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Short-term Borrowings and Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings and Long-term Debt

Short-term Borrowings
 
9/30/2019
 
12/31/2018

Current maturities of long-term debt
 
$
84

 
$
331

Other
 
10

 
—

 
 
94

 
331

Less current portion of debt issuance costs and discounts
 
(10
)
 
(10
)
Short-term borrowings
 
$
84

 
$
321

 
 
 
 
 
Long-term Debt
 
 
 
 
Securitization Notes
 
$
2,906

 
$
2,928

Subsidiary Senior Unsecured Notes
 
2,850

 
2,850

Term Loan A Facility
 
469

 
488

Term Loan B Facility
 
1,940

 
1,955

YUM Senior Unsecured Notes
 
2,425

 
1,875

Finance lease obligations
 
69

 
71

 
 
$
10,659

 
$
10,167

Less debt issuance costs and discounts
 
(84
)
 
(85
)
Less current maturities of long-term debt
 
(84
)
 
(331
)
Long-term debt
 
$
10,491

 
$
9,751



The following table presents the carrying value and estimated fair value of the Company’s debt obligations:

 
9/30/2019
 
12/31/2018
 
Carrying Value
 
Fair Value (Level 2)
 
Carrying Value
 
Fair Value (Level 2)
 
 
 
 
 
 
 
 
Securitization Notes(a)
$
2,906

 
 
$
3,071

 
 
$
2,928

 
 
$
2,967

 
Subsidiary Senior Unsecured Notes(b)
2,850
 
 
 
3,032
 
 
 
2,850
 
 
 
2,733
 
 
Term Loan A Facility(b)
469
 
 
 
474
 
 
 
488
 
 
 
479
 
 
Term Loan B Facility(b)
1,940
 
 
 
1,949
 
 
 
1,955
 
 
 
1,915
 
 
YUM Senior Unsecured Notes(b)
2,425
 
 
 
2,550
 
 
 
1,875
 
 
 
1,798
 
 
 
(a)
We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. The markets in which the Securitization Notes trade are not considered active markets.

(b)
We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.