		August 31,
($ in thousands)	Balance sheet location	2019		2018
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	1,073	$	775
Total derivatives designated as hedging instruments		$	1,073	$	775
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	39	$	123
Foreign currency forward contracts	Other current liabilities	—			(12	)
Total derivatives not designated as hedging instruments		$	39	$	111

Accumulated other comprehensive income included realized and unrealized after-tax gains of $7.0 million, $5.0 million, and $3.9 million at August 31, 2019, 2018, and 2017, respectively, related to derivative contracts designated as hedging instruments.

For the years ended August 31,

($ in thousands)

2019

2018

2017

Foreign currency forward contracts, net of tax

expense (benefit) of $564, $498, and ($927)

(1,964

)

(1,103

)

1,710

During fiscal 2019, 2018, and 2017, the Company settled Euro foreign currency forward contracts resulting in an after-tax net loss of $0.6 million, 0.5 million and $0.9 million, respectively, which were included in OCI as part of a currency translation adjustment. There were no amounts recorded in the consolidated statement of operations related to ineffectiveness of Euro foreign currency forward contracts for the years ended August 31, 2019, 2018, and 2017.

At August 31, 2019 and 2018, the Company had outstanding Euro foreign currency forward contracts to sell 32.7 million Euro at fixed prices to settle during the next fiscal quarter. At August 31, 2019 and 2018, the Company also had an outstanding foreign currency forward contract to sell 43.0 million South African rand at fixed prices to settle during the next fiscal quarter. The Company’s foreign currency forward contracts qualify as hedges of a net investment in foreign operations.

In order to reduce exposures related to changes in foreign currency exchange rates, the Company, at times, may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of the Company’s operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory, sales of finished goods, and future settlement of foreign denominated assets and liabilities. The Company may choose whether or not to designate these contracts as hedges. For those contracts not designated, changes in fair value are recognized currently in the income statement. At August 31, 2019 and 2018, the Company had $1.8 million and 5.0 million, respectively, of U.S. dollar equivalent of foreign currency forward contracts outstanding.