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Published: 2022-08-04
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Consolidated financial statements
CONSOLIDATED INCOME STATEMENTS
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 30 
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT SHARE AMOUNTS) (UNAUDITED)NOTE2022202120222021
Operating revenues35,8615,69811,71111,404
Operating costs3, 5(3,271)(3,222)(6,537)(6,499)
Severance, acquisition and other costs6(40)(7)(53)(96)
Depreciation(933)(905)(1,824)(1,800)
Amortization(266)(248)(526)(486)
Finance costs
Interest expense(269)(268)(529)(535)
Net return (interest) on post-employment benefit plans117(5)25(10)
Impairment of assets7(106)(164)(108)(167)
Other (expense) income8(97)91(4)99
Income taxes(232)(236)(567)(489)
Net earnings6547341,5881,421
Net earnings attributable to:
Common shareholders 5966851,4731,327
Preferred shareholders35326964
Non-controlling interest23174630
Net earnings6547341,5881,421
Net earnings per common share – basic and diluted90.660.761.621.47
Weighted average number of common shares outstanding – basic (millions)911.9905.0911.0904.7
 
Consolidatedfinancial statements
42  |  BCE InC. 2022 SECond QuartEr SharEholdEr rEport
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 30 
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)2022202120222021
6547341,5881,421
Other comprehensive income, net of income taxes
Items that will be subsequently reclassified to net earnings
Net change in value of derivatives designated as cash flow hedges, net of 
income taxes of $29 million and ($15) million for the three months ended 
June 30, 2022 and 2021, respectively, and ($26) million and ($39) million 
(77)3971104
Items that will not be reclassified to net earnings
Actuarial gains on post-employment benefit plans, net of income 
taxes of ($95) million and ($154) million for the three months ended 
June 30, 2022 and 2021, respectively, and ($330) million and ($574) 
million for the six months ended June 30, 2022 and 2021, respectively (1)2594209031,565
Net change in value of publicly-traded and privately-held investments, 
net of income taxes of ($14) million and nil for the three months ended 
June 30, 2022 and 2021, respectively, and ($14) million and nil for the six 
(5)3(4)–
Net change in value of derivatives designated as cash flow hedges, net of 
income taxes of ($7) million and $3 million for the three months ended 
June 30, 2022 and 2021, respectively and ($4) million and $5 million for 
19(8)11(14)
1964549811,655
8501,1882,5693,076
Total comprehensive income attributable to:
7911,1392,4532,982
35326964
24174730
8501,1882,5693,076
(1)  The discount rate used to value our post-employment benefit obligations at June 30, 2022 was 5.3% compared to 4.3% at March 31, 2022 and 3.2% at December 31, 2021. The discount rate used to 
value our post-employment benefit obligations at June 30, 2021 was 3.3% compared to 3.4% at March 31, 2021 and 2.6% at December 31, 2020.
 
Consolidatedfinancial statements
BCE InC. 2022 SECond QuartEr SharEholdEr rEport  |  43
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)NOTEJUNE 30, 2022DECEMBER 31, 2021
ASSETSCurrent assets
Cash 2596289
Trade and other receivables3,5843,949
Inventory565482
Contract assets373414
Contract costs594507
Prepaid expenses364254
Other current assets2226253
Assets held for sale8–50
Total current assets6,3026,198
Non-current assets
Contract assets237251
Contract costs366387
Property, plant and equipment28,15728,235
Intangible assets15,95015,570
Deferred tax assets107105
Investments in associates and joint ventures633668
Post-employment benefit assets114,2473,472
Other non-current assets1,3071,306
Goodwill410,72410,572
Total non-current assets61,72860,566
Total assets68,03066,764
LIABILITIESCurrent liabilities
Trade payables and other liabilities 4,2484,455
Contract liabilities785799
Interest payable253247
Dividends payable855811
Current tax liabilities299141
Debt due within one year103,3092,625
Liabilities held for sale8–35
Total current liabilities9,7499,113
Non-current liabilities
Contract liabilities239246
Long-term debt1027,00727,048
Deferred tax liabilities5,1204,679
Post-employment benefit obligations111,2661,734
Other non-current liabilities8841,003
Total non-current liabilities34,51634,710
Total liabilities44,26543,823 
Commitments15
EQUITYEquity attributable to BCE shareholders
Consolidatedfinancial statements
Preferred shares133,8854,003
Common shares20,83720,662
Contributed surplus131,1511,157
Accumulated other comprehensive income 273213
Deficit(2,709)(3,400)
Total equity attributable to BCE shareholders23,43722,635
Non-controlling interest328306
Total equity23,76522,941
Total liabilities and equity68,03066,764
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
ATTRIBUTABLE TO BCE SHAREHOLDERS
ACCUM-
ULATED 
OTHERNON-
CONTRI- COMPRE-CONTROL-
FOR THE PERIOD ENDED JUNE 30, 2022  PREFERRED COMMON BUTED HENSIVE LING TOTAL 
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)NOTESHARESSHARESSURPLUSINCOMEDEFICITTOTALINTERESTEQUITY
Balance at December 31, 20214,00320,6621,157213(3,400)22,63530622,941
Net earnings––––1,5421,542461,588
Other comprehensive income–––789029801981
Total comprehensive income–––782,4442,522472,569
Common shares issued under employee stock 
option plan–175(7)––168–168
Other share-based compensation ––(2)–(25)(27)–(27)
Repurchase of preferred shares13(118)–3––(115)–(115)
Dividends declared on BCE common and 
preferred shares––––(1,747)(1,747)–(1,747)
Dividends declared by subsidiaries to  
non-controlling interest––––––(25)(25)
Settlement of cash flow hedges transferred  
to the cost basis of hedged items–––1–1–1
Other–––(19)19–––
Balance at June 30, 20223,88520,8371,151273(2,709)23,43732823,765
ATTRIBUTABLE TO BCE SHAREHOLDERS
ACCUM-
ULATED 
OTHER NON-
CONTRI-COMPRE-CONTROL-
FOR THE PERIOD ENDED JUNE 30, 2021  PREFERRED COMMON BUTED HENSIVE LING TOTAL 
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)SHARESSHARESSURPLUSINCOMEDEFICITTOTALINTERESTEQUITY
Balance at December 31, 20204,00320,3901,174103(4,681)20,98934021,329
Net earnings––––1,3911,391301,421
Other comprehensive income–––911,5641,655–1,655
Total comprehensive income–––912,9553,046303,076
Common shares issued under employee stock  
option plan–77(3)––74–74
Other share-based compensation ––(15)–(27)(42)–(42)
Dividends declared on BCE common and  
preferred shares––––(1,648)(1,648)–(1,648)
Dividends declared by subsidiaries to  
non-controlling interest ––––––(29)(29)
Settlement of cash flow hedges transferred to  
the cost basis of hedged items–––10–10–10
Other––––––(1)(1)
Balance at June 30, 20214,00320,4671,156204(3,401)22,42934022,769
 
Consolidatedfinancial statements
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CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 30
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED)NOTE2022202120222021
Cash flows from operating activitiesNet earnings
6547341,5881,421
Adjustments to reconcile net earnings to cash flows from operating activities Severance, acquisition and other costs64075396
Depreciation and amortization1,1991,1532,3502,286
Post-employment benefit plans cost115268103147
Net interest expense265263523526
Impairment of assets7106164108167
Gains on investments8(16)–(53)–
Income taxes232236567489
Contributions to post-employment benefit plans(35)(70)(114)(149)
Payments under other post-employment benefit plans (15)(16)(30)(31)
Severance and other costs paid(30)(79)(58)(122)
Interest paid(196)(230)(569)(536)
Income taxes paid (net of refunds)(143)(95)(259)(204)
Acquisition and other costs paid(3)(2)(6)(6)
Change in contract assets2310255246
Change in wireless device financing plan receivables68(61)127(152)
Net change in operating assets and liabilities 396325(72)313
Cash flows from operating activities2,5972,4994,3134,491
Cash flows used in investing activities
Capital expenditures 2(1,219)(1,210)(2,178)(2,222)
Business acquisitions4–(11)(139)(11)
Business dispositions82–54–
Other investing activities27(17)17(38)
Cash flows used in investing activities(1,190)(1,238)(2,246)(2,271)
Cash flows used in financing activities
Increase (decrease) in notes payable187311656(46)
Decrease in securitized trade receivables–––(13)
Issue of long-term debt10–5009453,415
Repayment of long-term debt10(245)(2,041)(1,503)(2,267)
Issue of common shares76316873
Purchase of shares for settlement of share-based payments(51)(71)(157)(162)
Repurchase of preferred shares13––(115)–
Cash dividends paid on common shares(839)(791)(1,634)(1,544)
Cash dividends paid on preferred shares(34)(31)(67)(62)
Cash dividends paid by subsidiaries to non-controlling interest(14)(15)(25)(28)
Other financing activities2–(44)(28)36
Cash flows used in financing activities(989)(2,119)(1,760)(598)
Net increase (decrease) in cash418(158)3071,622
Cash at beginning of period1782,004289224
 
Cash at end of period5961,8465961,846
Net decrease in cash equivalents–(700)––
Cash equivalents at beginning of period–700––Consolidatedfinancial statements
Cash equivalents at end of period––––
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Notes to consolidated financial statements
These consolidated interim financial statements (financial statements) should be read in conjunction with BCE’s 2021 annual consolidated financial 
statements, approved by BCE’s board of directors on March 3, 2022. 
These notes are unaudited.
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 advertising services to customers in Canada.
Note 2  |  Basis of presentation and significant accounting policiesThese financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting 
Standards Board (IASB), under International Accounting Standard (IAS) 34 – Interim Financial Reporting and were approved by BCE’s board of directors 
on August 3, 2022. These financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Significant accounting policies in our consolidated financial statements for the year ended December 31, 2021, except as noted below.
These financial statements do not include all of the notes required in annual financial statements.
All amounts are in millions of Canadian dollars, except where noted.
ADOPTION OF AMENDED ACCOUNTING STANDARDSAs required, we adopted the following amendments and clarifications to accounting standards issued by the IASB.
STANDARDDESCRIPTIONIMPACT
Onerous Contracts – Cost of Fulfilling a Contract, Amendments to IAS 37 – Provisions, Contingent Liabilities and Contingent AssetsThese amendments clarify which costs should be included in These amendments were adopted effective January 1, 2022 and 
determining the cost of fulfilling a contract when assessing whether a contract is onerous.did not have a significant impact on our financial statements.
IFRIC Agenda Decision on Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 – Statement of Cash Flows)In April 2022, the International Financial Reporting Interpretations Committee (IFRIC) issued an agenda decision clarifying that an entity should present a demand deposit with restrictions on use arising from a contract with a third party as cash and cash equivalents in the statements of financial position and cash flows, unless those restrictions change the nature of the deposit such that it no longer meets the definition of cash in IAS 7.In Q2 2022, we applied this agenda decision retrospectively to each prior period presented, the impact of which was limited to the classification of funding of $97 million received in Q1 2021 under a subsidy agreement with the Government of Québec. The application of this agenda decision resulted in the following:• an increase in Cash of $82 million with a corresponding 
decrease in Other current assets in the statement of financial position as at December 31, 2021
• an increase in Capital expenditures of ($3) million for the three 
and six months ended June 30, 2021, and ($15) million for the year ended December 31, 2021 in the statements of cash flows
• an increase in Other financing activities of nil and $97 million for 
the three and six months ended June 30, 2021 and $97 million for the year ended December 31, 2021 in the statement of cash flows.
• no impact in the statement of financial position as at 
 
January 1, 2021 as the funding was received in Q1 2021.
FUTURE CHANGES TO ACCOUNTING STANDARDS
The following amendments to standards issued by the IASB have not yet been adopted by BCE. 
Notes to consolidatedfinancial statements
STANDARDDESCRIPTIONIMPACTEFFECTIVE DATE
Disclosure of Accounting Policies – These amendments require that entities disclose material We are currently assessing the impact of these amendments on the disclosure of our accounting policies.Effective for annual reporting periods beginning on or after 
Amendments to IAS 1 – Presentation accounting policies, as defined, instead of significant accounting policies.
of Financial StatementsJanuary 1, 2023. Early application 
is permitted.
BCE InC. 2022 SECond QuartEr SharEholdEr rEport  |  47
Note 3  |  Segmented information
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.
The following tables present financial information by segment for the three month periods ended June 30, 2022 and 2021.
BELL  BELLBELLINTERSEGMENT
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2022WIRELESSWIRELINEMEDIAELIMINATIONSBCE
Operating revenues
External service revenues1,692733–5,233
Inter-segment service revenues1188(200)–
Operating service revenues1,703821(200)5,233
External product revenues542––628
Inter-segment product revenues1–(1)–
Operating product revenues543–(1)628
Total external revenues2,234733–5,861
Total inter-segment revenues1288(201)–
Total operating revenues2,246821(201)5,861
Operating costs5(1,197)(595)201(3,271)
Adjusted EBITDA (1)1,049226–2,590
Severance, acquisition and other costs(40)
Depreciation and amortization(1,199)
Finance costs
Interest expense(269)
Net return on post-employment benefit plans7
Impairment of assets(106)
Other expense(97)
Income taxes(232)
Net earnings654
(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  BELLBELLINTERSEGMENT
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2021WIRELESSWIRELINEMEDIAELIMINATIONSBCE
Operating revenues
External service revenues1,569666–5,040
Inter-segment service revenues1189(186)–
Operating service revenues1,580755(186)5,040
External product revenues546––658
Inter-segment product revenues2–(2)–
Operating product revenues548–(2)658
Total external revenues2,115666–5,698
Total inter-segment revenues1389(188)–
Total operating revenues2,128755(188)5,698
Operating costs5(1,159)(541)188(3,222)
Adjusted EBITDA (1)9691,293214–2,476 
Severance, acquisition and other costs(7)
Depreciation and amortization (1,153)
Finance costs
Interest expense(268)
Net interest on post-employment benefit plans(5)
Impairment of assets7(164)Notes to consolidatedfinancial statements
Other income91
Income taxes(236)
Net earnings734
(1)  The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
48  |  BCE InC. 2022 SECond QuartEr SharEholdEr rEport
The following tables present financial information by segment for the six month periods ended June 30, 2022 and 2021.
BELL  BELLBELLINTERSEGMENT
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2022WIRELESSWIRELINEMEDIAELIMINATIONSBCE
Operating revenues
External service revenues3,3271,474–10,410
Inter-segment service revenues22172(397)–
Operating service revenues3,3491,646(397)10,410
1,105196––1,301
2––(2)–
1,107196–(2)1,301
Total external revenues4,4321,474–11,711
Total inter-segment revenues24172(399)–
Total operating revenues4,4561,646(399)11,711
Operating costs5(2,398)(1,212)399(6,537)
Adjusted EBITDA (1)2,058434–5,174
Severance, acquisition and other costs6(53)
Depreciation and amortization(2,350)
Finance costs
Interest expense(529)
Net return on post-employment benefit plans1125
Impairment of assets7(108)
Other expense8(4)
Income taxes(567)
Net earnings1,588
(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  BELLBELLINTERSEGMENT
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021WIRELESSWIRELINEMEDIAELIMINATIONSBCE
Operating revenues
External service revenues3,0721,289–10,008
Inter-segment service revenues22179(372)–
Operating service revenues3,0941,468(372)10,008
1,130266––1,396
4––(4)–
1,134266–(4)1,396
Total external revenues4,2021,289–11,404
Total inter-segment revenues26179(376)–
Total operating revenues4,2281,468(376)11,404
Operating costs5(2,336)(1,111)376(6,499)
Adjusted EBITDA (1)1,892357–4,905
Severance, acquisition and other costs6(96)
Depreciation and amortization (2,286)
Finance costs
Interest expense(535)
 
Net interest on post-employment benefit plans11(10)
Impairment of assets7(167)
Other income899
Income taxes(489)
Net earnings1,421
Notes to consolidatedfinancial statements
(1)  The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
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REVENUES BY SERVICES AND PRODUCTS
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
Services (1)
Wireless1,6921,5693,3273,072
Wireline data1,9741,9443,9273,909
Wireline voice7567941,5271,597
Media7336661,4741,289
Other wireline services7867155141
Total services5,2335,04010,41010,008
Products (2)
Wireless5425461,1051,130
Wireline data73101172245
Wireline equipment and other13112421
Total products6286581,3011,396
Total operating revenues5,8615,69811,71111,404
(1)  Our service revenues are generally recognized over time.(2)  Our product revenues are generally recognized at a point in time.
Note 4  |  Business acquisition
In February 2022, Bell acquired EBOX and other related companies, which provide Internet, telephone and television services to consumers and businesses in Québec and parts of Ontario for a total cash consideration of $153 million ($139 million net of cash acquired). The acquisition of EBOX and other related companies is expected to accelerate growth in Bell’s residential and small business customers. The results of the acquired companies are included in our Bell Wireline segment. 
The allocation of the purchase price includes provisional estimates and has been primarily allocated to goodwill. Goodwill arises principally from expected 
synergies and future growth and is not deductible for tax purposes.
Operating revenues of $18 million from EBOX are included in the consolidated income statements from the date of acquisition. The transaction did not have a significant impact on our net earnings for the six months ended June 30, 2022.
Note 5  |  Operating costs
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 30 NOTE2022202120222021
Labour costs
Wages, salaries and related taxes and benefits (1)(1,085)(1,071)(2,125)(2,104)
Post-employment benefit plans service cost (net of capitalized amounts)11(59)(63)(128)(137)
Other labour costs (1) (2)(247)(258)(484)(504)
Less:
Capitalized labour283270543525
Total labour costs(1,108)(1,122)(2,194)(2,220)
Cost of revenues (1) (3)(1,694)(1,663)(3,422)(3,403)
Other operating costs (1) (4)(469)(437)(921)(876)
 
Total operating costs(3,271)(3,222)(6,537)(6,499)
(1)  We have reclassified amounts from the previous period to make them consistent with the presentation for the current period.(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.
Notes to consolidatedfinancial statements
.
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Note 6  |  Severance, acquisition and other costs
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
Severance (38)(7)(56)(104)
Acquisition and other (2)–38
Total severance, acquisition and other costs(40)(7)(53)(96)
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  |  Impairment of assets
2022During the second quarter of 2022, we recorded an impairment charge of $106 million on right-of-use assets for certain office spaces we ceased using as part of our real estate optimization strategy as a result of our hybrid work policy. 
2021 During the second quarter of 2021, we identified indicators of impairment for our Bell Media radio markets, notably a decline in advertising revenue and an increase in the discount rate resulting from the impact of the ongoing COVID-19 pandemic. Accordingly, impairment testing was required for our group of radio cash-generating units (CGUs). 
Impairment charges for the three and six months ended June 30, 2021 of $164 million and $167 million, respectively, related primarily to $163 million of charges for various radio markets within our Bell Media segment. These charges included $150 million allocated to indefinite-life intangible assets for broadcast licences, and $13 million to property, plant and equipment mainly for buildings and network 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, 2021 to December 31, 2026, using a discount rate of 8.5% and a perpetuity growth rate of (2.0)% as well as market multiple data from public companies and market transactions. After impairments, the carrying value of our group of radio CGUs was $235 million.
Note 8  |  Other (expense) income
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 30NOTE2022202120222021
Net mark-to-market (losses) gains on derivatives used to economically hedge 
equity settled share-based compensation plans(81)100(6)160
Equity (losses) gains from investments in associates and joint ventures
Loss on investment(42)(14)(42)(14)
Operations12(2)3(15)
Gains on investments16–53– 
Gains (losses) on retirements and disposals of property, plant and equipment 
and intangible assets2(3)(4)(8)
Early debt redemption costs10––(18)(53)
Other(4)101029
Total other (expense) income(97)91(4)99
Notes to consolidatedfinancial statements
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EQUITY (LOSS) GAIN FROM INVESTMENTS IN ASSOCIATES AND JOINT VENTURESWe recorded a loss on investment of $42 million for the three and six months ended June 30, 2022 and a loss on investment of $14 million for the three 
and six months ended June 30, 2021, respectively, related to equity losses on our share of an obligation to repurchase at fair value the minority interest 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.
GAINS ON INVESTMENTS
In Q2 2022, we recorded a gain on investment of $14 million for the three and six months ended June 30, 2022, related to an obligation to repurchase at fair value the minority interest in one of our subsidiaries. 
On March 1, 2022, we completed the previously announced sale of our wholly-owned subsidiary 6362222 Canada Inc. (Createch). We recorded cash proceeds of $54 million and a gain on sale of $39 million (before tax expense of $2 million).
Our results for the three months ended June 30, 2021 included Createch revenue of $17 million and net earnings of $1 million. Our results for the six months ended June 30, 2022 and 2021 included Createch revenue of $10 million and $34 million and net earnings of nil and $1 million respectively.
Note 9  |  Earnings per shareThe following table shows the components used in the calculation of basic and diluted net earnings per common share for earnings attributable to 
common shareholders.
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
Net earnings attributable to common shareholders – basic5966851,4731,327
Dividends declared per common share (in dollars)0.92000.87501.84001.7500
Weighted average number of common shares outstanding (in millions)
Weighted average number of common shares outstanding – basic911.9905.0911.0904.7
Assumed exercise of stock options (1)0.90.30.80.1
Weighted average number of common shares outstanding – diluted (in millions)912.8905.3911.8904.8
(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 nil for the second quarter and the first half of 2022, compared to 3,337,131 for the second 
quarter of 2021 and 10,458,921 for the first half of 2021.
Note 10  | Debt
On February 11, 2022, Bell Canada issued, under its 2016 trust indenture, 3.65% Series US-7 Notes, with a principal amount of $750 million in U.S. dollars ($954 million in Canadian dollars), which mature on August 15, 2052. The Series US-7 Notes have been hedged for foreign currency fluctuations through cross currency interest rate swaps. See Note 12, Financial assets and liabilities, for additional details.
The Series US-7 Notes are fully and unconditionally guaranteed by BCE.
On March 16, 2022, Bell Canada redeemed, prior to maturity, its 3.35% Series M-26 medium-term note (MTN) debentures, having an outstanding principal amount of $1 billion, which were due on March 22, 2023. As a result, in Q1 2022, we recognized early debt redemption charges of $18 million, which were recorded in Other (expense) income in the consolidated income statement.
SECURITIZATION PROGRAMSubsequent to quarter end, we entered into a new securitization program which replaces our previous securitized trade receivables program and 
 
now includes wireless device financing plan receivables. As a result, the maximum amount available under our securitization program increased from $1.3 billion to $2.3 billion. 
Similar to the previous program, the securitization program is recorded as a floating rate revolving loan secured by certain receivables. We continue to service trade receivables and wireless device financing plan receivables under the securitization program, which matures in July 2025 unless previously 
terminated. The lenders’ interest in the collection of these receivables ranks ahead of our interests, which means that we are exposed to certain risks of default on the amounts securitized. 
Notes to consolidatedfinancial statements
We have provided various credit enhancements in the form of overcollateralization and subordination of our retained interests. The lenders have no further claim on our other assets if customers do not pay the amounts owed.
Additionally, subsequent to quarter end, our loans secured by receivables increased from $900 million at June 30, 2022 to $1.6 billion based on a total 
receivable balance collateralized under the program of $3.2 billion.
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Note 11  |  Post-employment benefit plans
POST-EMPLOYMENT BENEFIT PLANS COSTWe provide pension and other benefits for most of our employees. These include defined benefit (DB) pension plans, defined contribution (DC) pension plans and other post-employment benefits (OPEBs).
COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS SERVICE COST
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
DB pension (49)(56)(97)(111)
DC pension (26)(26)(64)(62)
OPEBs–––(1)
Less:
Capitalized benefit plans cost16193337
Total post-employment benefit plans service cost(59)(63)(128)(137)
COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS FINANCING INCOME (COST)
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
DB pension 162425
OPEBs(9)(7)(17)(15)
Total net return (interest) on post-employment benefit plans7(5)25(10)
FUNDED STATUS OF POST-EMPLOYMENT BENEFIT PLANS
The following table shows the funded status of our post-employment benefit obligations.
FUNDEDPARTIALLY FUNDED (1)UNFUNDED (2)TOTAL
JUNE 30,  DECEMBER 31, JUNE 30,  DECEMBER 31, JUNE 30,  DECEMBER 31, JUNE 30,  DECEMBER 31, 
FOR THE PERIOD ENDED20222021202220212022202120222021
Present value of post-employment benefit obligations(18,016)(23,872)(1,430)(1,840)(223)(289)(19,669)(26,001)
Fair value of plan assets23,46027,979407412––23,86728,391
Plan surplus (deficit)5,4444,107(1,023)(1,428)(223)(289)4,1982,390
Effect of asset limit(1,217)(652)––––(1,217)(652)
Post-employment benefit asset (liability)4,2273,455(1,023)(1,428)(223)(289)2,9811,738
(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 the 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.
In Q2 2022, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in Other comprehensive income of $354 million due to a decrease in the present value of our post-employment benefit obligations of $2,672 million as a result of an increase in the discount rate to 
5.3% at June 30, 2022, compared to 4.3% at March 31, 2022, partly offset by a decrease in the fair value of plan assets of $2,092 million as a result of a 
loss on plan assets of 7.2% and an increase in the effect of the asset limit of $226 million.
During the first half of 2022, we recorded an increase in our post-employment benefit plans and a gain, before taxes, in Other comprehensive income of $1,233 million due to a decrease in the present value of our post-employment benefit obligations of $6,112 million as a result of an increase in the discount rate to 5.3% at June 30, 2022, compared to 3.2% at December 31, 2021, partly offset by a decrease in the fair value of plan assets of $4,314 million as a result of a loss on plan assets of 13.8% and an increase in the effect of the asset limit of $565 million.
 
Notes to consolidatedfinancial statements
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Note 12  |  Financial assets and liabilities
FAIR VALUE
The following table provides the fair value details of financial instruments measured at amortized cost in the consolidated statements of financial position. 
JUNE 30, 2022DECEMBER 31, 2021
CARRYING FAIR  CARRYING FAIR  
CLASSIFICATIONFAIR VALUE METHODOLOGYVALUEVALUEVALUEVALUE
CRTC deferral account obligationTrade payables and other Present value of estimated future cash flows discounted using observable market interest rates56566667
liabilities and other  non-current liabilities
Debt securities and other debt Debt due within one year and long-term debtQuoted market price of debt23,73422,07223,72926,354
The following table provides the fair value details of financial instruments measured at fair value in the consolidated statements of financial position. 
FAIR VALUE
QUOTED PRICES IN 
ACTIVE MARKETS FOR  OBSERVABLE NON-OBSERVABLE 
CARRYING VALUE OF IDENTICAL ASSETS  MARKET DATA MARKET INPUTS 
CLASSIFICATIONASSET (LIABILITY)(LEVEL 1)(LEVEL 2) (1)(LEVEL 3) (2)
June 30, 2022    
Publicly-traded and privately-held investments (3)Other non-current assets17514–161
Derivative financial instrumentsOther current assets, trade payables  and other liabilities, other non-current  assets and liabilities365–365–
Maple Leaf Sports & Entertainment Ltd. (MLSE) financial liability (4) Trade payables and other liabilities(149)––(149)
OtherOther non-current assets and liabilities124–173(49)
December 31, 2021    
Publicly-traded and privately-held investments (3) Other non-current assets18324–159
Derivative financial instrumentsOther current assets, trade payables  and other liabilities, other non-current  assets and liabilities279–279–
MLSE financial liability (4) Trade payables and other liabilities(149)––(149)
OtherOther non-current assets and liabilities122–185(63)
(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)  Unrealized gains and losses are recorded in Other comprehensive income in the statements of comprehensive income and are reclassified from Accumulated other comprehensive income to Deficit 
in the statements of financial position when realized.
(4)  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 recognized in Other (expense) income in the income statements.
MARKET RISKCURRENCY EXPOSURESWe use forward contracts, options and cross currency interest rate swaps to manage foreign currency risk related to anticipated purchases and 
certain foreign currency debt. 
In Q1 2022, we entered into cross currency interest rate swaps with a total notional amount of $750 million in U.S. dollars ($954 million in Canadian dollars) to hedge the U.S. currency exposure of our US-7 Notes maturing in 2052. See Note 10, Debt, for additional details.
 
A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a loss of $13 million (loss of $21 million) 
recognized in net earnings at June 30, 2022 and a gain of $138 million (loss of $119 million) recognized in Other comprehensive income at June 30, 2022, with all other variables held constant. 
A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the Philippine peso would result in a gain (loss) of $6 million recognized 
Notes to consolidatedfinancial statements
in Other comprehensive income at June 30, 2022, with all other variables held constant.
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The following table provides further details on our outstanding foreign currency forward contracts and options as at June 30, 2022. 
BUY  AMOUNT  SELL  AMOUNT  
TYPE OF HEDGECURRENCYTO RECEIVECURRENCYTO PAYMATURITYHEDGED ITEM
Cash flowUSD1,095CAD1,3902022Commercial paper
Cash flowUSD291CAD3702022Anticipated purchases
Cash flowPHP1,174CAD282022Anticipated purchases
Cash flowPHP2,147CAD502023Anticipated purchases
Cash flowUSD611CAD7522023Anticipated purchases
Cash flowUSD254CAD3172024Anticipated purchases
Cash flow – call optionsUSD100CAD1292022Anticipated purchases
Cash flow – put optionsUSD100CAD1272022Anticipated purchases
EconomicUSD12CAD152022Anticipated purchases
Economic – put optionsUSD120CAD1472022Anticipated purchases
Economic – call optionsUSD75CAD892022Anticipated purchases
Economic – call optionsCAD95USD752022Anticipated purchases
Economic – options (1)USD90CAD1092022Anticipated purchases
Economic – options (1)USD169CAD2052023Anticipated purchases
Economic – call optionsUSD120CAD1462024Anticipated purchases
(1)  Foreign currency options with a leverage provision and a profit cap limitation. 
INTEREST RATE EXPOSURESIn Q2 2022, we sold interest rate swaptions maturing in Q3 2022 with a notional amount of $750 million for $6 million. These interest rate swaptions hedge economically the fair value of our Series M-53 MTN debentures. The fair value of these interest rate swaptions at June 30, 2022 was a liability of $9 million recognized in Trade payables and other liabilities. 
In 2022, we entered into cross currency basis rate swaps maturing in 2023 with a notional amount of $540 million to hedge economically the basis rate exposure on future debt issuances. The fair value of these cross currency basis rate swaps at June 30, 2022 was a liability of $8 million recognized in 
Trade payables and other liabilities and Other non-current liabilities in the statements of financial position.
We use leveraged interest rate options to hedge economically the dividend rate resets on $582 million of our preferred shares which had varying reset dates in 2021 for the periods ending in 2026. The fair value of these leveraged interest rate options at June 30, 2022 and December 31, 2021 was nil and a liability of $2 million, respectively, recognized in Trade payables and other liabilities and Other non-current liabilities in the statements of financial position. A gain of $1 million and $2 million for the three and six months ended June 30, 2022, respectively, relating to these leveraged interest rate options is recognized in Other (expense) income in the income statements. 
A 1% increase (decrease) in interest rates would result in a loss of $40 million and a (gain of $28 million) recognized in net earnings at June 30, 2022, with all other variables held constant.
A 0.1% increase (decrease) in cross currency basis swap rates would result in a gain (loss) of $7 million recognized in net earnings at June 30, 2022, with 
all other variables held constant.
EQUITY PRICE EXPOSURESWe use equity forward contracts on BCE’s common shares to hedge economically the cash flow exposure related to the settlement of equity settled share-based compensation plans. The fair value of our equity forward contracts at June 30, 2022 and December 31, 2021 was a net asset of $16 million and $130 million, respectively, recognized in Other current assets, Trade payables and other liabilities, Other non-current assets and Other non-current liabilities in the statements of financial position. A loss of $81 million and $6 million for the three and six months ended June 30, 2022, respectively, relating 
to these equity forward contracts is recognized in Other (expense) income in the income statements. 
A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $35 million recognized in net earnings at June 30, 2022, with all other variables held constant.
Note 13  |  Share capital 
REDEMPTION OF SERIES AO PREFERRED SHARESOn March 31, 2022, BCE redeemed its 4,600,000 issued and outstanding Cumulative Redeemable First Preferred Shares, Series AO (Series AO Preferred Shares) with a stated capital of $118 million for a total cost of $115 million. The remaining $3 million was recorded to contributed surplus.
Notes to consolidatedfinancial statements
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Note 14  |  Share-based paymentsThe following share-based payment amounts are included in the income statements as operating costs. 
THREE MONTHSSIX MONTHS
FOR THE PERIOD ENDED JUNE 302022202120222021
Employee savings plan(6)(8)(14)(16)
Restricted share units (RSUs) and performance share units (PSUs)(21)(13)(46)(33)
Other (1)(2)(1)(3)(3)
Total share-based payments(29)(22)(63)(52)
(1)  Includes deferred share units and stock options.
The following tables summarize the change in outstanding RSUs/PSUs and stock options for the period ended June 30, 2022.
RSUs/PSUs
NUMBER OF  
RSUs/PSUs
Outstanding, January 1, 20223,085,667
Granted1,005,712
Dividends credited 79,276
Settled(1,031,426)
Forfeited (52,717)
Outstanding, June 30, 20223,086,512
STOCK OPTIONS
NUMBER OF WEIGHTED AVERAGE
OPTIONSEXERCISE PRICE ($)
Outstanding, January 1, 202210,778,72460
Exercised (1)(2,910,716)58
Forfeited or expired(23,624)65
Outstanding, June 30, 20227,844,38461
Exercisable, June 30, 20224,581,46458
(1)  The weighted average market share price for options exercised during the six months ended June 30, 2022 was $69. 
Note 15  | CommitmentsThe following table is a summary of our contractual obligations at June 30, 2022 that are due in 2022 and in each of the next four years and thereafter.
20222023202420252026THEREAFTERTOTAL
Commitments for property, plant and equipment and intangible assets8261,3777755593881,0604,985
Purchase obligations3184973853383993902,327
Leases committed not yet commenced736–––16
Total1,1511,8771,1668977871,4507,328
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, fibre use and real estate. These leases are non-cancellable. 
Subsequent to quarter end, our commitments for purchase obligations increased by approximately $1.3 billion, which are payable $28 million in 2022, $55 million in 2023, $54 million in 2024, $91 million in 2025, $164 million in 2026 and $908 million thereafter.
Notes to consolidatedfinancial statements
Note 16  | COVID-19 
During the second quarter of 2022, the unfavourable effects of the COVID-19 pandemic on our financial and operating performance continued to moderate due to our operational execution and easing of government restrictions during the quarter. However, due to uncertainties relating to the severity and duration of the COVID-19 pandemic and possible further resurgences in the number of COVID-19 cases, including as a result of the potential emergence of other variants, and various potential outcomes, it is difficult at this time to estimate the impacts of the COVID-19 pandemic on our business. Our business and financial results could continue to be unfavourably impacted, and could again become more significantly and negatively impacted, in future periods, including, among others, as a result of global supply chain challenges adversely affecting our wireless and wireline product revenues.
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