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Accrued Expenses
 12 Months Ended
Dec. 31, 2017
Accrued Expenses
Note 9—Accrued Expenses
 
Accrued expenses consist of the following (in thousands):
 
 
  
2016
    
2017
  
Royalties
  
$
13,805
    
$
17,854
  
Inventory liabilities
    
5,425
      
5,943
  
Salaries and employee benefits
    
3,243
      
4,064
  
Unearned revenue
    
779
      
3,924
  
Bonuses
    
1,500
      
1,914
  
Goods in transit
    
3,441
      
1,669
  
Interest expense
    
2,520
      
1,398
  
Professional fees
    
3,696
      
1,376
  
Sales commissions
    
816
      
663
  
Other
    
3,420
      
3,340
  
 
  
$
38,645
    
$
42,145
  
 
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).