The activities that primarily drive the revenue earned from our contract drilling services include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services.

Consideration for activities that are not distinct within the context of our contracts and do not correspond to a distinct time increment within the contract term are allocated across the single performance obligation and recognized ratably over the initial term of the contract (which is the period we estimate to be benefited from the corresponding activities and generally ranges from two to 60 months). Such consideration may include mobilization, demobilization, contract preparation and capital modification revenue that is stipulated in our drilling contracts. Consideration for activities that correspond to a distinct time increment within the contract term is recognized in the period when the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract.

The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands):

	March 31,			December 31,
	2020			2019
Trade receivables	$	218,666		$	199,572
Current contract assets ⁽¹⁾		3,223			6,314
Current contract liabilities (deferred revenue) ⁽¹⁾		(23,662	)		(9,573	)
Noncurrent contract liabilities (deferred revenue) ⁽¹⁾		(58,728	)		(38,531	)

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):

	Net Contract
	Balances
Contract assets at January 1, 2020	$	6,314
Contract liabilities at January 1, 2020		(48,104	)
Net balance at January 1, 2020		(41,790	)
Decrease due to amortization of revenue included in the beginning contract liability balance		2,591
Increase due to cash received, excluding amounts recognized as revenue during the period		(36,876	)
Increase due to revenue recognized during the period but contingent on future performance		160
Decrease due to transfer to receivables during the period		(3,252	)
Net balance at March 31, 2020	$	(79,167	)
Contract assets at March 31, 2020	$	3,223
Contract liabilities at March 31, 2020		(82,390	)

The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2020 (in thousands):

	For the Years Ending December 31,
	2020 ⁽¹⁾		2021		2022		Total
Mobilization and contract preparation revenue	$	3,135	$	2,683	$	352	$	6,170
Capital modification revenue		16,054		15,509		1,452		33,015
Blended rate revenue and other		31,249		8,165		—		39,414
Total	$	50,438	$	26,357	$	1,804	$	78,599

The revenue included above consists of expected fixed mobilization and upgrade revenue for both wholly and partially unsatisfied performance obligations, as well as expected variable mobilization and upgrade revenue for partially unsatisfied performance obligations, which has been estimated for purposes of allocating across the entire corresponding performance obligations. Revenue expected to be recognized in the future related to the blending of rates when a contract has operating dayrates that decrease over the initial contract term is also included. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at March 31, 2020. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have applied the disclosure practical expedient in ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and its related amendments, and have not included estimated variable consideration related to wholly unsatisfied performance obligations or to distinct future time increments within our contracts, including dayrate revenue.