3. Balance Sheet Components

Cash and Cash Equivalents

The following is a summary of cash and cash equivalents:

(in thousands)	June 30, 2016		June 30, 2015
Cash	$	95,906	$	73,444
Money market funds		13,362		6,107
Commercial paper		8,938		—
Municipal government securities		1,565		—

	$	119,771	$	79,551

Accounts receivable, net

Accounts receivable, net consisted of the following:

(in thousands)	June 30, 2016			June 30, 2015
Accounts receivable	$	54,974		$	75,631
Unbilled fees and services		2,662			2,805

		57,636			78,436
Less: Allowance for doubtful accounts		(826	)		(709	)

Accounts receivable, net	$	56,810		$	77,727

The Company received payment or had credits of $0.2 million, added $0.3 million and wrote off $0.01 million from the allowance for doubtful accounts in fiscal 2016. The Company received payment or had credits of $0.4 million, added $0.4 million and wrote off $0.2 million from the allowance for doubtful accounts in fiscal 2015.

Financing receivables

A financing receivable is a contractual right to receive money, on demand or on fixed or determinable dates, that is recognized as an asset in the Company's balance sheet. The Company's financing receivables, consisting of its accounts receivable with contractual maturities of more than one year and capital leases, totaled $7.6 million and $1.6 million at June 30, 2016 and 2015, respectively, and are included in Other Assets in the consolidated balance sheets. Of the $7.6 million in financing receivables at June 30, 2016, $3.5 million related to sales-type leases with customers while the remaining $4.1 million related to contractual maturities of more than one year. At June 30, 2015, the $1.6 million related to contractual maturities of more than one year with no capital leases. Due to the homogenous nature of the leasing transactions, the Company manages them on an aggregate basis when assessing and monitoring credit risk. The Company evaluates the credit quality of an obligor at lease inception and monitors credit quality over the term of the underlying transactions. The Company performs a credit analysis for all new customers and reviews payment history, current order backlog, financial performance of the customers and other variables that augment or mitigate the inherent credit risk of a particular transaction. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the term of the lease and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits. Accounts rated as low risk typically have the equivalent of a Moody's rating of Baa3 or higher, while accounts rated as moderate risk generally have the equivalent of a Ba1 or lower. The Company classifies accounts as high risk when it considers the financing receivable to be impaired or when management believes there is a significant near-term risk of payments. As of June 30, 2016, the sales-type lease portion of the financing receivables was rated at a moderate risk. The Company performed an assessment of the allowance for credit losses related to its financing receivables as of June 30, 2016. Based upon such assessment, the Company did not record an allowance for credit losses related to such financing receivables as of June 30, 2016 and 2015, respectively.

A summary of the Company's financing receivables is presented as follows:

June 30, 2016 (in thousands)	Lease Receivables			Financed Service Contracts and Other		Total
Gross	$	4,998		$	5,840	$	10,838
Residual value		—			—		—
Unearned income		(623	)		—		(623	)
Allowance for credit loss		—			—		—

Total, net	$	4,375		$	5,840		10,215


Reported as:
Current	$	840		$	1,778	$	2,618
Non-current		3,535			4,062		7,597

Total, net	$	4,375		$	5,840	$	10,215

June 30, 2015 (in thousands)	Lease Receivables		Financed Service Contracts and Other		Total
Gross	$	—	$	2,674	$	2,674
Residual value		—		—		—
Unearned income		—		—		—
Allowance for credit loss		—		—		—

Total, net	$	—	$	2,674		2,674


Reported as:
Current	$	—	$	1,032	$	1,032
Non-current		—		1,642		1,642

Total, net	$	—	$	2,674	$	2,674

Actual cash collections may differ from the contracted maturities due to early customer buyouts, refinancing, or defaults. Future minimum lease payments to be received as of June 30, 2016 are presented as follows:

Year Ending June 30, (in thousands)	Amount
2017	$	1,046
2018		930
2019		930
2020		930
2021		930
2022		232

Total	$	4,998

Inventories

Inventories consisted of the following:

(in thousands)	June 30, 2016		June 30, 2015
Raw materials	$	50,480	$	46,356
Work-in-process		20,190		15,445
Finished goods		45,317		44,350

Inventories	$	115,987	$	106,151

Property and Equipment, net

Property and equipment consisted of the following:

(in thousands)	June 30, 2016			June 30, 2015
Furniture and fixtures	$	4,527		$	4,674
Computer and office equipment		11,485			11,808
Software		11,104			10,992
Leasehold improvements		21,632			19,428
Machinery and equipment		47,171			47,031
Construction in progress		4,412			8,273

		100,331			102,206
Less: Accumulated depreciation		(72,453	)		(70,377	)

Property and equipment, net	$	27,878		$	31,829

Depreciation and amortization expense related to property and equipment for the years ended June 30, 2016, 2015 and 2014 was $10.3 million, $11.6 million and $12.2 million, respectively.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component:

(in thousands)	Foreign Currency Items			Unrealized Gains and Losses on Available- for-Sale Securities			Change in Defined Benefit Pension Obligation			Total
Balance at June 30, 2014	$	2,364		$	18		$	(567	)	$	1,815
Other comprehensive income (loss) before reclassifications		(1,196	)		(99	)		(950	)		(2,245	)
Amounts reclassified from accumulated other comprehensive income		—			4			—			4

Net current period other comprehensive loss		(1,196	)		(95	)		(950	)		(2,241	)

Balance at June 30, 2015		1,168			(77	)		(1,517	)		(426	)
Other comprehensive income (loss) before reclassifications		(47	)		63			(549	)		(533	)
Amounts reclassified from accumulated other comprehensive income		—			(1	)		—			(1	)

Net current period other comprehensive income (loss)		(47	)		62			(549	)		(534	)

Balance at June 30, 2016	$	1,121		$	(15	)	$	(2,066	)	$	(960	)