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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2013
Fair Value Measurements | 6. Fair Value Measurements The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these derivative instruments were determined using the following inputs as of December 31, 2012 and September 30, 2013:
|  | As of December 31, 2012 |
|  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Other Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |
Derivative Instruments (Note a) |  | $ | 10,645 |  |  | $ | — |  |  | $ | 10,645 |  |  | $ | — |
Total |  | $ | 10,645 |  |  | $ | — |  |  | $ | 10,645 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Instruments (Note b) |  | $ | 174,076 |  |  | $ | — |  |  | $ | 174,076 |  |  | $ | — |
Total |  | $ | 174,076 |  |  | $ | — |  |  | $ | 174,076 |  |  | $ | — |
|  | As of September 30, 2013 |
|  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Other Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |
Derivative Instruments (Note a) |  | $ | 6,768 |  |  | $ | — |  |  | $ | 6,768 |  |  | $ | — |
Total |  | $ | 6,768 |  |  | $ | — |  |  | $ | 6,768 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Instruments (Note b) |  | $ | 277,459 |  |  | $ | — |  |  | $ | 277,459 |  |  | $ | — |
Total |  | $ | 277,459 |  |  | $ | — |  |  | $ | 277,459 |  |  | $ | — |
(a) | Included in prepaid expenses and other current assets and other assets in the consolidated balance sheets.
(b) | Included in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets.
The following table sets forth the reconciliation of loans held for sale that were outstanding as of September 30, 2012 but settled during the year ended December 31, 2012, which were measured at fair value using significant unobservable inputs:
|  | Three months ended September 30, 2012 |  |  | Nine months ended September 30, 2012 |
Opening balance, net |  | $ | 360 |  |  | $ | 469 |
Impact of fair value included in earnings |  |  | — |  |  |  | (108 | )
Settlements |  |  | — |  |  |  | (1 | )
Closing balance, net |  | $ | 360 |  |  | $ | 360 |
The Company values its derivative instruments based on market observable inputs including both forward and spot prices for respective currencies. The quotes are taken from an independent market database.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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