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.