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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
A detail of Piedmont’s interest rate derivatives outstanding as of September 30, 2013 is as follows:

Interest Rate Derivative
Notional Amount
(in millions)
 
Effective Date
 
Maturity Date
Interest rate swap
$
125

 
11/22/2011
 
11/22/2016
Interest rate swap
75

 
11/22/2011
 
11/22/2016
Interest rate swap
50

 
11/22/2011
 
11/22/2016
Interest rate swap
50

 
11/22/2011
 
11/22/2016
Forward starting interest rate swap
70

 
3/3/2014
 
3/3/2024
Forward starting interest rate swap
70

 
3/3/2014
 
3/3/2024
Forward starting interest rate swap
70

 
3/3/2014
 
3/3/2024
Forward starting interest rate swap
70

 
3/3/2014
 
3/3/2024
Total
$
580

 
 
 
 
Schedule of Interest Rate Derivatives
A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2013 and December 31, 2012, respectively, is as follows (in thousands):

Interest rate swaps classified as:
September 30,
2013
 
December 31,
2012
Gross derivative assets
$
19,192

 
$
1,075

Gross derivative liabilities
(5,010
)
 
(8,235
)
Net derivative asset/(liability)
$
14,182

 
$
(7,160
)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
All of Piedmont's interest rate derivative agreements outstanding for the periods presented were designated as cash flow hedges of interest rate risk. As such, the effective portion of changes in the fair value of these derivatives designated as, and that qualify as, cash flow hedges is recorded in other comprehensive income ("OCI") and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of Piedmont's interest rate derivatives that was recorded in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012, respectively, is as follows:

 
Three Months Ended
 
Nine Months Ended
Derivative in
Cash Flow Hedging
Relationships (Interest Rate Swaps) (in thousands)
September 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Amount of gain/(loss) recognized in OCI on derivative
$
(2,201
)
 
$
(2,756
)
 
$
19,659

 
$
(8,628
)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense
$
783

 
$
762

 
$
2,328

 
$
2,249