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Financial assets and liabilities | 6 Months Ended
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Jun. 30, 2024
Financial Instruments [Abstract] |
Financial assets and liabilities | Financial assets and liabilities Fair value The following table provides the fair value details of certain financial instruments measured at amortized cost in the consolidated statements of financial position (statements of financial position).
|  |  | June 30, 2024 | December 31, 2023
| Classification | Fair value methodology | Carrying value | Fair value | Carrying value | Fair value
Debt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 31,504 |  | 29,828 |  | 29,049 |  | 28,225 |
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
|  |  | 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, 2024 |  |  |  |  |
Publicly-traded and privately-held investments (3) | Other non-current assets | 599 |  | 19 |  | — |  | 580 |
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (331) |  | — |  | (331) |  | — |
Other | Trade payables and other liabilities and other non-current assets | 148 |  | — |  | 220 |  | (72) |
December 31, 2023 |  |  |  |  |
Publicly-traded and privately-held investments (3) | Other non-current assets | 587 |  | 10 |  | — |  | 577 |
Derivative financial instruments | Other current assets, trade payables and other liabilities, other non-current assets and liabilities | (488) |  | — |  | (488) |  | — |
Other | Other non-current assets and liabilities | 147 |  | — |  | 216 |  | (69) |
(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 revenue and earnings multiples. For certain privately-held investments and other financial liabilities, changes in our valuation assumptions may result in a significant increase (decrease) in the fair value of our level 3 financial instruments. (3)Unrealized gains and losses are recorded in Other comprehensive income (loss) in the statements of comprehensive income and are reclassified from Accumulated other comprehensive loss to the Deficit in the statements of financial position when realized. Market risk Currency exposures In 2024, we entered into cross currency interest rate swaps with a notional amount of $700 million in U.S. dollars ($942 million in Canadian dollars) to hedge the U.S. currency exposure of our US-9 Notes maturing in 2034. The fair value of the cross currency interest rate swaps at June 30, 2024 was a net liability of $5 million recognized in Other current assets and Other non-current liabilities in the statements of financial position. See Note 11, Debt, for additional details. In 2024, we entered into cross currency interest rate swaps with a notional amount of $750 million in U.S. dollars ($1,009 million in Canadian dollars) to hedge the U.S. currency exposure of our US-10 Notes maturing in 2054. In connection with these swaps, cross currency basis rate swaps outstanding at December 31, 2023 with a notional amount of $644 million were settled. The fair value of the cross currency interest rate swaps at June 30, 2024 was a net liability of $7 million recognized in Other current assets, Other non-current assets, and Other non-current liabilities in the statements of financial position. See Note 11, Debt, for additional details. In 2024, we entered into cross currency interest rate swaps with a notional amount of $240 million in U.S. dollars ($324 million in Canadian dollars) to hedge the U.S. currency exposure of outstanding loans maturing in 2026 under our Bell Mobility uncommitted trade loan agreement. The fair value of the cross currency interest rate swaps at June 30, 2024 was a net asset of $4 million recognized in Other current assets and Other non-current assets in the statements of financial position. A 10% depreciation (appreciation) in the value of the Canadian dollar relative to the U.S. dollar would result in a gain of $12 million (loss of $44 million) recognized in net earnings at June 30, 2024 and a gain of $130 million (loss of $119 million) recognized in Other comprehensive income (loss) at June 30, 2024, with all other variables held constant. The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2024.
Type of hedge | Buy currency | Amount to receive | Sell currency | Amount to pay | Maturity | Hedged item
Cash flow (1) | USD | 1,174 |  | CAD | 1,607 |  | 2024 | Loans
Cash flow | USD | 1,180 |  | CAD | 1,601 |  | 2024 | Commercial paper
Cash flow | USD | 359 |  | CAD | 459 |  | 2024 | Anticipated purchases
Cash flow | PHP | 1,470 |  | CAD | 35 |  | 2024 | Anticipated purchases
Cash flow | USD | 608 |  | CAD | 793 |  | 2025 | Anticipated purchases
Cash flow | PHP | 3,193 |  | CAD | 75 |  | 2025 | Anticipated purchases
Cash flow | USD | 280 |  | CAD | 377 |  | 2026 | Anticipated purchases
Economic | USD | 90 |  | CAD | 118 |  | 2024 | Anticipated purchases
Economic - call options | USD | 124 |  | CAD | 151 |  | 2024 | Anticipated purchases
Economic - call options | CAD | 112 |  | USD | 78 |  | 2024 | Anticipated purchases
Economic - put options | USD | 335 |  | CAD | 437 |  | 2024 | Anticipated purchases
Economic | USD | 120 |  | CAD | 158 |  | 2025 |  | Anticipated purchases
Economic | CAD | 137 |  | USD | 100 |  | 2025 |  | Anticipated purchases
Economic - options (2) | USD | 60 |  | CAD | 78 |  | 2025 |  | Anticipated purchases
Economic - call options | USD | 270 |  | CAD | 345 |  | 2025 |  | Anticipated purchases
Economic - put options | USD | 360 |  | CAD | 466 |  | 2025 |  | Anticipated purchases
Economic | USD | 100 |  | CAD | 136 |  | 2026 |  | Anticipated purchases
(1) Forward contracts to hedge loans secured by receivables under our securitization program. (2) Foreign currency options with a leverage provision and a profit cap limitation. Interest rate exposures In 2024, we entered into forward starting interest rate swaps, effective from 2026, with a notional amount of $336 million to hedge the fair value of our US-10 Notes maturing in 2054. The fair value of the interest rate swaps at June 30, 2024 was an asset of $2 million recognized in Other non-current assets in the statements of financial position. See Note 11, Debt, for additional details. In 2024, we sold interest rate swaptions, expiring in 2024, with a notional amount of $300 million to hedge economically the fair value of our M-17 MTN debentures maturing in 2035. The fair value of the interest rate swaptions at June 30, 2024 was a liability of $3 million recognized in Trade payables and other liabilities in the statements of financial position. In 2024, we sold interest rate swaptions, expiring in 2024, with a notional amount of $750 million for $3 million to hedge economically the fair value of our M-53 MTN debentures maturing in 2027. The fair value of the interest rate swaptions at June 30, 2024 was a liability of $3 million recognized in Trade payables and other liabilities in the statements of financial position. In 2024, we sold interest rate floors, maturing in 2029, with a notional amount of $350 million and purchased interest rate options, expiring in 2026, with a notional amount of $440 million to hedge economically the interest cost of our M-62 MTN debentures maturing in 2029. The fair value of the interest rate floors and interest rate options is a net asset of $5 million recognized in Other current assets, Other non-current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position. A 1% increase (decrease) in interest rates would result in a loss of $28 million (gain of $8 million) recognized in net earnings for the six months ended June 30, 2024, with all other variables held constant. Equity price exposures We 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, 2024 and December 31, 2023 was a net liability of $266 million and $162 million, respectively, recognized in Other current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position. A loss of $23 million and $113 million for the three and six months ended June 30, 2024, respectively, relating to these equity forward contracts is recognized in Other expense in the income statements. A 5% increase (decrease) in the market price of BCE’s common shares would result in a gain (loss) of $24 million recognized in net earnings at June 30, 2024, with all other variables held constant.

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