COMMITMENTS AND CONTINGENCIES Contingent Consideration We have recognized liabilities for contingent consideration as of March 31, 2015 in connection with the acquisitions of eight entities. The amount payable in cash is based on the entities achieving specific financial metrics or milestones in the development, installation and interconnection of renewable energy systems or shipment of solar modules for residential and small commercial installations. We have estimated the fair value of the contingent consideration outstanding as of March 31, 2015 related to acquisitions to be $517 million , which reflects a discount at a credit adjusted interest rate for the period of the contingency. That measure is based on significant inputs that are not observable in the market, including a discount rate and a probability adjustment related to the entities' ability to meet operational metrics. The aggregate maximum payouts which could occur under these arrangements are $545 million . The following table summarizes changes to the contingent consideration liability, a recurring Level 3 measurement, for the three month periods ended March 31, 2015 and 2014 . Contingent Consideration Related to Acquisitions In millions Balance at December 31, 2013 $ 35 Total unrealized losses included in earnings (1) 1 Payment of contingent consideration (4 ) Balance at March 31, 2014 $ 32 Balance at December 31, 2014 43 Initial recognition of contingent consideration related to acquisitions 483 Total unrealized losses included in earnings (1) 5 Payment of contingent consideration (13 ) Foreign currency translation adjustment (1 ) Balance at March 31, 2015 $ 517 The amount of total losses for the three months ended March 31, 2014 included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date $ 1 The amount of total losses for the three months ended March 31, 2015 included in earnings attributable to the change in unrealized losses relating to assets and liabilities still h