Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2017

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

13.Accrued Expenses and Other Liabilities

Other non-current liabilities include an obligation to pay jubilee benefits arising under the collective bargaining agreement for the chemical industry, by which employees in Austria are entitled to receive jubilee payments after being employed for a certain number of years. For this obligation a provision of $125,000 and $107,000 has been made as of June 30, 2017 and December 31, 2016, respectively.

The Company’s net obligation in respect of the jubilee payments is calculated annually by an independent actuary in accordance with ASC 710-10-25 using the projected unit credit method. The principle actuarial assumptions used were as follows: discount rate of 1.3% and retirement at the age of 61.5-65 for men and 56.5-65 for women, future annual salary increases of 3%.

Accrued expenses and other current liabilities include the following:

(in thousands)	As of December 31, 2016		As of June 30, 2017
Research and development related costs	$	8,716	$	5,137
Payroll and related costs	2,150		2,187
Accounting, tax and audit services	484		123
Other	1,976		985
Total other current liabilities	$	13,326	$	8,432