XML 54 R28.htm IDEA: XBRL DOCUMENT v3.19.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019 is as follows:

Interest Rate Derivatives:Number of Swap AgreementsAssociated Debt InstrumentTotal Notional Amount
(in millions)		Effective DateMaturity Date
Interest rate swaps3  Amended and Restated $300 Million Unsecured 2011 Term Loan  $300  11/22/20161/15/2020
Interest rate swaps2  $250 Million Unsecured 2018 Term Loan  $100  3/29/20183/31/2025
Interest rate swaps1  $250 Million Unsecured 2018 Term Loan  $50  3/29/20183/29/2020
Total
$450  
Schedule of Interest Rate Derivatives A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2019 and December 31, 2018, respectively, is as follows (in thousands):
Interest rate swaps classified as:September 30,
2019		December 31,
2018
Gross derivative assets$—  $1,199  
Gross derivative liabilities(6,862) (839) 
Net derivative asset/(liability)$(6,862) $360  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The gain/(loss) on Piedmont's interest rate derivatives, including previously settled forward swaps, that was recorded in other comprehensive income ("OCI") and the accompanying consolidated statements of income as a component of interest expense for the three and nine months ended September 30, 2019 and 2018, respectively, was as follows (in thousands):
 Three Months EndedNine Months Ended
Interest Rate Swaps in Cash Flow Hedging RelationshipsSeptember 30,
2019		September 30,
2018		September 30,
2019		September 30,
2018
Amount of gain/(loss) recognized in OCI$(1,386) $1,144  $(6,874) $4,408  
Amount of previously recorded gain reclassified from OCI into Interest Expense
$427  $434  $1,871  $885  
Amount of loss recognized on derivatives reclassified from OCI into Loss on Extinguishment of Debt
$—  $—  $—  $(1,258) 
Total amount of Interest Expense presented in the consolidated statements of income
$(16,145) $(15,849) $(46,750) $(45,294) 
Total amount of Loss on Extinguishment of Debt presented in the consolidated statements of income (1)
$—  $—  $—  $(1,680) 

(1)Includes the write-off of approximately $0.4 million of discounts and unamortized debt issuance costs associated with the repayment of debt.