		August 31,
($ in thousands)	Balance sheet location	2020		2019
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets	$	—	$	1,073
Total derivatives designated as hedging instruments		$	—	$	1,073
Derivatives not designated as hedging instruments:
Foreign currency options contracts	Other current assets	$	21	$	39
Total derivatives not designated as hedging instruments		$	21	$	39

Accumulated other comprehensive income included realized and unrealized after-tax gains of $7.3 million, $7.0 million, and $5.0 million at August 31, 2020, 2019, and 2018, respectively, related to derivative contracts designated as hedging instruments.

For the years ended August 31,

($ in thousands)

2020

2019

2018

Foreign currency forward contracts, net of tax

expense of $97, $564, and $498

330

(1,964

)

(1,103

)

During fiscal 2020, 2019, and 2018, the Company settled foreign currency forward contracts resulting in an after-tax net of $1.2 million, an after-tax net loss $0.6 million and $0.5 million, respectively, which were included in other comprehensive income as part of a currency translation adjustment. There were no amounts recorded in the condensed consolidated statements of operations related to ineffectiveness of foreign currency forward contracts related to net investment hedges for the years ended August 31, 2020, 2019, and 2018.

At August 31, 2020 the Company had no foreign currency forward contracts qualifying as a hedge of a net investment in foreign operations. At August 31, 2019, the Company had outstanding foreign currency forward contracts to sell a notional amount of million Euro at fixed prices to settle during the next fiscal quarter. Additionally, at August 31, 2019, the Company also had an outstanding foreign currency forward contract to sell a notional amount of 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.

The Company generally does not elect hedge accounting treatment for derivative contracts related to future settlements of foreign denominated intercompany receivables and payables. If the Company does not elect hedge accounting treatment for a derivative, the Company carries the derivative at its fair value in the condensed consolidated balance sheets and recognizes any subsequent changes in its fair value during a period through earnings in the condensed consolidated statements of operations. At August 31, 2020, the Company had no foreign currency forward contracts outstanding that are designated as hedging instruments. At August 31, 2019, the Company had notional value of $1.8 million of U.S. dollar equivalent of foreign currency forward contracts outstanding that are not designated as hedging instruments.

During the third quarter of fiscal 2020, the Company entered into a foreign exchange option contract with a notional amount of 15 million British Pounds to mitigate the risk related to a revenue contract and related costs denominated in British Pounds over an approximate six-month period. The contract is not speculative and was not designated as a hedging instrument. Gains and losses on this contract are recorded within cost of goods sold in the condensed consolidated statement of operations.