Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

10. Revenue

Disaggregation of Revenue

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Revenue:
Cloud
Dayforce
Recurring	$	145.3	$	128.1
Professional services and other		36.8		40.7
Total Dayforce revenue		182.1		168.8
Powerpay
Recurring		20.3		21.8
Professional services and other		0.3		0.3
Total Powerpay revenue		20.6		22.1
Total Cloud revenue		202.7		190.9
Bureau
Recurring		30.4		31.6
Professional services and other		1.4		0.2
Total Bureau revenue		31.8		31.8
Total revenue	$	234.5	$	222.7

Recurring revenue includes float revenue of $10.7 million and $19.6 million for the three months ended March 31, 2021, and 2020, respectively.  

Contract Balances

The Company records a contract asset when revenue recognized for professional service performance obligations exceed the contractual amount of billings for implementation related professional services. Contract assets were $56.8 million and $55.2 million as of March 31, 2021, and December 31, 2020, respectively. Contract assets expected to be recognized in revenue within twelve months are included within Prepaid expenses and other current assets, with the remaining contract assets included within Other assets on our condensed consolidated balance sheets.  

Deferred Revenue

Deferred revenue primarily consists of payments received in advance of revenue recognition. The changes in deferred revenue were as follows:

	Three Months Ended March 31,
	2021			2020
	(Dollars in millions)
Deferred revenue, beginning of period	$	24.4		$	25.5
New billings		100.6			85.7
Acquired billings		14.3			—
Revenue recognized		(95.4	)		(83.6	)
Effect of exchange rate		(0.2	)		(0.8	)
Deferred revenue, end of period	$	43.7		$	26.8

Transaction Price for Remaining Performance Obligations

In accordance with ASC Topic 606, “Revenue from Contracts with Customers,” the following represents the aggregate amount of transaction price allocated to the remaining performance obligations that are unsatisfied as of the end of the reporting period. As of March 31, 2021, approximately $914.5 million of revenue is expected to be recognized over the next three years from remaining performance obligations, which represents contracted revenue for recurring services and fixed price professional services, primarily implementation services, that has not yet been recognized, including deferred revenue and unbilled amounts that will be recognized as revenue in future periods. In accordance with the practical expedient provided in ASC Topic 606, performance obligations that are billed and recognized as they are delivered, primarily professional services contracts that are on a time and materials basis, are excluded from the transaction price for remaining performance obligations disclosed above.