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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The detail of Piedmont’s interest rate derivatives outstanding as of June 30, 2014 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
Interest rate swap
50

 
1/30/2014
 
1/31/2019
Interest rate swap
50

 
1/30/2014
 
1/31/2019
Interest rate swap
50

 
1/30/2014
 
1/31/2019
Interest rate swap
50

 
1/30/2014
 
1/31/2019
Total
$
500

 
 
 
 
Schedule of Interest Rate Derivatives
The detail of Piedmont’s interest rate derivatives on a gross and net basis as of June 30, 2014 and December 31, 2013, respectively, is as follows (in thousands):

Interest rate swaps classified as:
June 30,
2014
 
December 31,
2013
Gross derivative assets
$
—

 
$
24,176

Gross derivative liabilities
(5,971
)
 
(4,526
)
Net derivative asset/(liability)
$
(5,971
)
 
$
19,650
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 six months ended June 30, 2014 and 2013, respectively, was as follows:

 
Three Months Ended
 
Six Months Ended
Derivative in
Cash Flow Hedging
Relationships (Interest Rate Swaps) (in thousands)
June 30,
2014
 
June 30,
2013
 
June 30,
2014
 
June 30,
2013
Amount of gain/(loss) recognized in OCI on derivative
$
(3,617
)
 
$
22,200

 
$
(13,502
)
 
$
21,860

Amount of previously recorded loss reclassified from accumulated OCI into interest expense
$
1,159

 
$
776

 
$
2,328

 
$
1,545