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 Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three months ended July 31, 2019, we recognized net gains of $975 on foreign currency forward contracts and net gains of $407 from the change in fair value of balance sheet positions. For the three months ended July 31, 2018, we recognized gains of $2,042 on foreign currency forward contracts and losses of $1,152 from the change in fair value of balance sheet positions. For the nine months ended July 31, 2019, we recognized gains of $769 on foreign currency forward contracts and gains of $267 from the change in fair value of balance sheet positions. For the nine months ended July 31, 2018, we recognized losses of $529 on foreign currency forward contracts and gains of $451 from the change in fair value of balance sheet positions.

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

	Notional Amounts
July 31, 2019 contract amounts:	Sell		Buy
Euro	$	219,910	$	90,043
British pound		20,542		45,955
Japanese yen		32,560		48,670
Australian dollar		350		7,683
Hong Kong dollar		1,209		136,818
Singapore dollar		782		15,449
Others		3,460		63,388
Total	$	278,813	$	408,006


	Notional Amounts
July 31, 2018 contract amounts:	Sell		Buy
Euro	$	239,642	$	201,296
British pound		41,649		70,644
Japanese yen		22,872		43,591
Australian dollar		185		7,729
Hong Kong dollar		453		118,507
Singapore dollar		613		12,820
Others		3,759		53,868
Total	$	309,173	$	508,455

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. For the nine months ended July 31, 2019 and 2018, there were no significant concentrations of credit risk.