We know per GAAP Buildings fully depreciated would not be shown on WMB balance sheet. This would be so because of the "Net Book Value" classification.
Buildings do not depreciate so "Yes" if WMI owned the Land and leased to WMB that is one scenario why the FDIC-Receivership Balance Sheet -of WMB does not reflect Land on Balance Sheet.
Another way that Buildings & Land would not be reflected is if WMB did a Sales & Lease back with WMI. WMB originally purchased then sold to WMI under a Sales & Lease back transaction. This is a common practice and benefits the seller (WMB) in getting cash capital injection with off balance sheet financing. Off balance sheet in that they can remove the asset from the balance sheet. Then be able to fully expense rental payments on the Income Statement vs. only the depreciation & any interest payments.
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