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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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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