Display custom hierarchical taxonomies in hierarchical bullet format

I’m not sure but… it appears the latest update 3.7/3.8 has changed how this piece of code works (I’m sure it worked fine in 3.6x). As the title of the posts say… I want to display the custom hierarchical taxonomy as per it’s hierarchical structure/format in bullet form.

This is the code…

<ul><?php
    $taxonomy = 'program';
    $post_terms = wp_get_object_terms( $post->ID, $taxonomy, array( 'fields' => 'ids' ) );
    $separator = ' ? ';
    if ( !empty( $post_terms ) && !is_wp_error( $post_terms ) ) {
            $term_ids = implode( ',' , $post_terms );
            $terms = wp_list_categories( 'title_li=&echo=0&taxonomy=' . $taxonomy . '&include=' . $term_ids  );
            $terms = rtrim( trim( str_replace( '<br />',  $separator, $terms ) ), $separator );
            echo  $terms;
    }
    ?></ul>

This is what I would like the code to display…

• Parent taxonomy

• Child taxonomy

• Grandchild taxonomy 1
• Grandchild taxonomy 2

Unfortunately this is wha he code displays…

• Child taxonomy

• Grandchild taxonomy 1
• Grandchild taxonomy 2

• Parent taxonomy

Any help greatly appreciated!

Regards, Pete