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 April 30, 2019, we recognized net losses of $1,236 on foreign currency forward contracts and net gains of $1,863 from the change in fair value of balance sheet positions. For the three months ended April 30, 2018, we recognized losses of $1,607 on foreign currency forward contracts and gains of $2,584 from the change in fair value of balance sheet positions. For the six months ended April 30, 2019, we recognized losses of $206 on foreign currency forward contracts and losses of $140 from the change in fair value of balance sheet positions. For the six months ended April 30, 2018, we recognized losses of $2,571 on foreign currency forward contracts and gains of $1,602 from the change in fair value of balance sheet positions.

The following table summarizes, by currency, the foreign currency forward contracts outstanding at April 30, 2019 and 2018:

	Notional Amounts
April 30, 2019 contract amounts:	Sell		Buy
Euro	$	401,545	$	279,131
British pound		21,012		44,879
Japanese yen		28,504		46,226
Australian dollar		180		7,771
Hong Kong dollar		1,209		128,710
Singapore dollar		794		15,356
Others		3,128		60,540
Total	$	456,372	$	582,613


	Notional Amounts
April 30, 2018 contract amounts:	Sell		Buy
Euro	$	152,436	$	82,687
British pound		43,914		58,981
Japanese yen		32,610		35,260
Australian dollar		194		8,137
Hong Kong dollar		2,170		110,723
Singapore dollar		616		13,143
Others		4,398		52,468
Total	$	236,338	$	361,399

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 six months ended April 30, 2019 and 2018, there were no significant concentrations of credit risk.