The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows:


	January 31, 2020						July 31, 2019
			Fair Value in					Fair Value in
			Other Current					Other Current
Cash Flow Hedges	Notional		Liabilities		Notional			Liabilities
Foreign currency forward contracts	$	32,824	$	1,421	$	—		$	—
Interest rate swap agreements	756,600		16,294		849,550			12,463
Total derivative financial instruments	$	789,424	$	17,715	$	849,550		$	12,463

Foreign currency forward contracts accounted for as cash flow hedges and outstanding at January 31, 2020 mature over the next five months.

The foreign currency transaction gains on the Euro-denominated portion of the term loan, which is designated and effective as a hedge of the Company’s net investment in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Gains for the three and six-month periods ended January 31, 2020, net of tax, were $3,802 and $2,843, respectively.

There were no amounts reclassified out of accumulated other comprehensive income ("AOCI") pertaining to the net investment hedge during the three and six-month periods ended January 31, 2020.

The Company entered into a deal-contingent, foreign currency forward contract on the September 18, 2018 related to its acquisition of EHG. Hedge accounting was not applied to this instrument, and therefore all changes in fair value were recorded in earnings.

This contract was settled in connection with the close of the EHG acquisition on February 1, 2019 in the amount of $70,777, resulting in a loss of the same amount. Of this $70,777 total loss, $31,152 and $73,707 in losses were recognized in the three and six-month periods ended January 31, 2019, respectively, and are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income.

The Company also has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $34,093 and a fair value of $1,446 which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of January 31, 2020. These other derivative instruments had a notional amount totaling approximately $35,700 and a fair value of $1,226, as of July 31, 2019.

The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:


	Three Months Ended		Six Months Ended
	January 31, 2020		January 31, 2020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges

Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts	$	(490)	$	(1,015)
Interest rate swap agreements	266		(2,931)
Total gain (loss)	$	(224)	$	(3,946)


	Three Months Ended						Six Months Ended
	January 31, 2020						January 31, 2020
			Interest					Interest
	Sales		Expense		Sales			Expense
(Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts	$	(434)	$	—	$	(434)		$	—
Interest rate swap agreements	—		(1,019)		—			(1,514)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income, net of tax

Interest rate swap agreements	—		(93)		—			(168)
Total (loss)	$	(434)	$	(1,112)	$	(434)		$	(1,682)

Other than the deal-contingent foreign currency forward contract discussed above, there were no derivatives in place during the three and six-month periods ended January 31, 2019.