6. Other Balance Sheet Items

Other long term assets consisted of the following (in thousands):


	December 31,		December 31,
	2015		2014
Long-term portion of promissory note	$	—	$	4,505
Other		1,173		1,550
Other assets	$	1,173	$	6,055

During the year ended December 31 2015, we received a payment of $5.1 million, plus accrued and unpaid interest, on the promissory note that we received as part of the consideration for the sale of our CoveritLive business in July 2014. This promissory note had a principal amount of $5.6 million and was originally due in full by July 2016. The early repayment of $5.1 million, plus accrued and unpaid interest, satisfied all amounts owed to us under the promissory note and the promissory note was discharged. The discount from the carrying value of the promissory note was approximately $0.1 million, which was recorded as interest income (expense), net.

At December 31, 2015 and 2014, we had a cash collateralized standby letter of credit for approximately $1.2 million and $1.4 million, respectively, included in long-term assets, associated with one of our leases.

Accrued expenses and other liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2015		2014
Accrued payroll and related items	$	5,916	$	4,693
Acquisition holdback		607		8,958
Artist payables		2,816		2,250
Other		5,830		8,324
Accrued expenses and other current liabilities	$	15,169	$	24,225

In July 2015, as part of the consideration for our purchase of Society6, we paid $7.4 million in cash and issued 122,638 shares of our common stock to the sellers of Society6 upon the expiration of the holdback period.

During the year ended December 31, 2015, we recognized severance costs of $2.2 million in connection with targeted reductions in force as a result of initiatives to improve operating efficiency. These severance costs were recognized in the consolidated statements of operations for the year ended December 31, 2015 as follows: $1.1 million in product development costs, $0.6 million in service costs, $0.4 million in general and administrative costs, and $0.1 million in sales and marketing costs. As of December 31, 2015, there was $0.5 million of related accrued severance included in accrued expenses and other current liabilities in the consolidated balance sheet. An additional $0.2 million of related retention and severance costs will be expensed over the applicable retention periods, which extend through the first quarter of 2016. Changes to the severance accrual during the year ended December 31, 2015 are as follows (in thousands):


Balance at December 31, 2014	$	—
New charges		2,183
Cash payments		(1,698)
Balance at December 31, 2015	$	485