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 January 31, 2020, we recognized net losses of $431 on foreign currency forward contracts and net gains of $431 from the change in fair value of balance sheet positions. For the three months ended January 31, 2019, we recognized net gains of $1,030 on foreign currency forward contracts and net losses of $2,003 from the change in fair value of balance sheet positions.

The following table summarizes, by currency, the foreign currency forward contracts outstanding at January 31, 2020 and 2019:

	Notional Amounts
January 31, 2020 contract amounts:	Sell		Buy
Euro	$	227,292	$	118,275
British pound		18,934		54,818
Japanese yen		37,429		58,672
Australian dollar		345		7,817
Hong Kong dollar		643		152,452
Singapore dollar		1,109		15,987
Others		6,505		68,395
Total	$	292,257	$	476,416

	Notional Amounts
January 31, 2019 contract amounts:	Sell		Buy
Euro	$	335,775	$	204,537
British pound		24,348		66,809
Japanese yen		28,009		47,997
Australian dollar		786		8,012
Hong Kong dollar		—		121,578
Singapore dollar		858		15,115
Others		5,619		61,312
Total	$	395,395	$	525,360

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 three months ended January 31, 2020 and 2019, there were no significant concentrations of credit risk.