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Accrued Expenses
 12 Months Ended
Dec. 31, 2016
Accrued Expenses
Note 9—Accrued Expenses
 
Accrued expenses consist of the following (in thousands):
 
 
  
2015
    
2016
  
Royalties
  
$
21,599
    
$
13,805
  
Inventory liabilities
    
6,754
      
5,425
  
Professional fees
    
2,535
      
3,696
  
Goods in transit
    
2,736
      
3,441
  
Salaries and employee benefits
    
185
      
3,243
  
Interest expense
    
2,333
      
2,520
  
Bonuses
    
6,275
      
1,500
  
Sales commissions
    
1,132
      
816
  
Unearned revenue
    
1,720
      
779
  
Molds and tools
    
2,669
      
―
  
Other
    
6,143
      
3,420
  
 
  
$
54,081
    
$
38,645
  
 
In addition to royalties currently payable on the sale of licensed products during the quarter, the Company records a liability as accrued royalties for the estimated shortfall in achieving minimum royalty guarantees pursuant to certain license agreements (Note 16).