust indentures	During the first half of 2020, Bell Canada drew $1,450 million in U.S. dollars ($2,035 million in Canadian dollars) under its committed credit facilities. In Q2 2020, Bell Canada repaid all of the U.S. dollar borrowings under such facilities. The borrowings, which were included in long-term debt, were hedged for foreign currency fluctuations through foreign exchange forward contracts. Accordingly, in Q2 2020, the forward contracts used to hedge these borrowings were settled. See Note 28, Financial and capital management, for additional details.
		and are unsecured. All debt securities have been issued in series and certain series are redeemable at Bell Canada’s option prior to maturity at the prices, times and conditions specified for each series.
		2020On November 6, 2020, Bell Canada redeemed, prior to maturity, its 2.00% Series M-42 medium term note (MTN) debentures, having an outstanding principal amount of $850 million, which were due on October 1, 2021.
			For the year ended December 31, 2020, we incurred early debt redemption charges of $50 million, which were recorded in Other (expense) income in the income statements.
		On September 14, 2020, Bell Canada redeemed, prior to maturity, its
		3.15% Series M-30 MTN debentures, having an outstanding principal
		amount of $750 million, which were due on September 29, 2021.
			2019On September 10, 2019, Bell Canada issued 2.90% Series M-50 MTN debentures under its 1997 trust indenture, with a principal amount of $550 million, which mature on September 10, 2029.
		On August 14, 2020, Bel Canada issued 1.65% Series M-53 MTN debentures under its 1997 trust indenture, with a principal amount of $750 million, which mature on August 16, 2027.
		On May 14, 2020, Bell Canada issued 2.50% Series M-52 MTN debentures under its 1997 trust indenture, with a principal amount of $1 billion, which mature on May 14, 2030.
			On June 13, 2019, Bell Canada redeemed, prior to maturity, its 3.25% Series M-27 MTN debentures, having an outstanding principal amount of $1 billion, which were due on June 17, 2020.
		On May 14, 2020 and February 13, 2020, Bell Canada issued 3.50% Series M-51 MTN debentures under its 1997 trust indenture, with a principal amount of $500 million and $750 million, respectively, which mature on September 30, 2050.
			On May 24, 2019, Bell Canada redeemed, prior to maturity, its 3.54% Series M-37 debentures, having an outstanding principal amount of $400 million, which were due on June 12, 2020.
			On May 13, 2019, Bell Canada issued 2.75% Series M-49 MTN debentures under its 1997 trust indenture, with a principal amount of $600 million, which mature on January 29, 2025. In addition, on the same date, Bell Canada issued 4.30% Series US-2 Notes under its 2016 trust indenture, with a principal amount of $600 million in U.S. dollars ($808 million in Canadian dollars), which mature on July 29, 2049.
		On March 25, 2020, Bell Canada issued 3.35% Series M-47 MTN debentures under its 1997 trust indenture, with a principal amount of $1 billion, which mature on March 12, 2025.
		On March 16, 2020, Bel Canada redeemed, prior to maturity, its 4.95% Series M-24 MTN debentures, having an outstanding principal amount of $500 million, which were due on May 19, 2021.
			For the year ended December 31, 2019, we incurred early debt redemption charges of $18 mil ion, which were recorded in Other (expense) income in the income statements.
		Note 25 \|		Provisions
		FOR THE YEAR ENDED DECEMBER 31			NOTE	AROs	OTHER (1)			TOTAL
		January 1, 2020				199	132			331
		Additions				21		95	116
		Usage				(8)	(20)			(28)
		Reversals				(1)		(1)	(2)
		Discontinued operations			3	(9)		–	(9)
		December 31, 2020				202	206			408
		Current			22	15		38	53
		Non-current			27	187	168			355
		December 31, 2020				202	206			408
		(1) Other includes environmental, legal, vacant space and other provisions.
		AROs reflect management’s best estimates of expected future costs to restore current leased premises to their original condition prior to lease
		inception. Cash outflows associated with our ARO liabilities are generally expected to occur at the restoration dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will be ultimately required for these sites is uncertain.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 153

Note 26 \|	Post-employment benefit plans
POST-EMPLOYMENT BENEFIT PLANS COSTWe provide pension and other benefits for most of our employees. These
					COMPONENTS OF POST-EMPLOYMENT BENEFIT
include DB pension plans, DC pension plans and OPEBs.					PLANS FINANCING COST
We operate our DB and DC pension plans under applicable Canadian and provincial pension legislation, which prescribes minimum and maximum DB funding requirements. Plan assets are held in trust, and the oversight of governance of the plans, including investment decisions, contributions to DB plans and the selection of the DC plans investment options offered to plan participants, lies with the Risk and Pension Fund Committee, a committee of our board of directors.					FOR THE YEAR ENDED DECEMBER 31	2020	2019
					DB pension	(10)	(19)
					OPEBs	(36)	(44)
					Total interest on post-employment benefit
					obligations	(46)	(63)
					The statements of comprehensive income include the following amounts
The interest rate risk is managed using a liability matching approach,
					before income taxes.
which reduces the exposure of the DB plans to a mismatch between investment growth and obligation growth.
						2020	2019
					Cumulative losses recognized directly in equity,
The longevity risk is managed using a longevity swap, which reduces
					January 1	(2,701)	(2,892)
the exposure of the DB plans to an increase in life expectancy.
					Actuarial gains in other comprehensive
								income from continuing operations (1)	732	191
COMPONENTS OF POST-EMPLOYMENT BENEFIT
					Increase in the effect of the asset limit
PLANS SERVICE COST
								in other comprehensive income from continuing operations (2)
						(45)	–
FOR THE YEAR ENDED DECEMBER 31		2020	2019
DB pension		(219)	(193)		Cumulative losses recognized directly in equity,
					December 31	(2,014)	(2,701)
DC pension		(113)	(109)
OPEBs		(2)	(3)
					(1) The cumulative actuarial losses recognized in the statements of comprehensive income
Less:					are $2,215 million in 2020.
				Capitalized benefit plans cost	65	59		(2) The cumulative decrease in the effect of the asset limit recognized in the statements of
					comprehensive income is $201 million in 2020.
Total post-employment benefit plans service cost		(269)	(246)
COMPONENTS OF POST-EMPLOYMENT BENEFIT (OBLIGATIONS) ASSETS
The following table shows the change in post-employment benefit obligations and the fair value of plan assets.
					DB PENSION PLANS				OPEB PLANS	TOTAL
					2020					2019	2020		2019	2020	2019
Post-employment benefit obligations, January 1					(25,650)			(23,404)	(1,529)		(1,469)	(27,179)	(24,873)
				Current service cost	(219)					(193)	(2)		(3)	(221)	(196)
				Interest on obligations	(782)					(872)	(46)		(55)	(828)	(927)
				Actuarial losses (1)	(1,830)					(2,498)	(90)		(80)	(1,920)	(2,578)
				Benefit payments	1,342					1,326	67		77	1,409	1,403
				Employee contributions	(10)					(10)	–		–	(10)	(10)
				Other	–					1	–		1	–	2
Post-employment benefit obligations, December 31					(27,149)			(25,650)	(1,600)		(1,529)	(28,749)	(27,179)
Fair value of plan assets, January 1					25,530			23,071	320		287	25,850	23,358
				Expected return on plan assets (2)	772					853	10		11	782	864
					2,632				20	2,652
				Actuarial gains (1)						2,742	27	2,769
				Benefit payments	(1,342)					(1,326)	(67)		(77)	(1,409)	(1,403)
				Employer contributions	183					180	61		72	244	252
				Employee contributions	10					10	–		–	10	10
Fair value of plan assets, December 31					27,785			25,530	344		320	28,129	25,850
Notes to consolidated	fi nancial statements	Plan asset (deficit)					636					(120)	(1,256)		(1,209)	(620)	(1,329)
Effect of asset limit					(65)					(20)	–		–	(65)	(20)
Post-employment benefit asset (liability), December 31					571					(140)	(1,256)		(1,209)	(685)	(1,349)
Post-employment benefit assets					1,277					558	–		–	1,277	558
Post-employment benefit obligations					(706)					(698)	(1,256)		(1,209)	(1,962)	(1,907)
(1) Actuarial gains (losses) include experience gains of $2,613 million in 2020 and $2,525 million in 2019.(2) The actual return on plan assets was $3,434 million or 13.7% in 2020 and $3,633 million or 16.0% in 2019.
154 \| BCE InC. 2020 AnnuAl REpoRt

		FUNDED STATUS OF POST-EMPLOYMENT BENEFIT PLANS COST
		The following table shows the funded status of our post-employment benefit obligations.
			FUNDED	PARTIALLY FUNDED (1)	UNFUNDED (2)	TOTAL
		FOR THE YEAR ENDED DECEMBER 31	2020				2019	2020				2019	2020	2019					2020		2019
		Present value of post-employment
		benefit obligations								(26,421)	(24,961)	(2,011)				(1,918)	(317)	(300)				(28,749)	(27,179)
		Fair value of plan assets								27,727	25,474	402				376	–	–				28,129	25,850
		Plan surplus (deficit)	1,306				513	(1,609)				(1,542)	(317)	(300)					(620)	(1,329)
		(1) The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and certain OPEBs. The company partially funds the SERPs through letters
		of credit and a retirement compensation arrangement account with Canada Revenue Agency. Certain paid-up life insurance benefits are funded through life insurance contracts.
		(2) Our unfunded plans consist of certain OPEBs, which are paid as claims are incurred.
		SIGNIFICANT ASSUMPTIONSWe used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.
	DB PENSION PLANS AND OPEB PLANS
		FOR THE YEAR ENDED DECEMBER 31	2020								2019
		Post-employment benefit obligations
		Discount rate	2.6%								3.1%
		Rate of compensation increase	2.25%								2.25%
		Cost of living indexation rate (1)	1.6%								1.6%
		Life expectancy at age 65 (years)	23.2								23.2
		(1) Cost of living indexation rate is only applicable to DB pension plans.
	DB PENSION PLANS AND OPEB PLANS
		FOR THE YEAR ENDED DECEMBER 31	2020								2019
		Net post-employment benefit plans cost
		Discount rate	3.2%								4.0%
		Rate of compensation increase	2.25%								2.25%
		Cost of living indexation rate (1)	1.6%								1.6%
		Life expectancy at age 65 (years)	23.2								23.1
		(1) Cost of living indexation rate is only applicable to DB pension plans.
		The weighted average duration of the post-employment benefit		Assumed trend rates in healthcare costs have a significant effect on
		obligation is 15 years.		the amounts reported for the healthcare plans.
		We assumed the following trend rates in healthcare costs:		The following table shows the effect of a 1% change in the assumed
		• an annual increase in the cost of medication of 6.5% for 2020		trend rates in healthcare costs.
		decreasing to 4.0% over 20 years
				EFFECT ON POST-EMPLOYMENT
		• an annual increase in the cost of covered dental benefits of 4%• an annual increase in the cost of covered hospital benefits of 3.7%• an annual increase in the cost of other covered healthcare benefits		BENEFITS – INCREASE/(DECREASE)	1% INCREASE					1% DECREASE
				Total service and interest cost							3	(3)
				Post-employment benefit obligations	110								(95)
		of 4%
		SENSITIVITY ANALYSIS
		The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net

		post-employment benefit plans cost for our DB pension plans and OPEB plans.
				IMPACT ON NET POST-EMPLOYMENT	IMPACT ON POST-EMPLOYMENT BENEFIT
				BENEFIT PLANS COST FOR 2020 –	OBLIGATIONS AT DECEMBER 31, 2020 –
								INCREASE/(DECREASE)	INCREASE/(DECREASE)
							CHANGE IN	INCREASE IN	DECREASE IN	INCREASE IN					DECREASE IN
							ASSUMPTION	ASSUMPTION	ASSUMPTION	ASSUMPTION					ASSUMPTION
		Discount rate					0.5%	(76)	64	(1,897)								2,127
Notes to consolidated	fi nancial statements
		Life expectancy at age 65					1 year	38	(38)	1,092					(1,092)
	BCE InC. 2020 AnnuAl REpoRt \| 155

POST-EMPLOYMENT BENEFIT PLAN ASSETS
The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner
to maintain the security of benefits.
The following table shows the target allocations for 2020 and the allocation of our post-employment benefit plan assets at December 31, 2020
and 2019.
	WEIGHTED AVERAGE
	TARGET ALLOCATION	TOTAL PLAN ASSETS FAIR VALUE
ASSET CATEGORY			2020	DECEMBER 31, 2020		DECEMBER 31, 2019
Equity securities			0%–40%	23%			22%
Debt securities	60%–100%	60%			62%
Alternative investments			0%–50%	17%			16%
Total		100%			100%
The following table shows the fair value of the DB pension plan assets for each category.
FOR THE YEAR ENDED DECEMBER 31		2020			2019
Observable markets data
						Equity securities
						Canadian	1,027			1,017
						Foreign	5,242			4,534
						Debt securities
						Canadian	13,361			13,216
						Foreign	2,913			2,385
						Money market	369			219
Non-observable markets inputs
						Alternative investments
						Private equities	2,564			2,119
						Hedge funds	1,200			1,001
						Real estate	1,033			948
						Other	76	91
Total		27,785			25,530
Equity securities included approximately $3 million of BCE common shares, or 0.01% of total plan assets, at December 31, 2020 and approximately $15 million of BCE common shares, or 0.06% of total plan assets, at December 31, 2019.								The fair value of the arrangement is included within other alternative
								investments. As a hedging arrangement of the pension plan, the transaction requires no cash contributions from BCE.
								CASH FLOWSWe are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods that are permitted by pension regulatory authorities. Contributions reflect actuarial assumptions about future investment returns, salary projections and future service benefits. Changes in these factors could cause actual future contributions to differ from our current estimates and could require us to increase contributions to our post-employment benefit plans in the future, which could have a negative effect on our liquidity and financial performance.
Debt securities included approximately $141 million of Bell Canada debentures, or 0.51% of total plan assets, at December 31, 2020 and approximately $53 million of Bell Canada debentures, or 0.21% of total plan assets, at December 31, 2019.
Alternative investments included an investment in MLSE of $149 million,
or 0.54% of total plan assets, at December 31, 2020 and $135 mil ion, or
0.53% of total plan assets, at December 31, 2019.
The Bell Canada pension plan has an investment arrangement which
	hedges part of its exposure to potential increases in longevity, which covers approximately $4 billion of post-employment benefit obligations.
								We contribute to the DC pension plans as employees provide service.
The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under OPEB plans.
									DB PLANS	DC PLANS			OPEB PLANS
FOR THE YEAR ENDED DECEMBER 31									2020	2019		2020	2019	2020			2019
Notes to consolidated	fi nancial statements	Contributions/payments									(183)		(180)	(114)	(110)	(61)		(72)
We expect to contribute approximately $180 million to our DB pension plans in 2021, subject to actuarial valuations being completed. We expect to contribute approximately $120 million to the DC pension plans and to pay approximately $70 million to beneficiaries under OPEB plans in 2021.
156 \| BCE InC. 2020 AnnuAl REpoRt

Note 27 |

Other non-current liabilities

FOR THE YEAR ENDED DECEMBER 31

2020

2019

361

305

Provisions

355

298

262

192

1,145

871

Note 28 |

Financial and capital management

FINANCIAL MANAGEMENTManagement’s objectives are to protect BCE and its subsidiaries on a

FAIR VALUEFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

consolidated basis against material economic exposures and variability of results from various financial risks, including credit risk, liquidity risk, foreign currency risk, interest rate risk, commodity price risk and equity price risk.

Certain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that may be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values may not be the net amounts that would be realized if these instruments were settled.

DERIVATIVESWe use derivative instruments to manage our exposure to foreign currency risk, interest rate risk, commodity price risk and changes in the price of BCE common shares.

The following derivative instruments were outstanding during 2020

The carrying values of our cash and cash equivalents, trade and

and/or 2019:

other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term. The carrying value of wireless device financing plan receivables approximates fair value given that their average remaining duration is short and the carrying value is reduced by an allowance for doubtful accounts and an allowance for revenue adjustments.

• foreign currency forward contracts and options that manage the

foreign currency risk of certain anticipated purchases and sales and U.S. commercial paper

• foreign currency forward contracts and cross currency interest rate

swaps that hedge foreign currency risk on a portion of our debt due within one year and long-term debt

• forward contracts on BCE common shares that mitigate the cash flow

exposure and equity price risk related to common shares issued under our share-based payment plans

• interest rate swaps and options that hedge future dividend rate resets

on preferred shares

• fuel swaps that mitigate the purchase cost of fuel

The following table provides the fair value details of other financial instruments measured at amortized cost in the statements of financial position.

DECEMBER 31, 2020

DECEMBER 31, 2019

CARRYING

FAIR

CARRYING

FAIR

CLASSIFICATION

FAIR VALUE METHODOLOGY

NOTE

VALUE

CRTC deferral account obligation

Trade payables and

Present value of estimated future cash flows discounted using observable market interest rates

22, 27

other liabilities and other non-current liabilities

Debt securities and other debt

Debt due within one year and long-term debt

Quoted market price of debt

23, 24

20,525

24,366

18,653

20,905

Notes to consolidated

fi nancial statements

BCE InC. 2020 AnnuAl REpoRt | 157

The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
	FAIR VALUE OF ASSET (LIABILITY)
					QUOTED PRICES IN
					ACTIVE MARKETS FOR	OBSERVABLE	NON-OBSERVABLE
				CARRYING	IDENTICAL ASSETS	MARKET DATA	MARKET INPUTS
		CLASSIFICATION	VALUE	(LEVEL 1)					(LEVEL 2) (1)		(LEVEL 3) (2)
December 31, 2020
Publicly-traded and privately-held investments		Other non-current assets	126	3						–	123
Derivative financial instruments		Other current assets, trade payables and other liabilities, other non-current assets and liabilities		(51)								(51)	–
MLSE financial liability (3)		Trade payables and other liabilities	(149)	–						–	(149)
Other		Other non-current assets and liabilities		109	–					167		(58)
December 31, 2019
Publicly-traded and privately-held investments		Other non-current assets	129	2						–	127
Derivative financial instruments		Other current assets, trade payables and other liabilities, other non-current assets and liabilities		165	–					165		–
MLSE financial liability (3)		Trade payables and other liabilities	(135)	–						–	(135)
Other		Other non-current assets and liabilities		71	1					128		(58)
(1) Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.(2) Non-observable market inputs such as discounted cash flows and earnings multiples. A reasonable change in our assumptions would not result in a significant increase (decrease) to our
										level 3 financial instruments.
(3) Represents BCE’s obligation to repurchase the Master Trust Fund’s 9% interest in MLSE at a price not less than an agreed minimum price, should the Master Trust Fund exercise its put
										option. The obligation to repurchase is marked to market each reporting period and any gain or loss is recorded in Other (expense) income in the income statements.
CREDIT RISKWe are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position.
													The following table provides further details on trade receivables, net
													of allowance for doubtful accounts.
													AT DECEMBER 31	2020	2019
We are exposed to credit risk if counterparties to our trade receivables, including wireless equipment plan receivables, and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December 31, 2020 and 2019. We deal with institutions that have investment-grade credit ratings and we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure.													Trade receivables not past due	2,574	2,082
													Trade receivables past due
				Under 60 days			432	541
				60 to 120 days			214	232
				Over 120 days			45	64
													Trade receivables, net of allowance for doubtful
				accounts			3,265	2,919
													The following table provides the change in allowance for doubtful
The following table provides the change in allowance for doubtful
													accounts for contract assets.
accounts for trade receivables, including the current portion of wireless device financing plan receivables, which reflects an increase in 2020 mainly as a result of the impact of the COVID-19 pandemic.
						NOTE	2020	2019
													Balance, January 1	(68)	(73)
													Additions	(31)	(28)
											NOTE	2020	2019
	Balance, January 1												(62)	(51)				Usage and reversals	40	33
Additions												(134)	(114)				Balance, December 31	(59)	(68)
Usage and reversals												47	103
													Current	(29)	(32)
Balance, December 31											12	(149)	(62)				Non-current	(30)	(36)
													Balance, December 31	14	(59)	(68)
Notes to consolidated	fi nancial statements	In many instances, trade receivables are written off directly to bad debt expense if the account has not been collected after a predetermined period of time.
158 \| BCE InC. 2020 AnnuAl REpoRt

		LIQUIDITY RISKOur cash and cash equivalents, cash flows from operations and possible capital markets financing are expected to be sufficient to fund our operations and fulfill our obligations as they become due. Should our cash requirements exceed the above sources of cash, we would expect to cover such a shortfall by drawing on existing committed bank facilities and new ones, to the extent available.
		The following table is a maturity analysis for recognized financial liabilities at December 31, 2020 for each of the next five years and thereafter.
								THERE-
		AT DECEMBER 31, 2020	2021	2022	2023	2024	2025						AFTER	TOTAL
		Long-term debt	221	1,785	1,665	1,278	2,125						13,540	20,614
		Notes payable	392	–	–	–	–						–	392
		Lease liabilities (1)		921	832	611	459	406						2,077	5,306
		Loan secured by trade receivables	1,050	–	–	–	–						–	1,050
		Interest payable on long-term debt, notes payable
		and loan secured by trade receivables		844	824	756	693	641						7,623	11,381
		Net (receipts) payments on cross currency
		basis swaps		(1)	(1)	–	–	–						64	62
		MLSE financial liability	149	–	–	–	–						–	149
		Total		3,576	3,440	3,032	2,430	3,172						23,304	38,954
		(1) Includes imputed interest of $950 million.
		We are also exposed to liquidity risk for financial liabilities due within one year as shown in the statements of financial position.
		MARKET RISKCURRENCY EXPOSURESWe use forward contracts, options and cross currency interest rate swaps to manage foreign currency risk related to anticipated purchases and sales and certain foreign currency debt.
					At December 31, 2020, we had outstanding cross currency interest
					rate swaps with a notional amount of $1,750 mil ion in U.S. dol ars ($2,301 million in Canadian dollars), to hedge the U.S. currency exposure of our Series US-1 and Series US-2 Notes maturing in 2048 and 2049, respectively. See Note 24, Long-term debt, for additional details.
		In the first half of 2020, we entered into foreign currency forward contracts with a notional amount of $1,453 million in U.S. dollars ($2,039 million in Canadian dollars) to hedge the foreign currency risk associated with amounts drawn under our committed credit facilities.
					A 10% depreciation (appreciation) in the value of the Canadian dollar
					relative to the U.S. dollar would result in a gain (loss) of $7 million ($19 million) recognized in net earnings from continuing operations at December 31, 2020 and a gain (loss) of $245 million ($215 million) recognized in Other comprehensive income from continuing operations at December 31, 2020, with all other variables held constant.
		These foreign currency forward contracts matured in Q2 2020 and a
		loss of $14 million relating to these foreign currency forward contracts was recognized in Other (expense) income in the consolidated income statements, which offsets the foreign currency gain on the repayment of drawdowns under the credit facilities.
					A 10% depreciation (appreciation) in the value of the Canadian dollar
					relative to the Philippine peso would result in a gain (loss) of $4 million recognized in Other comprehensive income from continuing operations at December 31, 2020, with all other variables held constant.
		The following table provides further details on our outstanding foreign currency forward contracts and options as at December 31, 2020.
									BUY	AMOUNT		SELL	AMOUNT
		TYPE OF HEDGE							CURRENCY	TO RECEIVE	CURRENCY		TO PAY	MATURITY		HEDGED ITEM
		Cash flow							USD	675		CAD	885				2021	Anticipated transactions
		Cash flow							USD	274		CAD	349				2021	Commercial paper
		Cash flow							PHP	2,174		CAD	59				2021	Anticipated transactions
		Cash flow							USD	479		CAD	614				2022	Anticipated transactions
		Cash flow – call options							USD	231		CAD	299				2022	Anticipated transactions

		Cash flow – put options							USD	231		CAD	295				2022	Anticipated transactions
		Economic							USD	130		CAD	180				2021	Anticipated transactions
		Economic – call options							USD	12		CAD	17				2021	Anticipated transactions
		Economic – call options							CAD	17		USD	12				2021	Anticipated transactions
		Economic – put options							USD	120		CAD	154				2021	Anticipated transactions
Notes to consolidated	fi nancial statements		Economic – put options							USD	99		CAD	123				2022	Anticipated transactions
	BCE InC. 2020 AnnuAl REpoRt \| 159

INTEREST RATE EXPOSURESIn 2020, we entered into interest rate options to economically hedge the dividend rate resets on $582 million of our preferred shares having varying reset dates in 2021. The fair value of these interest rate options at December 31, 2020 was a net liability of $6 million, recognized in Other current assets, Trade payables and other liabilities, and Other non-current liabilities in the consolidated statements of financial position. A loss of $6 million for the year ended December 31, 2020 relating to these interest rate options is recognized in Other (expense) income in the consolidated income statements.	The fair value of our equity forward contracts at December 31, 2020
	was a net liability of $82 million recognized in Other current assets,
	Trade payables and other liabilities, Other non-current assets and Other
	non-current liabilities in the consolidated statements of financial position.
	The fair value of our equity forward contracts at December 31, 2019
	was an asset of $40 million recognized in Other current assets and Other non-current assets in the consolidated statements of financial position. A (loss) gain of ($51 million) and $138 million for the year ended December 31, 2020 and 2019, respectively, relating to these equity forward contracts is recognized in Other (expense) income in the consolidated income statements.
A 1% increase (decrease) in interest rates would result in an increase
(decrease) of $20 million and ($26 million) in net earnings from continuing operations at December 31, 2020.	A 5% increase (decrease) in the market price of BCE’s common shares
	at December 31, 2020 would result in a gain (loss) of $39 million recognized in net earnings from continuing operations for 2020, with all other variables held constant.
In 2019, we entered into interest rate swaps, maturing in 2020, with a notional amount of $275 million to hedge the dividend rate reset on BCE preferred shares in 2020. A (loss) gain of ($9 million) and $8 million for the year ended December 31, 2020 and 2019, respectively, relating to these interest rate swaps is recognized in Other (expense) income in the consolidated income statements.
	COMMODITY PRICE EXPOSURESIn 2020, we entered into fuel swaps to economically hedge the purchase cost of fuel in 2020 and 2021. The fair value of our fuel swaps at December 31, 2020 was an asset of $3 million included in Other current assets in the consolidated statements of financial position. A gain of $3 mil ion relating to these fuel swaps is recognized in Other (expense) income in the consolidated income statements.
EQUITY PRICE EXPOSURESWe use equity forward contracts on BCE’s common shares to economically hedge the cash flow exposure related to the settlement of equity settled share-based compensation plans and the equity price risk related to a cash-settled share-based payment plan. See Note 30, Share-
	A 25% increase (decrease) in the market price of fuel at December 31, 2020 would result in a gain (loss) of $3 million recognized in net earnings from
based payments, for details on our share-based payment arrangements.	continuing operations, with all other variables held constant.
CAPITAL MANAGEMENTWe have various capital policies, procedures and processes which are
	The following table provides a summary of our key ratios.
utilized to achieve our objectives for capital management. These include optimizing our cost of capital and maximizing shareholder return while balancing the interests of our stakeholders.
	AT DECEMBER 31	2020	2019
	Net debt leverage ratio	2.93	2.81
	Adjusted EBITDA to net interest expense ratio	8.32	8.50
Our definition of capital includes equity attributable to BCE shareholders, debt, and cash and cash equivalents.
	On February 3, 2021, the board of directors of BCE approved an increase of 5.1% in the annual dividend on BCE’s common shares, from $3.33 to $3.50 per common share. In addition, the board of directors of BCE declared a quarterly dividend of $0.875 per common share payable on April 15, 2021 to the shareholders of record at March 15, 2021.
The key ratios that we use to monitor and manage our capital structure
are a net debt leverage ratio (1) and an adjusted EBITDA to net interest expense ratio (2). In 2020 and 2019, our net debt leverage ratio target range was 2.0 to 2.50 times adjusted EBITDA and our adjusted EBITDA to net interest expense ratio target was greater than 7.5 times. At December 31, 2020, we had exceeded the limit of our internal net debt leverage ratio target range by 0.43.
	On February 5, 2020, the board of directors of BCE approved an increase of 5.0% in the annual dividend on BCE’s common shares, from $3.17 to $3.33 per common share.
These ratios do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures
	In Q4 2020, BCE started a normal course issuer bid program (NCIB) with respect to its First Preferred Shares. See Note 29, Share capital, for additional details.
presented by other issuers. We use, and believe that certain investors and analysts use, our net debt leverage ratio and adjusted EBITDA to net interest expense ratio as measures of financial leverage and health of the company.

Notes to consolidated	fi nancial statements
(1) Our net debt leverage ratio represents net debt divided by adjusted EBITDA. We define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash
				and cash equivalents, as shown in our statements of financial position. Adjusted EBITDA is defined as operating revenues less operating costs as shown in our income statements.
(2) Our adjusted EBITDA to net interest expense ratio represents adjusted EBITDA divided by net interest expense. Adjusted EBITDA is defined as operating revenues less operating costs as
				shown in our income statements. Net interest expense is net interest expense as shown in our statements of cash flows plus 50% of declared preferred share dividends as shown in our
				income statements.
160 \| BCE InC. 2020 AnnuAl REpoRt

		Note 29 \|	Share capital
		PREFERRED SHARESBCE’s articles of amalgamation, as amended, provide for an unlimited number of First Preferred Shares and Second Preferred Shares, all without par value. The terms set out in the articles authorize BCE’s directors to issue the shares in one or more series and to set the number of shares
		and the conditions for each series.
		The following table provides a summary of the principal terms of BCE’s First Preferred Shares as at December 31, 2020. There were no Second
		Preferred Shares issued and outstanding at December 31, 2020. BCE’s articles of amalgamation, as amended, describe the terms and conditions of these shares in detail.
								NUMBER OF SHARES	STATED CAPITAL
			ANNUAL
			DIVIDEND	CONVERTIBLE				REDEMPTION			ISSUED AND	DECEMBER 31,					DECEMBER 31,
		SERIES	RATE	INTO	CONVERSION DATE	REDEMPTION DATE	PRICE	AUTHORIZED		OUTSTANDING	2020		2019
		Q	floating	Series R	December 1, 2030		$25.50	8,000,000	–						–	–
		R (1)	3.018%	Series Q	December 1, 2025	December 1, 2025	$25.00	8,000,000		7,998,900	200		200
		S	floating	Series T	November 1, 2021	At any time	$25.50	8,000,000		3,511,848	88		88
		T (1)	3.019%	Series S	November 1, 2021	November 1, 2021	$25.00	8,000,000		4,486,552	112		112
		Y	floating	Series Z	December 1, 2022	At any time	$25.50	10,000,000		8,079,291	202		202
		Z (1)	3.904%	Series Y	December 1, 2022	December 1, 2022	$25.00	10,000,000		1,918,509	48		48
		AA (1)	3.61%	Series AB	September 1, 2022	September 1, 2022	$25.00	20,000,000		11,397,196	291		291
		AB	floating	Series AA	September 1, 2022	At any time	$25.50	20,000,000		8,599,204	219		219
		AC (1)	4.38%	Series AD	March 1, 2023	March 1, 2023	$25.00	20,000,000		10,027,991	256		256
		AD	floating	Series AC	March 1, 2023	At any time	$25.50	20,000,000		9,963,209	254		254
		AE	floating	Series AF	February 1, 2025	At any time	$25.50	24,000,000		6,512,913	163		232
		AF (1)	3.865%	Series AE	February 1, 2025	February 1, 2025	$25.00	24,000,000		9,481,487	237		168
		AG (1)	2.80%	Series AH	May 1, 2021	May 1, 2021	$25.00	22,000,000		4,984,851	125		125
		AH	floating	Series AG	May 1, 2021	At any time	$25.50	22,000,000		9,012,249	225		225
		AI (1)	2.75%	Series AJ	August 1, 2021	August 1, 2021	$25.00	22,000,000		5,949,884	149		149
		AJ	floating	Series AI	August 1, 2021	At any time	$25.50	22,000,000		8,050,116	201		201
		AK (1)	2.954%	Series AL	December 31, 2021	December 31, 2021	$25.00	25,000,000		22,735,621	568		569
		AL (2)	floating	Series AK	December 31, 2021	At any time		25,000,000		2,254,079	56		56
		AM (1)	2.764%	Series AN	March 31, 2021	March 31, 2021	$25.00	30,000,000		9,542,615	218		218
		AN (2)	floating	Series AM		March 31, 2021	At any time		30,000,000		1,952,085	45		45
		AO (1)	4.26%	Series AP	March 31, 2022	March 31, 2022	$25.00	30,000,000		4,600,000	118		118
		AP (3)	floating	Series AO	March 31, 2027			30,000,000	–						–	–
		AQ (1)	4.812%	Series AR	September 30, 2023 September 30, 2023		$25.00	30,000,000		9,200,000	228		228
		AR (3)	floating	Series AQ	September 30, 2028			30,000,000	–						–	–
									4,003		4,004
		(1) BCE may redeem each of these series of First Preferred Shares on the applicable redemption date and every five years after that date.(2) BCE may redeem Series AL and AN First Preferred Shares at $25.00 per share on December 31, 2021 and March 31, 2021, respectively, and every five years thereafter (each, a Series
		conversion date). Alternatively, BCE may redeem Series AL or AN First Preferred Shares at $25.50 per share on any date which is not a Series conversion date for the applicable series of
		First Preferred Shares.
		(3) If Series AP or AR First Preferred Shares are issued on March 31, 2022 and September 30, 2023, respectively, BCE may redeem such shares at $25.00 per share on March 31, 2027 and
		September 30, 2028, respectively, and every five years thereafter (each, a Series conversion date). Alternatively, BCE may redeem Series AP or AR First Preferred Shares at $25.50 per
		share on any date which is not a Series conversion date for the applicable series of First Preferred Shares.

Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 161

NORMAL COURSE ISSUER BID FOR BCE FIRST	Holders of Series R, T, Z, AA, AC, AF, AG, AI, AK, AM, AO and AQ First Preferred Shares are entitled to fixed cumulative quarterly dividends.
PREFERRED SHARESOn November 4, 2020, BCE’s Board of Directors authorized the company to commence a normal course issuer bid (NCIB) to purchase for cancellation up to 10% of the public float of each series of BCE’s outstanding First Preferred Shares that are listed on the Toronto Stock Exchange. In 2020, BCE repurchased and canceled 41,400 First Preferred Shares for a total cost of $1 million. The NCIB will extend up to November 8, 2021, or an earlier date should BCE complete its purchases under the NCIB.
	The dividend rate on these shares is reset every five years, as set out
	in BCE’s articles of amalgamation, as amended.
	Holders of Series S, Y, AB, AD, AE, AH and AJ First Preferred Shares are entitled to floating adjustable cumulative monthly dividends. The floating dividend rate on these shares is calculated every month, as set out in BCE’s articles of amalgamation, as amended.
	Holders of Series AL and AN First Preferred Shares are entitled to floating cumulative quarterly dividends. The floating dividend rate on these shares is calculated every quarter, as set out in BCE’s articles of amalgamation, as amended.
VOTING RIGHTSAll of the issued and outstanding First Preferred Shares at December 31, 2020 are non-voting, except under special circumstances when the holders are entitled to one vote per share.
	Dividends on all series of First Preferred Shares are paid as and when declared by the board of directors of BCE.
PRIORITY AND ENTITLEMENT TO DIVIDENDS	CONVERSION FEATURESAll of the issued and outstanding First Preferred Shares at December 31, 2020 are convertible at the holder’s option into another associated series of First Preferred Shares on a one-for-one basis according to the terms set out in BCE’s articles of amalgamation, as amended.
The First Preferred Shares of all series rank at parity with each other and
in priority to all other shares of BCE with respect to payment of dividends and with respect to distribution of assets in the event of liquidation, dissolution or winding up of BCE.
COMMON SHARES AND CLASS B SHARESBCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value.
The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved
or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2020 and 2019.
The following table provides details about the outstanding common shares of BCE.
		2020	2019
					NUMBER OF	STATED	NUMBER OF	STATED
				NOTE	SHARES	CAPITAL	SHARES	CAPITAL
Outstanding, January 1	903,908,182					20,363	898,200,415	20,036
Shares issued under employee stock option plan	30				506,828	27	4,459,559	251
Shares issued under ESP		–				–	1,231,479	75
Shares issued under DSP		–				–	16,729	1
Outstanding, December 31	904,415,010					20,390	903,908,182	20,363
CONTRIBUTED SURPLUSContributed surplus in 2020 and 2019 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.
Note 30 \|									Share-based payments
The following share-based payment amounts are included in the income statements as operating costs.

FOR THE YEAR ENDED DECEMBER 31			2020					2019
ESP			(31)					(29)
RSUs/PSUs			(51)					(54)
Other (1)			(9)					(10)
Total share-based payments			(91)					(93)
Notes to consolidated	fi nancial statements
(1) Includes DSP, DSUs and stock options.
162 \| BCE InC. 2020 AnnuAl REpoRt

		DESCRIPTION OF THE PLANSESP
		The ESP is designed to encourage employees of BCE and its participating	Employer contributions to the ESP and related dividends are subject to employees holding their shares for a two-year vesting period.
		subsidiaries to own shares of BCE. Each year, employees can choose
		to have up to 12% of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute up to 2% of the employee’s eligible annual earnings to the plan. Dividends are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.
			The trustee of the ESP buys BCE common shares for the participants
			on the open market, by private purchase or from treasury. BCE determines the method the trustee uses to buy the shares.
			At December 31, 2020, 4,360,087 common shares were authorized for
			issuance from treasury under the ESP.
		The following table summarizes the status of unvested employer contributions at December 31, 2020 and 2019.
		NUMBER OF ESP SHARES	2020	2019
		Unvested contributions, January 1	1,124,198	1,120,426
		Contributions (1)	648,812	623,705
		Dividends credited	62,171	57,083
		Vested	(581,119)	(523,359)
		Forfeited	(107,082)	(153,657)
		Unvested contributions, December 31	1,146,980	1,124,198
		(1) The weighted average fair value of the shares contributed was $57 in 2020 and $60 in 2019.
		RSUs/PSUsRSUs/PSUs are granted to executives and other eligible employees.
			Executives and other eligible employees are granted a specific number of RSUs/PSUs for a given performance period based on their position and level of contribution. RSUs/PSUs vest ful y after three years of continuous employment from the date of grant and, in certain cases, if performance objectives are met, as determined by the board of directors.
		The value of an RSU/PSU at the grant date is equal to the value of one
		BCE common share. Dividends in the form of additional RSUs/PSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividend paid on BCE common shares.
		The following table summarizes outstanding RSUs/PSUs at December 31, 2020 and 2019.
		NUMBER OF RSUs/PSUs	2020	2019
		Outstanding, January 1	2,915,118	2,812,697
		Granted (1)	866,127	975,348
		Dividends credited	165,435	149,648
		Settled	(935,117)	(932,133)
		Forfeited	(38,170)	(90,442)
		Outstanding, December 31	2,973,393	2,915,118
		Vested, December 31 (2)	1,065,454	904,266
		(1) The weighted average fair value of the RSUs/PSUs granted was $63 in 2020 and $58 in 2019.(2) The RSUs/PSUs vested on December 31, 2020 were fully settled in February 2021 with BCE common shares and/or DSUs.
		DSP	DSUsEligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company.
		The value of a deferred share is equal to the value of one BCE common
		share. Dividends in the form of additional deferred shares are credited
		to the participant’s account on each dividend payment date and are equivalent in value to the dividend paid on BCE common shares.
		The liability related to the DSP is recorded in Trade payables and other
		liabilities in the statements of financial position and was $19 million and
		$22 million at December 31, 2020 and 2019, respectively.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 163

The following table summarizes the status of outstanding DSUs at December 31, 2020 and 2019.
NUMBER OF DSUs	2020	2019
Outstanding, January 1	4,623,099		4,391,997
Issued (1)	77,042	84,588
Settlement of RSUs/PSUs	90,435	146,960
Dividends credited	255,960	236,079
Settled	(815,864)	(236,525)
Outstanding, December 31	4,230,672		4,623,099
(1) The weighted average fair value of the DSUs issued was $61 in 2020 and $59 in 2019.
STOCK OPTIONSUnder BCE’s long-term incentive plans, BCE may grant options to executives to buy BCE common shares. The subscription price of a grant is based on the higher of:
					At December 31, 2020, in addition to the stock options outstanding,
					4,193,370 common shares were authorized for issuance under these
					plans. Options vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of seven years from the date of grant for options granted prior to 2019 and ten years from the date of grant for options granted in 2019 and 2020.
• the volume-weighted average of the trading price on the trading day
				immediately prior to the effective date of the grant
• the volume-weighted average of the trading price for the last five
				consecutive trading days ending on the trading day immediately prior to the effective date of the grant
The following table summarizes BCE’s outstanding stock options at December 31, 2020 and 2019.
						2020	2019
								NUMBER OF	WEIGHTED AVERAGE	NUMBER OF		WEIGHTED AVERAGE
							NOTE	OPTIONS	EXERCISE PRICE ($)	OPTIONS		EXERCISE PRICE ($)
Outstanding, January 1					12,825,541				57	14,072,332	56
Granted					3,420,407				65	3,357,303	58
Exercised (1)					29			(506,828)	52	(4,459,559)	54
Forfeited or expired								(88,886)	61	(144,535)	58
Outstanding, December 31					15,650,234				59	12,825,541	57
Exercisable, December 31					5,186,600				58	2,786,043	56
(1) The weighted average market share price for options exercised was $63 in 2020 and $62 in 2019.
The following table provides additional information about BCE’s stock option plans at December 31, 2020 and 2019.
								STOCK OPTIONS OUTSTANDING
							2020	2019
												WEIGHTED AVERAGE	WEIGHTED AVERAGE
												REMAINING LIFE	WEIGHTED AVERAGE			REMAINING LIFE	WEIGHTED AVERAGE
RANGE OF EXERCISE PRICESNUMBER(YEARS)	EXERCISE PRICE ($)				NUMBER	(YEARS)		EXERCISE PRICE ($)
$40-$49											187,744	– (1)	48	449,216	1	47
$50-$59											11,998,200	5	58					12,271,003	6	58
$60 & above											3,464,290	9	65	105,322	4	61
											15,650,234	7	59					12,825,541	5	57
(1) Stock options outstanding expire in February 2021.

Notes to consolidated	fi nancial statements
164 \| BCE InC. 2020 AnnuAl REpoRt

		ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL
		The fair value of options granted was determined using a variation of a binomial option pricing model that takes into account factors specific to
		the share incentive plans, such as the vesting period. The following table shows the principal assumptions used in the valuation.
	2020		2019
		Weighted average fair value per option granted	$1.55		$2.34
		Weighted average share price	$63		$58
		Weighted average exercise price	$65		$58
		Expected dividend growth		5%	5%
		Expected volatility		12%	14%
		Risk-free interest rate		1%	2%
		Expected life (years)		4	4
		Expected dividend growth is commensurate with BCE’s dividend growth strategy. Expected volatility is based on the historical volatility of BCE’s share price. The risk-free rate used is equal to the yield available on Government of Canada bonds at the date of grant with a term equal to the expected life of the options.
		Note 31 \|			Additional cash flow information
		The following table provides a reconciliation of changes in liabilities arising from financing activities.
								DERIVATIVE TO
							DEBT DUE WITHIN	HEDGE FOREIGN
							ONE YEAR AND	CURRENCY	DIVIDENDS	OTHER
						NOTE	LONG-TERM DEBT	ON DEBT (1)	PAYABLE	LIABILITIES		TOTAL
		January 1, 2020					26,296			56	729	–	27,081
		Cash flows (used in) from financing activities
		(Decrease) increase in notes payable									(1,810)	169		–	–	(1,641)
		Issue of long-term debt									6,006	–		–	–	6,006
		Repayment of long-term debt									(5,003)	–		–	–	(5,003)
		Cash dividends paid on common
													and preferred shares	–	–	(3,107)	–	(3,107)
		Cash dividends paid by subsidiaries
													to non-controlling interests	35					–	–	(53)	–	(53)
		Discontinued operations				3					(7)	–		–	–	(7)
		Other financing activities									(31)	–		–	(52)		(83)
		Total cash flows (used in) from financing activities
		excluding equity									(845)	169	(3,160)	(52)		(3,888)
		Non-cash changes arising from
		Increase in lease liabilities									675	–		–	–	675
		Dividends declared on common
													and preferred shares	–	–	3,147	–	3,147
		Dividends declared by subsidiaries
													to non-controlling interests	–	–	53	–	53
		Effect of changes in foreign exchange rates									159	(159)		–	–	–
		Business acquisitions									7	–		–	–	7
		Discontinued operations				3					(106)	–		–	–	(106)
		Other									137	–	(3)	52	186

		Total non-cash changes									872	(159)	3,197	52	3,962
		December 31, 2020					26,323			66	766	–	27,155
		(1) Included in Other current assets, Other non-current assets and Trade payables and other liabilities in the statements of financial position.
Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 165

			DERIVATIVE TO
		DEBT DUE WITHIN	HEDGE FOREIGN
		ONE YEAR AND	CURRENCY	DIVIDENDS	OTHER
	LONG-TERM DEBT	ON DEBT (1)	PAYABLE	LIABILITIES	TOTAL
December 31, 2018		24,405				(169)	691	–	24,927
Adoption of IFRS 16							–		–	–	2,304
January 1, 2019		26,709				(169)	691	–	27,231
Cash flows (used in) from financing activities
									Decrease in notes payable	(28)		–	–	(1,073)
									Issue of long-term debt	–		–	–	1,954
									Repayment of long-term debt	–		–	–	(2,221)
									Increase in securitized trade receivables	–		–	–	131
									Cash dividends paid on common
									–	–	(2,966)	–	(2,966)
									Cash dividends paid by subsidiaries
									to non-controlling interests	35							–	–	(65)	–	(65)
									Discontinued operations	3							–		–	–	(6)
									Other financing activities	–		–	(20)	(54)
Total cash flows used in financing activities
									(1,221)	(28)	(3,031)	(20)	(4,300)
Non-cash changes arising from
									Increase in lease liabilities	–		–	–	1,005
									Dividends declared on common
									–	–	3,008	–	3,008
									Dividends declared by subsidiaries
									–	–	64	–	64
									Effect of changes in foreign exchange rates	261		–	–	–
									Discontinued operations	3							–		–	–	1
									63	(8)	(3)	20	72
Total non-cash changes							808	253	3,069	20	4,150
December 31, 2019		26,296				56	729	–	27,081
(1) Included in Other current assets and Other non-current assets in the statements of financial position.
Note 32 \|										Remaining performance obligations
The following table shows revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially
unsatisfied) as at December 31, 2020.
					THERE-
		2021	2022			2023	2024	2025	AFTER	TOTAL
Wireline		1,411	1,098			593	371	180							530	4,183
Wireless		1,645	635			44	1	1							1	2,327
Total		3,056	1,733			637	372	181							531	6,510
When estimating minimum transaction prices allocated to the remaining unfulfilled, or partially unfulfilled, performance obligations, BCE applied the practical expedient to not disclose information about remaining performance obligations that have an original expected duration of one year or less and for those contracts where we bill the same value as that which is transferred to the customer.

Notes to consolidated	fi nancial statements
166 \| BCE InC. 2020 AnnuAl REpoRt

		Note 33 \|	Commitments and contingencies
		COMMITMENTS
		The following table is a summary of our contractual obligations at December 31, 2020 that are due in each of the next five years and thereafter.
								THERE-
				2021	2022	2023	2024	2025	AFTER	TOTAL
		Commitments for property, plant and
		equipment and intangible assets		975	835	608	416	250	352	3,436
		Purchase obligations		545	479	331	225	144	269	1,993
		Leases committed not yet commenced		2	2	1	1	–	–	6
		Total		1,522	1,316	940	642	394	621	5,435
		Our commitments for property, plant and equipment and intangible assets include program and feature film rights and investments to expand and update our networks to meet customer demand.			Purchase obligations consist of contractual obligations under service and product contracts for operating expenditures and other purchase obligations.
					Our commitments for leases not yet commenced include OOH advertising spaces and real estate. These leases are non-cancellable.
		CONTINGENCIESAs part of its ongoing review of wholesale Internet rates, on October 6, 2016, the Canadian Radio-television and Telecommunications Commission (CRTC) significantly reduced, on an interim basis, some
					The Applicants and TELUS Communications Inc. (Telus) also filed review
					and vary applications of the Decision with the CRTC. On September 28,
					2020, the CRTC issued a stay of the Decision pending its final decision
		of the wholesale rates that Bell Canada and other major providers charge for access by third-party Internet resellers to fibre-to-the-node (FTTN) or cable networks, as applicable. On August 15, 2019, the CRTC further reduced the wholesale rates that Internet resellers pay to access network infrastructure built by facilities-based providers like Bell Canada, with retroactive effect back to March 2016 (the Decision).			on the review and vary applications.
					The Applicants and Telus also appealed the Decision to the Federal
					Cabinet. On August 19, 2020, the Federal Cabinet issued an Order in Council which did not overturn the Decision, noting that a further decision from the CRTC regarding the review and vary applications is pending.
					As a result of the stay issued by the CRTC, the impact of the Decision
		The estimated cost impact to Bell Canada of the Decision could be in
		excess of $100 million, if not overturned or otherwise modified.			continues to not be recorded in our 2020 financial statements.
					In the ordinary course of business, we become involved in various claims and legal proceedings seeking monetary damages and other relief. In particular, because of the nature of our consumer-facing business, we are exposed to class actions pursuant to which substantial monetary damages may be claimed. Due to the inherent risks and uncertainties of the litigation process, we cannot predict the final outcome or timing of claims and legal proceedings. Subject to the foregoing, and based on information currently available and management’s assessment of the merits of the claims and legal proceedings pending at March 4, 2021, management believes that the ultimate resolution of these claims and legal proceedings is unlikely to have a material and negative effect on our financial statements. We believe that we have strong defences and we intend to vigorously defend our positions.
		Bell Canada and five major cable carriers (the Applicants) obtained leave to appeal the Decision from the Federal Court of Appeal and the Federal Court of Appeal granted a stay of the Decision until making a final ruling. As a result of the stay, the impact of the Decision was not recorded in our 2019 financial statements.
		The Federal Court of Appeal issued a decision on September 10, 2020 in
		which it rejected the appeal and lifted the stay. The Applicants’ request for leave to appeal the decision of the Federal Court of Appeal to the Supreme Court of Canada was denied on February 25, 2021.

Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 167

Note 34 \|	Related party transactions
SUBSIDIARIES
The following table shows BCE’s significant subsidiaries at December 31, 2020. BCE has other subsidiaries which have not been included in the
table as each represents less than 10% individually and less than 20% in aggregate of total consolidated revenues.
Al of these significant subsidiaries are incorporated in Canada and provide services to each other in the normal course of operations. The value
of these transactions is eliminated on consolidation.
		OWNERSHIP PERCENTAGE
SUBSIDIARY		2020	2019
Bell Canada		100%	100%
Bell Mobility Inc.		100%	100%
Bell Media Inc.		100%	100%
TRANSACTIONS WITH JOINT ARRANGEMENTS AND ASSOCIATESDuring 2020 and 2019, BCE provided communication services and received programming content and other services in the normal course
of business on an arm’s length basis to and from its joint arrangements and associates. Our joint arrangements and associates include MLSE, Glentel Inc. and Dome Productions Partnership. From time to time, BCE may be required to make capital contributions in its investments.
In 2020, BCE recognized revenues and incurred expenses with our joint arrangements and associates of $14 million (2019 – $17 million) and
$133 million (2019 – $200 million), respectively.
BCE MASTER TRUST FUNDBimcor Inc. (Bimcor), a wholly-owned subsidiary of Bell Canada, is the administrator of the Master Trust Fund. Bimcor recognized management
fees of $13 million from the Master Trust Fund for 2020 and $12 million for 2019. The details of BCE’s post-employment benefit plans are set out in Note 26, Post-employment benefit plans.
COMPENSATION OF KEY MANAGEMENT PERSONNEL AND BOARD OF DIRECTORS
The following table includes compensation of key management personnel and the board of directors for the years ended December 31, 2020
and 2019 included in our income statements. Key management personnel included the company’s Chief Executive Officer, Chief Operating Officer, Group Presidents and the Presidents who reported directly to them.
FOR THE YEAR ENDED DECEMBER 31		2020	2019
Wages, salaries, fees and related taxes and benefits		(30)	(24)
Post-employment benefit plans and OPEBs cost		(3)	(3)
Share-based compensation		(26)	(29)
Key management personnel and board of directors compensation expense		(59)	(56)

Notes to consolidated	fi nancial statements
168 \| BCE InC. 2020 AnnuAl REpoRt

		Note 35 \|	Significant partly-owned subsidiary
		The following tables show summarized financial information for our subsidiary with significant non-controlling interest (NCI).
		SUMMARIZED STATEMENTS OF FINANCIAL POSITION
	CTV SPECIALTY (1) (2)
		FOR THE YEAR ENDED DECEMBER 31	2020		2019
		Current assets	357		314
		Non-current assets	1,032		994
		Total assets	1,389		1,308
		Current liabilities	159		151
		Non-current liabilities	227		192
		Total liabilities	386		343
		Total equity attributable to BCE shareholders	699		671
		NCI	304		294
		(1) At December 31, 2020 and 2019, the ownership interest held by NCI in CTV Specialty Television Inc. (CTV Specialty) was 29.9%. CTV Specialty was incorporated and operated in Canada as
		at such dates.
		(2) CTV Specialty’s net assets at December 31, 2020 and 2019 include $6 million and $8 million, respectively, directly attributable to NCI.
		SELECTED INCOME AND CASH FLOW INFORMATION
	CTV SPECIALTY (1)
		FOR THE YEAR ENDED DECEMBER 31	2020		2019
		Operating revenues	754		878
		Net earnings	202		193
		Net earnings attributable to NCI		64	61
		Total comprehensive income	200		181
		Total comprehensive income attributable to NCI		63	58
		Cash dividends paid to NCI		53	65
		(1) CTV Specialty’s net earnings and total comprehensive income include $5 million directly attributable to NCI for 2020 and 2019.
		Note 36 \|	COVID-19
		Starting in the latter part of the first quarter of 2020, our business has been negatively impacted by the emergency measures adopted to
		combat the spread of COVID-19 and the resulting adverse economic conditions. All of our segments have been adversely affected with a more pronounced impact on media advertising revenues, wireless product volumes and outbound roaming revenues. Depending on the severity and duration of the COVID-19 pandemic disruptions, including the number and intensity of resurgences in COVID-19 cases and the scope and duration of measures adopted in response thereto, our operations and financial results could continue to be significantly and negatively impacted in future periods. It is difficult at this time to estimate the magnitude of such future impacts.

Notes to consolidated	fi nancial statements
	BCE InC. 2020 AnnuAl REpoRt \| 169