AWS consolidated billing on reserved instances

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My AWS infrastructure is part of consolidated billing provided by our client company. There may be other accounts for different companies and are part of consolidated billing.

So, when I reserve an instance, do all other accounts within the consolidated billing umbrella enjoy the privileges?

Does it make sense to have reserved instances in consolidated billing environment if you don't want to share the benefits with other accounts?

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Yes, when you use consolidated billing the cost-savings of a reserved instance can be spread/shared to any of the 'child' accounts - just like the savings you may get by combing your total S3 storage (for example).