CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS â€“ (Continued) 23. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued updated revenue recognition guidance to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and international financial reporting standards. The new standard requires the recognition of revenue to depict the transfer of promised goods to customers in an amount reflecting the consideration the company expects to receive in the exchange. The accounting standards update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application not permitted. In July 2015, the FASB approved a one-year deferral of the effective date as well as permission to early adopt the new revenue recognition standard as of the original effective date. We are evaluating the impact of this guidance on our consolidated financial statements. In April 2015, the FASB issued an accounting standards update on the presentation of debt issuance costs. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the update. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015, and it is not expected to have a material impact on our consolidated financial statements. In August 2015, the FASB issued an accounting standards update which allows for debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangements, regardless of whether there are any outstanding borrowings on the line-of-credit arrangements. For public entities, the guidance is effective for reporting periods beginning after December 15, 2015, and it is not expected to have a material impact on our consolidated financial statements. 24. Subsequent Events Subsequent to December 31, 2015, we repurchased in the open market approximately $60 million of our outstanding 2.5% Contingent Convertible Notes due 2037 for $32 million, $122 million of our 3.25% Senior Notes due 2016 for $115 million and $2 million of our 6.5% Senior Notes due 2017 for $1 million. Subsequent to December 31, 2015, we closed certain asset divestitures for proceeds of approximately $138 million. We also executed sales agreements for other asset divestitures with expected proceeds of approximately $586 million. The asset divestitures cover various operating areas.