We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in “Other – net” on the Consolidated Statement of Income together with the transaction gain or loss from the related balance sheet position. In 2019, we recognized net gains of $2,373 on foreign currency forward contracts and net losses of $2,231 from the change in fair value of balance sheet positions. In 2018, we recognized net losses of $3,151 on foreign currency forward contracts and net gains of $4,284 from the change in fair value of balance sheet positions. In 2017, we recognized net gains of $329 on foreign currency forward contracts and net losses of $1,015 from the change in fair value of balance sheet positions.

The following table summarizes, by currency, the contracts outstanding at October 31, 2019 and 2018:

	Notional Amounts
	Sell		Buy
October 31, 2019 contract amounts:
Euro	$	264,661	$	107,598
Pound sterling		32,600		48,867
Japanese yen		29,397		51,217
Australian dollar		168		7,767
Hong Kong dollar		189		135,862
Singapore dollar		1,108		15,684
Others		4,485		66,349
Total	$	332,608	$	433,344
October 31, 2018 contract amounts:
Euro	$	323,571	$	184,170
Pound sterling		23,879		60,007
Japanese yen		25,408		46,671
Australian dollar		178		7,912
Hong Kong dollar		—		112,414
Singapore dollar		604		14,092
Others		4,730		57,546
Total	$	378,370	$	482,812

We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. As of October 31, 2019 and 2018, there were no significant concentrations of credit risk.