Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 is as follows:

Interest Rate Derivatives:	Number of Swap Agreements	Associated Debt Instrument	Total Notional Amount (in millions)		Effective Date	Maturity Date
Interest rate swaps	2	$250 Million Unsecured 2018 Term Loan	$	100	3/29/2018	3/31/2025

Schedule of Interest Rate Derivatives

A detail of Piedmont’s interest rate derivatives on a gross and net basis as of September 30, 2020 and December 31, 2019, respectively, is as follows (in thousands):

Interest rate swaps classified as:	September 30, 2020		December 31, 2019
Gross derivative assets	$	—	$	—
Gross derivative liabilities	(10,618)		(5,121)
Net derivative liability	$	(10,618)	$	(5,121)

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

The 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, 2020 and 2019, respectively, was as follows (in thousands):

	Three Months Ended				Nine Months Ended
Interest Rate Swaps in Cash Flow Hedging Relationships	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Amount of loss recognized in OCI	$	(2,443)	$	(1,386)	$	(26,949)	$	(6,874)
Amount of previously recorded gain/(loss) reclassified from OCI into Interest Expense	$	(810)	$	427	$	(989)	$	1,871
Total amount of Interest Expense presented in the consolidated statements of income	$	(12,725)	$	(16,145)	$	(41,942)	$	(46,750)