Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31, 2016 is as follows:

Interest Rate Derivatives:	Number of Swap Agreements	Associated Debt Instrument	Notional Amount (in millions)		Effective Date	Maturity Date
Interest rate swaps	4	$300 Million Unsecured 2013 Term Loan	200		1/30/2014	1/31/2019
Interest rate swaps	2	$300 Million Unsecured 2013 Term Loan	100		8/29/2014	1/31/2019
Interest rate swaps	3	$300 Million Unsecured 2011 Term Loan	300		11/22/2016	1/15/2020
Total			$	600

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of December 31, 2016 and 2015, respectively, is as follows (in thousands):

Interest rate swaps classified as:	2016		2015
Gross derivative assets	$	—	$	—
Gross derivative liabilities	8,169		9,993
Net derivative liability	$	8,169	$	9,993

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effective portion of Piedmont's interest rate derivatives, including the gain/(loss) on settlement of forward swaps described above, that was recorded in the accompanying consolidated statements of income for the years ended December 31, 2016, 2015, and 2014, respectively, was as follows (in thousands):

Interest Rate Swaps in Cash Flow Hedging Relationships	2016			2015			2014
Amount of gain/(loss) recognized in OCI on derivatives	$	(4,126	)	$	(12,509	)	$	(17,122	)
Amount of previously recorded loss reclassified from accumulated OCI into interest expense	$	4,548		$	5,875		$	5,145