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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/05/21 Bce Inc. 6-K 6/30/21 75:10M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 6-K Current, Quarterly or Annual Report by a Foreign HTML 30K Issuer 2: EX-99.1 Bce Inc. 2021 Second Quarter Management's HTML 865K Discussion and Analysis 3: EX-99.2 Bce Inc. 2021 Second Quarter Financial Statements HTML 770K 4: EX-99.3 Supplementary Financial Information - Second HTML 678K Quarter 2021 5: EX-99.4 Ceo/CFO Certifications HTML 30K 6: EX-99.5 News Release HTML 130K 7: EX-99.6 Bell Canada Unaudited Selected Summary Financial HTML 72K Information 8: EX-99.7 Exhibit to 2021 Second Quarter Financial HTML 21K Statements - Earnings Coverage 15: R1 Cover Page HTML 35K 16: R2 Consolidated income statements HTML 94K 17: R3 Consolidated statements of comprehensive income HTML 61K 18: R4 Consolidated statements of comprehensive income HTML 32K (Parenthetical) 19: R5 Consolidated statements of financial position HTML 129K 20: R6 Consolidated statements of changes in equity HTML 58K 21: R7 Consolidated statements of cash flows HTML 112K 22: R8 Corporate information HTML 25K 23: R9 Basis of presentation and significant accounting HTML 31K policies 24: R10 Segmented information HTML 143K 25: R11 Operating costs HTML 43K 26: R12 Severance, acquisition and other costs HTML 32K 27: R13 Impairment of assets HTML 28K 28: R14 Other income (Expense) HTML 41K 29: R15 Earnings per share HTML 41K 30: R16 Restricted cash HTML 26K 31: R17 Debt HTML 26K 32: R18 Post-employee benefit plans HTML 63K 33: R19 Financial assets and liabilities HTML 97K 34: R20 Share capital HTML 27K 35: R21 Share-based payments HTML 46K 36: R22 Commitment and contingency HTML 27K 37: R23 Covid-19 HTML 25K 38: R24 Basis of presentation and significant accounting HTML 29K policies (Policies) 39: R25 Segmented information (Tables) HTML 144K 40: R26 Operating costs (Tables) HTML 42K 41: R27 Severance, acquisition and other costs (Tables) HTML 30K 42: R28 Other income (Expense) (Tables) HTML 39K 43: R29 Earnings per share (Tables) HTML 40K 44: R30 Post-employee benefit plans (Tables) HTML 63K 45: R31 Financial assets and liabilities (Tables) HTML 118K 46: R32 Share-based payments (Tables) HTML 50K 47: R33 Segmented information - Segmented Information HTML 86K (Details) 48: R34 Segmented information - Revenue by Services and HTML 43K Products (Details) 49: R35 Operating costs (Details) HTML 39K 50: R36 Severance, acquisition and other costs (Details) HTML 28K 51: R37 Impairment of assets (Details) HTML 57K 52: R38 Other income (Expense) (Details) HTML 39K 53: R39 Other income (expense) - Narrative (Details) HTML 28K 54: R40 Earnings per share (Details) HTML 42K 55: R41 Restricted cash (Details) HTML 34K 56: R42 Debt (Details) HTML 58K 57: R43 Post-employee benefit plans - Service Cost HTML 36K (Details) 58: R44 Post-employee benefit plans - Interest Cost HTML 28K (Details) 59: R45 Post-employee benefit plans - Funded Status of HTML 37K Post-Employment Benefit Plans Cost (Details) 60: R46 Post-employee benefit plans - Narrative (Details) HTML 33K 61: R47 Financial assets and liabilities - Financial HTML 32K Instruments Measured at Amortized Cost (Details) 62: R48 Financial assets and liabilities - Financial HTML 59K Instruments Measured at Fair Value (Details) 63: R49 Financial assets and liabilities - Currency HTML 120K Exposures (Details) 64: R50 Financial assets and liabilities - Interest Rate HTML 49K Exposures (Details) 65: R51 Financial assets and liabilities - Equity Price HTML 37K Exposures (Details) 66: R52 Financial assets and liabilities - Commodity Price HTML 37K Exposure (Details) 67: R53 Share capital (Details) HTML 50K 68: R54 Share-based payments - Share-Based Payment Amounts HTML 32K Included in the Income Statements as Operating Costs (Details) 69: R55 Share-based payments - Outstanding RSUs/PSUs HTML 33K Activity (Details) 70: R56 Share-based payments - Outstanding Stock Options HTML 45K (Details) 71: R57 Commitment and contingency (Details) HTML 41K 73: XML IDEA XML File -- Filing Summary XML 126K 14: XML XBRL Instance -- d192709dex992_htm XML 2.21M 72: EXCEL IDEA Workbook of Financial Reports XLSX 79K 10: EX-101.CAL XBRL Calculations -- bce-20210630_cal XML 219K 11: EX-101.DEF XBRL Definitions -- bce-20210630_def XML 544K 12: EX-101.LAB XBRL Labels -- bce-20210630_lab XML 1.50M 13: EX-101.PRE XBRL Presentations -- bce-20210630_pre XML 836K 9: EX-101.SCH XBRL Schema -- bce-20210630 XSD 187K 74: JSON XBRL Instance as JSON Data -- MetaLinks 311± 444K 75: ZIP XBRL Zipped Folder -- 0001193125-21-237411-xbrl Zip 239K
BCE INC. 2021 SECOND QUARTER FINANCIAL STATEMENTS |
FOR THE PERIOD ENDED JUNE 30 | THREE MONTHS | SIX MONTHS | ||||||||||||||||||
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT SHARE AMOUNTS) (UNAUDITED) | NOTE | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Operating revenues | 3 | i 5,698 | i 5,354 | i 11,404 | i 10,994 | |||||||||||||||
Operating costs | 3, | 4 | ( i 3,222) | ( i 3,023) | ( i 6,499) | ( i 6,245) | ||||||||||||||
Severance, acquisition and other costs | 5 | ( i 7) | ( i 22) | ( i 96) | ( i 38) | |||||||||||||||
Depreciation | ( i 905) | ( i 869) | ( i 1,800) | ( i 1,727) | ||||||||||||||||
Amortization | ( i 248) | ( i 234) | ( i 486) | ( i 464) | ||||||||||||||||
Finance costs | ||||||||||||||||||||
Interest expense | ( i 268) | ( i 280) | ( i 535) | ( i 557) | ||||||||||||||||
Interest on post-employment benefit obligations | 11 | ( i 5) | ( i 11) | ( i 10) | ( i 23) | |||||||||||||||
Impairment of assets | 6 | ( i 164) | ( i 449) | ( i 167) | ( i 456) | |||||||||||||||
Other income (expense) | 7 | i 91 | ( i 80) | i 99 | ( i 127) | |||||||||||||||
Income taxes | ( i 236) | ( i 96) | ( i 489) | ( i 339) | ||||||||||||||||
Net earnings from continuing operations | i 734 | i 290 | i 1,421 | i 1,018 | ||||||||||||||||
Net earnings from discontinued operations | i — | i 4 | i — | i 9 | ||||||||||||||||
Net earnings | i 734 | i 294 | i 1,421 | i 1,027 | ||||||||||||||||
Net earnings from continuing operations attributable to: | ||||||||||||||||||||
Common shareholders | i 685 | i 233 | i 1,327 | i 908 | ||||||||||||||||
Preferred shareholders | i 32 | i 34 | i 64 | i 72 | ||||||||||||||||
Non-controlling interest | i 17 | i 23 | i 30 | i 38 | ||||||||||||||||
Net earnings from continuing operations | i 734 | i 290 | i 1,421 | i 1,018 | ||||||||||||||||
Net earnings attributable to: | ||||||||||||||||||||
Common shareholders | i 685 | i 237 | i 1,327 | i 917 | ||||||||||||||||
Preferred shareholders | i 32 | i 34 | i 64 | i 72 | ||||||||||||||||
Non-controlling interest | i 17 | i 23 | i 30 | i 38 | ||||||||||||||||
Net earnings | i 734 | i 294 | i 1,421 | i 1,027 | ||||||||||||||||
Net earnings per common share - basic and diluted | 8 | |||||||||||||||||||
Continuing operations | i i 0.76 / | i i 0.26 / | i i 1.47 / | i i 1.00 / | ||||||||||||||||
Discontinued operations | i i — / | i i — / | i i — / | i i 0.01 / | ||||||||||||||||
Net earnings per common share - basic and diluted | i i 0.76 / | i i 0.26 / | i i 1.47 / | i i 1.01 / | ||||||||||||||||
Weighted average number of common shares outstanding - basic (millions) | i 905.0 | i 904.3 | i i 904.7 / | i 904.2 |
FOR THE PERIOD ENDED JUNE 30 | THREE MONTHS | SIX MONTHS | |||||||||||||||
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED) | NOTE | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net earnings from continuing operations | i 734 | i 290 | i 1,421 | i 1,018 | |||||||||||||
Other comprehensive income (loss) 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 of i i i i nil / / /
for the three and six months ended June 30, 2021 and 2020, respectively |
i 3 | ( i 4) | i — | ( i 7) | |||||||||||||
Net change in value of derivatives designated as cash flow hedges, net of income taxes of ($ i 15) million and $ i 40 million
for the three months ended June 30, 2021 and 2020, respectively, and ($ i 39) million and ($ i 76) million
for the six months ended June 30, 2021 and 2020, respectively |
i 39 | ( i 111) | i 104 | i 207 | |||||||||||||
Items that will not be reclassified to net earnings | |||||||||||||||||
Actuarial gains (losses) on post-employment benefit plans, net of income taxes of ($ i 154) million and $ i 594 million
for the three months ended June 30, 2021 and 2020, respectively, and ($ i 574) million and ($ i 40) million
for the six months ended June 30, 2021 and 2020, respectively(1) |
11 | i 420 | ( i 1,621) | i 1,565 | i 110 | ||||||||||||
Net change in value of derivatives designated as cash flow hedges, net of income taxes of $ i 3 million and $ i 9 million
for the three months ended June 30, 2021 and 2020, respectively, and $ i 5 million and ($ i 12) million
for the six months ended June 30, 2021 and 2020, respectively |
( i 8) | ( i 24) | ( i 14) | i 33 | |||||||||||||
Other comprehensive income (loss) from continuing operations | i 454 | ( i 1,760) | i 1,655 | i 343 | |||||||||||||
Net earnings from discontinued operations attributable to common shareholders | i — | i 4 | i — | i 9 | |||||||||||||
Total comprehensive income (loss) | i 1,188 | ( i 1,466) | i 3,076 | i 1,370 | |||||||||||||
Total comprehensive income (loss) attributable to: | |||||||||||||||||
Common shareholders | i 1,139 | ( i 1,520) | i 2,982 | i 1,258 | |||||||||||||
Preferred shareholders | i 32 | i 34 | i 64 | i 72 | |||||||||||||
Non-controlling interest | i 17 | i 20 | i 30 | i 40 | |||||||||||||
Total comprehensive income (loss) | i 1,188 | ( i 1,466) | i 3,076 | i 1,370 |
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED) | NOTE | JUNE 30, 2021 | DECEMBER 31, 2020 | |||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash | i 1,752 | i 224 | ||||||||||||
Trade and other receivables | i 3,244 | i 3,528 | ||||||||||||
Inventory | i 418 | i 439 | ||||||||||||
Contract assets | i 467 | i 687 | ||||||||||||
Contract costs | i 441 | i 402 | ||||||||||||
Prepaid expenses | i 346 | i 209 | ||||||||||||
Other current assets | 9 | i 278 | i 199 | |||||||||||
Total current assets | i 6,946 | i 5,688 | ||||||||||||
Non-current assets | ||||||||||||||
Contract assets | i 230 | i 256 | ||||||||||||
Contract costs | i 364 | i 362 | ||||||||||||
Property, plant and equipment | i 27,554 | i 27,513 | ||||||||||||
Intangible assets | i 13,263 | i 13,102 | ||||||||||||
Deferred tax assets | i 118 | i 106 | ||||||||||||
Investments in associates and joint ventures | i 725 | i 756 | ||||||||||||
Post-employment benefit assets | 11 | i 3,185 | i 1,277 | |||||||||||
Other non-current assets | 9 | i 1,167 | i 1,001 | |||||||||||
Goodwill | i 10,579 | i 10,604 | ||||||||||||
Total non-current assets | i 57,185 | i 54,977 | ||||||||||||
Total assets | i 64,131 | i 60,665 | ||||||||||||
LIABILITIES | ||||||||||||||
Current liabilities | ||||||||||||||
Trade payables and other liabilities | i 3,904 | i 3,935 | ||||||||||||
Contract liabilities | i 767 | i 717 | ||||||||||||
Interest payable | i 228 | i 222 | ||||||||||||
Dividends payable | i 806 | i 766 | ||||||||||||
Current tax liabilities | i 344 | i 214 | ||||||||||||
Debt due within one year | 10 | i 2,304 | i 2,417 | |||||||||||
Total current liabilities | i 8,353 | i 8,271 | ||||||||||||
Non-current liabilities | ||||||||||||||
Contract liabilities | i 242 | i 242 | ||||||||||||
Long-term debt | 10 | i 25,422 | i 23,906 | |||||||||||
Deferred tax liabilities | i 4,530 | i 3,810 | ||||||||||||
Post-employment benefit obligations | 11 | i 1,734 | i 1,962 | |||||||||||
Other non-current liabilities | i 1,081 | i 1,145 | ||||||||||||
Total non-current liabilities | i 33,009 | i 31,065 | ||||||||||||
Total liabilities | i 41,362 | i 39,336 | ||||||||||||
EQUITY | ||||||||||||||
Equity attributable to BCE shareholders | ||||||||||||||
Preferred shares | i 4,003 | i 4,003 | ||||||||||||
Common shares | i 20,467 | i 20,390 | ||||||||||||
Contributed surplus | i 1,156 | i 1,174 | ||||||||||||
Accumulated other comprehensive income | i 204 | i 103 | ||||||||||||
Deficit | ( i 3,401) | ( i 4,681) | ||||||||||||
Total equity attributable to BCE shareholders | i 22,429 | i 20,989 | ||||||||||||
Non-controlling interest | i 340 | i 340 | ||||||||||||
Total equity | i 22,769 | i 21,329 | ||||||||||||
Total liabilities and equity | i 64,131 | i 60,665 |
ATTRIBUTABLE TO BCE SHAREHOLDERS | ||||||||||||||||||||||||||
FOR THE PERIOD ENDED JUNE 30, 2021 (IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED) | PREFERRED SHARES | COMMON SHARES | CONTRI-BUTED SURPLUS | ACCUM-ULATED OTHER COMPRE-HENSIVE INCOME | DEFICIT | TOTAL | NON-CONTROL-LING INTEREST | TOTAL EQUITY | ||||||||||||||||||
Balance at December 31, 2020 | i 4,003 | i 20,390 | i 1,174 | i 103 | ( i 4,681) | i 20,989 | i 340 | i 21,329 | ||||||||||||||||||
Net earnings | — | — | — | — | i 1,391 | i 1,391 | i 30 | i 1,421 | ||||||||||||||||||
Other comprehensive income | — | — | — | i 91 | i 1,564 | i 1,655 | i — | i 1,655 | ||||||||||||||||||
Total comprehensive income | — | — | — | i 91 | i 2,955 | i 3,046 | i 30 | i 3,076 | ||||||||||||||||||
Common shares issued under employee stock option plan |
— | i 77 | ( i 3) | — | — | i 74 | — | i 74 | ||||||||||||||||||
Other share-based compensation | — | — | ( i 15) | — | ( i 27) | ( i 42) | — | ( i 42) | ||||||||||||||||||
Dividends declared on BCE common and preferred shares |
— | — | — | — | ( i 1,648) | ( i 1,648) | — | ( i 1,648) | ||||||||||||||||||
Dividends declared by subsidiaries to non-controlling interest |
— | — | — | — | — | — | ( i 29) | ( i 29) | ||||||||||||||||||
Settlement of cash flow hedges transferred to the cost basis of hedged items |
— | — | — | i 10 | — | i 10 | — | i 10 | ||||||||||||||||||
Other | — | — | — | — | — | — | ( i 1) | ( i 1) | ||||||||||||||||||
Balance at June 30, 2021 | i 4,003 | i 20,467 | i 1,156 | i 204 | ( i 3,401) | i 22,429 | i 340 | i 22,769 |
ATTRIBUTABLE TO BCE SHAREHOLDERS | ||||||||||||||||||||||||||
FOR THE PERIOD ENDED JUNE 30, 2020 (IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED) | PREFERRED SHARES | COMMON SHARES | CONTRI-BUTED SURPLUS | ACCUM-ULATED OTHER COMPRE-HENSIVE INCOME (LOSS) | DEFICIT | TOTAL | NON-CONTROL-LING INTEREST | TOTAL EQUITY | ||||||||||||||||||
Balance at December 31, 2019 | i 4,004 | i 20,363 | i 1,178 | i 161 | ( i 4,632) | i 21,074 | i 334 | i 21,408 | ||||||||||||||||||
Net earnings | — | — | — | — | i 989 | i 989 | i 38 | i 1,027 | ||||||||||||||||||
Other comprehensive income | — | — | — | i 231 | i 110 | i 341 | i 2 | i 343 | ||||||||||||||||||
Total comprehensive income | — | — | — | i 231 | i 1,099 | i 1,330 | i 40 | i 1,370 | ||||||||||||||||||
Common shares issued under employee stock option plan |
— | i 23 | ( i 1) | — | — | i 22 | — | i 22 | ||||||||||||||||||
Other share-based compensation | — | — | ( i 22) | — | ( i 31) | ( i 53) | — | ( i 53) | ||||||||||||||||||
Dividends declared on BCE common and preferred shares |
— | — | — | — | ( i 1,578) | ( i 1,578) | — | ( i 1,578) | ||||||||||||||||||
Dividends declared by subsidiaries to non-controlling interest |
— | — | — | — | — | — | ( i 26) | ( i 26) | ||||||||||||||||||
Settlement of cash flow hedges transferred to the cost basis of hedged items |
— | — | — | ( i 6) | — | ( i 6) | — | ( i 6) | ||||||||||||||||||
Balance at June 30, 2020 | i 4,004 | i 20,386 | i 1,155 | i 386 | ( i 5,142) | i 20,789 | i 348 | i 21,137 |
FOR THE PERIOD ENDED JUNE 30 | THREE MONTHS | SIX MONTHS | |||||||||||||||
(IN MILLIONS OF CANADIAN DOLLARS) (UNAUDITED) | NOTE | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net earnings from continuing operations | i 734 | i 290 | i i 1,421 / | i 1,018 | |||||||||||||
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities | |||||||||||||||||
Severance, acquisition and other costs | 5 | i 7 | i 22 | i i 96 / | i 38 | ||||||||||||
Depreciation and amortization | i 1,153 | i 1,103 | i i 2,286 / | i 2,191 | |||||||||||||
Post-employment benefit plans cost | 11 | i 68 | i 75 | i i 147 / | i 162 | ||||||||||||
Net interest expense | i 263 | i 275 | i i 526 / | i 545 | |||||||||||||
Impairment of assets | 6 | i 164 | i 449 | i 167 | i 456 | ||||||||||||
Income taxes | i 236 | i 96 | i i 489 / | i 339 | |||||||||||||
Contributions to post-employment benefit plans | ( i 70) | ( i 71) | ( i i 149 / ) | ( i 150) | |||||||||||||
Payments under other post-employment benefit plans | ( i 16) | ( i 12) | ( i i 31 / ) | ( i 29) | |||||||||||||
Severance and other costs paid | ( i 79) | ( i 13) | ( i i 122 / ) | ( i 48) | |||||||||||||
Interest paid | ( i 230) | ( i 240) | ( i i 536 / ) | ( i 556) | |||||||||||||
Income taxes (paid) received (net of refunds) | ( i 95) | i 6 | ( i i 204 / ) | ( i 227) | |||||||||||||
Acquisition and other costs paid | ( i 2) | ( i 11) | ( i i 6 / ) | ( i 20) | |||||||||||||
Change in contract assets | i 102 | i 239 | i 246 | i 394 | |||||||||||||
Change in wireless device financing plan receivables | ( i 61) | ( i 150) | ( i 152) | ( i 226) | |||||||||||||
Net change in operating assets and liabilities | i 325 | i 487 | i i 313 / | i 87 | |||||||||||||
Cash from discontinued operations | i — | i 17 | i — | i 39 | |||||||||||||
Cash flows from operating activities | i 2,499 | i 2,562 | i 4,491 | i 4,013 | |||||||||||||
Cash flows used in investing activities | |||||||||||||||||
Capital expenditures | ( i 1,207) | ( i 900) | ( i i 2,219 / ) | ( i 1,677) | |||||||||||||
Business acquisitions | ( i i 11 / ) | ( i 23) | ( i i 11 / ) | ( i 23) | |||||||||||||
Other investing activities | ( i 17) | ( i 13) | ( i i 38 / ) | ( i 19) | |||||||||||||
Cash used in discontinued operations | i — | ( i 8) | i — | ( i 15) | |||||||||||||
Cash flows used in investing activities | ( i 1,235) | ( i 944) | ( i 2,268) | ( i 1,734) | |||||||||||||
Cash flows used in financing activities | |||||||||||||||||
Increase (decrease) in notes payable and bank advances | i 311 | ( i 1,204) | ( i i 46 / ) | ( i 1,434) | |||||||||||||
Decrease in securitized trade receivables | i — | ( i 400) | ( i i 13 / ) | i — | |||||||||||||
Issue of long-term debt | 10 | i 500 | i 1,975 | i i 3,415 / | i 5,256 | ||||||||||||
Repayment of long-term debt | 10 | ( i 2,041) | ( i 2,221) | ( i i 2,267 / ) | ( i 2,930) | ||||||||||||
Issue of common shares | i 63 | i — | i i 73 / | i 22 | |||||||||||||
Purchase of shares for settlement of share-based payments | ( i 71) | ( i 75) | ( i i 162 / ) | ( i 169) | |||||||||||||
Cash dividends paid on common shares | ( i 791) | ( i 753) | ( i i 1,544 / ) | ( i 1,469) | |||||||||||||
Cash dividends paid on preferred shares | ( i 31) | ( i 33) | ( i i 62 / ) | ( i 69) | |||||||||||||
Cash dividends paid by subsidiaries to non-controlling interest | ( i 15) | ( i 12) | ( i i 28 / ) | ( i 26) | |||||||||||||
Other financing activities | ( i 44) | ( i 25) | ( i i 61 / ) | ( i 55) | |||||||||||||
Cash used in discontinued operations | i — | ( i 2) | i — | ( i 3) | |||||||||||||
Cash flows used in financing activities | ( i 2,119) | ( i 2,750) | ( i 695) | ( i 877) | |||||||||||||
Net (decrease) increase in cash | ( i 155) | i 354 | i 1,528 | i 1,156 | |||||||||||||
Cash at beginning of period | i 1,907 | i 943 | i 224 | i 141 | |||||||||||||
Cash at end of period | i 1,752 | i 1,297 | i 1,752 | i 1,297 | |||||||||||||
Net (decrease) increase in cash equivalents | ( i 700) | ( i 1,486) | i — | i 246 | |||||||||||||
Cash equivalents at beginning of period | i 700 | i 1,736 | i — | i 4 | |||||||||||||
Cash equivalents at end of period | i — | i 250 | i — | i 250 |
Note 1 | Corporate information |
Note 2 | Basis of presentation and significant accounting policies |
Future changes to accounting standards |
STANDARD | DESCRIPTION | IMPACT | EFFECTIVE DATE | ||||||||
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. | ||||||||||
Disclosure of Accounting Policies - Amendments to IAS 1 - Presentation of Financial Statements | These amendments require that entities disclose material accounting policies, as defined, instead of significant accounting policies. | 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 January 1, 2023. Early application is permitted. | ||||||||
Note 3 | Segmented information |
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2021 | NOTE | BELL WIRELESS | BELL WIRELINE |
BELL MEDIA |
INTER- SEGMENT ELIMINA- TIONS |
BCE | ||||||||||||||
Operating revenues | ||||||||||||||||||||
External customers | i 2,115 | i 2,917 | i 666 | — | i 5,698 | |||||||||||||||
Inter-segment | i 13 | i 86 | i 89 | ( i 188) | — | |||||||||||||||
Total operating revenues | i 2,128 | i 3,003 | i 755 | ( i 188) | i 5,698 | |||||||||||||||
Operating costs | 4 | ( i 1,159) | ( i 1,710) | ( i 541) | i 188 | ( i 3,222) | ||||||||||||||
Segment profit (1) |
i 969 | i 1,293 | i 214 | — | i 2,476 | |||||||||||||||
Severance, acquisition and other costs | 5 | ( i 7) | ||||||||||||||||||
Depreciation and amortization | ( i 1,153) | |||||||||||||||||||
Finance costs | ||||||||||||||||||||
Interest expense | ( i 268) | |||||||||||||||||||
Interest on post-employment benefit obligations | 11 | ( i 5) | ||||||||||||||||||
Impairment of assets | 6 | ( i 164) | ||||||||||||||||||
Other income | 7 | i 91 | ||||||||||||||||||
Income taxes | ( i 236) | |||||||||||||||||||
Net earnings | i 734 |
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2020 | NOTE | BELL WIRELESS | BELL WIRELINE |
BELL MEDIA |
INTER- SEGMENT ELIMINA- TIONS |
BCE | |||||||||||||||||
Operating revenues | |||||||||||||||||||||||
External customers | i 1,909 | i 2,963 | i 482 | — | i 5,354 | ||||||||||||||||||
Inter-segment | i 13 | i 80 | i 97 | ( i 190) | — | ||||||||||||||||||
Total operating revenues | i 1,922 | i 3,043 | i 579 | ( i 190) | i 5,354 | ||||||||||||||||||
Operating costs | 4 | ( i 1,043) | ( i 1,764) | ( i 406) | i 190 | ( i 3,023) | |||||||||||||||||
Segment profit (1) |
i 879 | i 1,279 | i 173 | — | i 2,331 | ||||||||||||||||||
Severance, acquisition and other costs | 5 | ( i 22) | |||||||||||||||||||||
Depreciation and amortization | ( i 1,103) | ||||||||||||||||||||||
Finance costs | |||||||||||||||||||||||
Interest expense | ( i 280) | ||||||||||||||||||||||
Interest on post-employment benefit obligations | 11 | ( i 11) | |||||||||||||||||||||
Impairment of assets | 6 | ( i 449) | |||||||||||||||||||||
Other expense | 7 | ( i 80) | |||||||||||||||||||||
Income taxes | ( i 96) | ||||||||||||||||||||||
Net earnings from continuing operations | i 290 | ||||||||||||||||||||||
Net earnings from discontinued operations | i 4 | ||||||||||||||||||||||
Net earnings | i 294 |
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2021 | NOTE | BELL WIRELESS | BELL WIRELINE |
BELL MEDIA |
INTER- SEGMENT ELIMINA- TIONS |
BCE | ||||||||||||||
Operating revenues | ||||||||||||||||||||
External customers | i 4,202 | i 5,913 | i 1,289 | — | i 11,404 | |||||||||||||||
Inter-segment | i 26 | i 171 | i 179 | ( i 376) | — | |||||||||||||||
Total operating revenues | i 4,228 | i 6,084 | i 1,468 | ( i 376) | i 11,404 | |||||||||||||||
Operating costs | 4 | ( i 2,336) | ( i 3,428) | ( i 1,111) | i 376 | ( i 6,499) | ||||||||||||||
Segment profit (1) |
i 1,892 | i 2,656 | i 357 | — | i 4,905 | |||||||||||||||
Severance, acquisition and other costs | 5 | ( i 96) | ||||||||||||||||||
Depreciation and amortization | ( i 2,286) | |||||||||||||||||||
Finance costs | ||||||||||||||||||||
Interest expense | ( i 535) | |||||||||||||||||||
Interest on post-employment benefit obligations | 11 | ( i 10) | ||||||||||||||||||
Impairment of assets | 6 | ( i 167) | ||||||||||||||||||
Other income | 7 | i 99 | ||||||||||||||||||
Income taxes | ( i 489) | |||||||||||||||||||
Net earnings | i 1,421 |
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2020 | NOTE | BELL WIRELESS | BELL WIRELINE |
BELL MEDIA |
INTER- SEGMENT ELIMINA- TIONS |
BCE | |||||||||||||||||
Operating revenues | |||||||||||||||||||||||
External customers | i 3,931 | i 5,923 | i 1,140 | — | i 10,994 | ||||||||||||||||||
Inter-segment | i 26 | i 156 | i 191 | ( i 373) | — | ||||||||||||||||||
Total operating revenues | i 3,957 | i 6,079 | i 1,331 | ( i 373) | i 10,994 | ||||||||||||||||||
Operating costs | 4 | ( i 2,150) | ( i 3,465) | ( i 1,003) | i 373 | ( i 6,245) | |||||||||||||||||
Segment profit (1) |
i 1,807 | i 2,614 | i 328 | — | i 4,749 | ||||||||||||||||||
Severance, acquisition and other costs | 5 | ( i 38) | |||||||||||||||||||||
Depreciation and amortization | ( i 2,191) | ||||||||||||||||||||||
Finance costs | |||||||||||||||||||||||
Interest expense | ( i 557) | ||||||||||||||||||||||
Interest on post-employment benefit obligations | 11 | ( i 23) | |||||||||||||||||||||
Impairment of assets | 6 | ( i 456) | |||||||||||||||||||||
Other expense | 7 | ( i 127) | |||||||||||||||||||||
Income taxes | ( i 339) | ||||||||||||||||||||||
Net earnings from continuing operations | i 1,018 | ||||||||||||||||||||||
Net earnings from discontinued operations | i 9 | ||||||||||||||||||||||
Net earnings | i 1,027 |
THREE MONTHS | SIX MONTHS | |||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Services(1) |
||||||||||||||
Wireless | i 1,569 | i 1,481 | i 3,072 | i 3,016 | ||||||||||
Wireline data | i 1,944 | i 1,916 | i 3,909 | i 3,807 | ||||||||||
Wireline voice | i 794 | i 863 | i 1,597 | i 1,735 | ||||||||||
Media | i 666 | i 482 | i 1,289 | i 1,140 | ||||||||||
Other wireline services | i 67 | i 58 | i 141 | i 120 | ||||||||||
Total services | i 5,040 | i 4,800 | i 10,008 | i 9,818 | ||||||||||
Products(2) |
||||||||||||||
Wireless | i 546 | i 428 | i 1,130 | i 915 | ||||||||||
Wireline data | i 101 | i 113 | i 245 | i 236 | ||||||||||
Wireline equipment and other | i 11 | i 13 | i 21 | i 25 | ||||||||||
Total products | i 658 | i 554 | i 1,396 | i 1,176 | ||||||||||
Total operating revenues | i 5,698 | i 5,354 | i 11,404 | i 10,994 |
Note 4 | Operating costs |
THREE MONTHS | SIX MONTHS | |||||||||||||||||||
FOR THE PERIOD ENDED JUNE 30 | NOTE | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Labour costs | ||||||||||||||||||||
Wages, salaries and related taxes and benefits(1) |
( i 1,072) | ( i 994) | ( i 2,106) | ( i 2,035) | ||||||||||||||||
Post-employment benefit plans service cost (net of capitalized amounts) | 11 | ( i 63) | ( i 64) | ( i 137) | ( i 139) | |||||||||||||||
Other labour costs (2) |
( i 251) | ( i 236) | ( i 490) | ( i 463) | ||||||||||||||||
Less: | ||||||||||||||||||||
Capitalized labour | i 270 | i 248 | i 525 | i 494 | ||||||||||||||||
Total labour costs | ( i 1,116) | ( i 1,046) | ( i 2,208) | ( i 2,143) | ||||||||||||||||
Cost of revenues (3) |
( i 1,664) | ( i 1,471) | ( i 3,406) | ( i 3,125) | ||||||||||||||||
Other operating costs (4) |
( i 442) | ( i 506) | ( i 885) | ( i 977) | ||||||||||||||||
Total operating costs | ( i 3,222) | ( i 3,023) | ( i 6,499) | ( i 6,245) |
Note 5 | Severance, acquisition and other costs |
THREE MONTHS | SIX MONTHS | |||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Severance | ( i 7) | ( i 2) | ( i 104) | ( i 10) | ||||||||||
Acquisition and other | i — | ( i 20) | i 8 | ( i 28) | ||||||||||
Total severance, acquisition and other costs | ( i 7) | ( i 22) | ( i 96) | ( i 38) |
Note 6 | Impairment of assets |
Note 7 | Other income (expense) |
THREE MONTHS | SIX MONTHS | |||||||||||||||||||
FOR THE PERIOD ENDED JUNE 30 | NOTE | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Net mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans | i 100 | ( i 9) | i 160 | ( i 37) | ||||||||||||||||
Early debt redemption costs | 10 | i — | i — | ( i 53) | ( i 17) | |||||||||||||||
Equity (losses) gains from investments in associates and joint ventures | ||||||||||||||||||||
(Loss) gain on investment | ( i 14) | i 11 | ( i 14) | i 21 | ||||||||||||||||
Operations | ( i 2) | ( i 24) | ( i 15) | ( i 15) | ||||||||||||||||
Losses on retirements and disposals of property, plant and equipment and intangible assets | ( i 3) | ( i 54) | ( i 8) | ( i 70) | ||||||||||||||||
Other | i 10 | ( i 4) | i 29 | ( i 9) | ||||||||||||||||
Total other income (expense) | i 91 | ( i 80) | i 99 | ( i 127) |
Note 8 | Earnings per share |
THREE MONTHS | SIX MONTHS | ||||||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net earnings from continuing operations attributable to common shareholders - basic | i 685 | i 233 | i 1,327 | i 908 | |||||||||||||
Net earnings from discontinued operations attributable to common shareholders - basic | i — | i 4 | i — | i 9 | |||||||||||||
Net earnings attributable to common shareholders - basic | i 685 | i 237 | i 1,327 | i 917 | |||||||||||||
Dividends declared per common share (in dollars) | i 0.8750 | i 0.8325 | i 1.7500 | i 1.6650 | |||||||||||||
Weighted average number of common shares outstanding (in millions) | |||||||||||||||||
Weighted average number of common shares outstanding - basic | i 905.0 | i 904.3 | i i 904.7 / | i 904.2 | |||||||||||||
Assumed exercise of stock options (1) |
i 0.3 | i 0.1 | i 0.1 | i 0.2 | |||||||||||||
Weighted average number of common shares outstanding - diluted (in millions) | i 905.3 | i 904.4 | i 904.8 | i 904.4 |
Note 9 | Restricted cash |
Note 10 | Debt |
Note 11 | Post-employment benefit plans |
THREE MONTHS | SIX MONTHS | ||||||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | |||||||||||||
DB pension | ( i 56) | ( i 55) | ( i 111) | ( i 109) | |||||||||||||
DC pension | ( i 26) | ( i 26) | ( i 62) | ( i 62) | |||||||||||||
OPEBs | i — | i — | ( i 1) | ( i 1) | |||||||||||||
Less: | |||||||||||||||||
Capitalized benefit plans cost | i 19 | i 17 | i 37 | i 33 | |||||||||||||
Total post-employment benefit plans service cost | ( i 63) | ( i 64) | ( i 137) | ( i 139) |
THREE MONTHS | SIX MONTHS | ||||||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | |||||||||||||
DB pension | i 2 | ( i 2) | i 5 | ( i 5) | |||||||||||||
OPEBs | ( i 7) | ( i 9) | ( i 15) | ( i 18) | |||||||||||||
Total interest on post-employment benefit obligations | ( i 5) | ( i 11) | ( i 10) | ( i 23) |
FUNDED | PARTIALLY FUNDED(1) |
UNFUNDED(2) |
TOTAL | ||||||||||||||||||||||||||
FOR THE PERIOD ENDED | JUNE 30, 2021 | DECEMBER 31, 2020 | JUNE 30, 2021 | DECEMBER 31, 2020 | JUNE 30, 2021 | DECEMBER 31, 2020 | JUNE 30, 2021 | DECEMBER 31, 2020 | |||||||||||||||||||||
Present value of post- employment benefit obligations |
( i 23,838) | ( i 26,421) | ( i 1,828) | ( i 2,011) | ( i 289) | ( i 317) | ( i 25,955) | ( i 28,749) | |||||||||||||||||||||
Fair value of plan assets | i 27,071 | i 27,727 | i 400 | i 402 | i — | i — | i 27,471 | i 28,129 | |||||||||||||||||||||
Plan surplus (deficit) | i 3,233 | i 1,306 | ( i 1,428) | ( i 1,609) | ( i 289) | ( i 317) | i 1,516 | ( i 620) |
Note 12 | Financial assets and liabilities |
JUNE 30, 2021 | DECEMBER 31, 2020 | |||||||||||||||||||
CLASSIFICATION | FAIR VALUE METHODOLOGY | CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE | |||||||||||||||
CRTC deferral account obligation | Trade payables and other liabilities and other non-current liabilities | Present value of estimated future cash flows discounted using observable market interest rates | i 79 | i 81 | i 82 | i 86 | ||||||||||||||
Debt securities and other debt |
Debt due within one year and long-term debt | Quoted market price of debt | i 22,037 | i 24,714 | i 20,525 | i 24,366 |
FAIR VALUE | |||||||||||||||||
CLASSIFICATION | CARRYING VALUE OF ASSET (LIABILITY) | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | OBSERVABLE MARKET DATA (LEVEL 2)(1) |
NON-OBSERVABLE MARKET INPUTS (LEVEL 3)(2) | |||||||||||||
June 30, 2021 | |||||||||||||||||
Publicly-traded and privately-held investments (3) |
Other non-current assets | i 141 | i 19 | i — | i 122 | ||||||||||||
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | i 150 | i — | i 150 | i — | ||||||||||||
Maple Leaf Sports & Entertainment Ltd. (MLSE) financial liability(4) |
Trade payables and other liabilities | ( i 149) | i — | i — | ( i 149) | ||||||||||||
Other | Other non-current assets and liabilities | i 120 | i — | i 178 | ( i 58) | ||||||||||||
December 31, 2020 | |||||||||||||||||
Publicly-traded and privately-held investments (3) |
Other non-current assets | i 126 | i 3 | i — | i 123 | ||||||||||||
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | ( i 51) | i — | ( i 51) | i — | ||||||||||||
MLSE financial liability(4) |
Trade payables and other liabilities | ( i 149) | i — | i — | ( i 149) | ||||||||||||
Other | Other non-current assets and liabilities | i 109 | i — | i 167 | ( i 58) |
TYPE OF HEDGE | BUY CURRENCY | AMOUNT TO RECEIVE | SELL CURRENCY | AMOUNT TO PAY | MATURITY | HEDGED ITEM | ||||||||||||||
Cash flow | USD | i 250 | CAD | i 311 | 2021 | Commercial paper | ||||||||||||||
Cash flow | USD | i 366 | CAD | i 482 | 2021 | Anticipated transactions | ||||||||||||||
Cash flow | PHP | i 1,125 | CAD | i 30 | 2021 | Anticipated transactions | ||||||||||||||
Cash flow | USD | i 509 | CAD | i 651 | 2022 | Anticipated transactions | ||||||||||||||
Cash flow | PHP | i 2,270 | CAD | i 58 | 2022 | Anticipated transactions | ||||||||||||||
Cash flow | USD | i 520 | CAD | i 641 | 2023 | Anticipated transactions | ||||||||||||||
Cash flow - call options | USD | i 231 | CAD | i 299 | 2022 | Anticipated transactions | ||||||||||||||
Cash flow - put options | USD | i 231 | CAD | i 295 | 2022 | Anticipated transactions | ||||||||||||||
Economic | USD | i 79 | CAD | i 105 | 2021 | Anticipated transactions | ||||||||||||||
Economic - put options | USD | i 60 | CAD | i 77 | 2021 | Anticipated transactions | ||||||||||||||
Economic - call options | USD | i 150 | CAD | i 178 | 2022 | Anticipated transactions | ||||||||||||||
Economic - call options | CAD | i 190 | USD | i 150 | 2022 | Anticipated transactions | ||||||||||||||
Economic - put options | USD | i 399 | CAD | i 481 | 2022 | Anticipated transactions |
Note 13 | Share capital |
Note 14 | Share-based payments |
THREE MONTHS | SIX MONTHS | |||||||||||||
FOR THE PERIOD ENDED JUNE 30 | 2021 | 2020 | 2021 | 2020 | ||||||||||
Employee savings plan | ( i 8) | ( i 8) | ( i 16) | ( i 16) | ||||||||||
Restricted share units (RSUs) and performance share units (PSUs) | ( i 13) | ( i 13) | ( i 33) | ( i 29) | ||||||||||
Other (1) |
( i 1) | ( i 2) | ( i 3) | ( i 5) | ||||||||||
Total share-based payments | ( i 22) | ( i 23) | ( i 52) | ( i 50) |
NUMBER OF RSUs/PSUs | |||||
Outstanding, January 1, 2021 | i 2,973,393 | ||||
Granted | i 1,168,722 | ||||
Dividends credited | i 90,362 | ||||
Settled | ( i 1,105,189) | ||||
Forfeited | ( i 76,977) | ||||
Outstanding, June 30, 2021 | i 3,050,311 |
NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($) | ||||||||||
Outstanding, January 1, 2021 | i 15,650,234 | i 59 | |||||||||
Exercised(1) |
( i 1,327,539) | i 55 | |||||||||
Forfeited or expired | ( i 245,288) | i 60 | |||||||||
Outstanding, June 30, 2021 | i 14,077,407 | i 59 | |||||||||
Exercisable, June 30, 2021 | i 7,592,746 | i 58 |
Note 15 | Commitment and contingency |
Note 16 | COVID-19 |
This ‘6-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/17/31 | ||||
5/29/28 | ||||
12/31/26 | ||||
12/31/25 | ||||
3/17/24 | ||||
1/1/23 | ||||
10/3/22 | ||||
1/1/22 | ||||
Filed on: | 8/5/21 | |||
8/4/21 | ||||
8/1/21 | ||||
7/29/21 | ||||
7/1/21 | ||||
For Period end: | 6/30/21 | |||
5/28/21 | ||||
5/27/21 | ||||
5/1/21 | ||||
4/19/21 | ||||
3/31/21 | 6-K | |||
3/17/21 | 6-K | |||
3/4/21 | ||||
1/1/21 | ||||
12/31/20 | 40-F | |||
7/1/20 | ||||
6/30/20 | 6-K | |||
3/31/20 | ||||
12/31/19 | 40-F | |||
8/15/19 | ||||
10/6/16 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/10/22 Bce Inc. SUPPL 2/10/22 1:544K Donnelley … Solutions/FA 2/08/22 Bce Inc. SUPPL 2/08/22 1:538K Donnelley … Solutions/FA 8/11/21 Bce Inc. SUPPL 8/11/21 1:436K Donnelley … Solutions/FA 8/09/21 Bce Inc. SUPPL 8/09/21 1:429K Donnelley … Solutions/FA |