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Ceridian HCM Holding (CDAY)

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 28, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Trading SymbolCDAY
Title of 12(b) SecurityCommon stock, $0.01 par value
Security Exchange NameNYSE
Entity Registrant NameCeridian HCM Holding Inc.
Entity Central Index Key0001725057
Entity Current Reporting StatusYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Shell Companyfalse
Entity Interactive Data CurrentYes
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number001-38467
Entity Incorporation State Country CodeDE
Entity Tax Identification Number46-3231686
Entity Address Address Line13311 East Old Shakopee Road
Entity Address City Or TownMinneapolis
Entity Address State Or ProvinceMN
Entity Address Postal Zip Code55425
City Area Code952
Local Phone Number853-8100
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding149,237,722

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and equivalents $ 339.6 $ 188.2
Restricted cash2
Trade and other receivables, net122.5 101.1
Prepaid expenses and other current assets84.1 73.9
Total current assets before customer funds548.2 363.2
Customer funds4,284 3,759.4
Total current assets4,832.2 4,122.6
Right of use lease asset35.4 27.9
Property, plant, and equipment, net142.2 136.4
Goodwill2,311.5 2,031.8
Other intangible assets, net311.2 195
Other assets166.3 187.6
Total assets7,798.8 6,701.3
Current liabilities:
Current portion of long-term debt8.2 7.2
Current portion of long-term lease liabilities14.9 10.5
Accounts payable42.5 38.9
Deferred revenue43.7 24.4
Employee compensation and benefits47.3 64.6
Other accrued expenses26.6 20.5
Total current liabilities before customer funds obligations183.2 166.1
Customer funds obligations4,237.3 3,697.8
Total current liabilities4,420.5 3,863.9
Long-term debt, less current portion1,115.4 660.6
Employee benefit plans23.7 24.4
Long-term lease liabilities, less current portion40.8 33.6
Other liabilities39.1 20.6
Total liabilities5,639.5 4,603.1
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.01 par, 500,000,000 shares authorized, 148,913,387 and 148,571,412 shares issued and outstanding, respectively1.5 1.5
Additional paid in capital2,685.3 2,606.5
Accumulated deficit(253)(233.8)
Accumulated other comprehensive loss(274.5)(276)
Total stockholders’ equity2,159.3 2,098.2
Total liabilities and equity $ 7,798.8 $ 6,701.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock, par value $ 0.01 $ 0.01
Common Stock, shares authorized500,000,000 500,000,000
Common Stock, shares issued148,913,387 148,571,412
Common Stock, shares outstanding148,913,387 148,571,412

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue:
Total revenue $ 234.5 $ 222.7
Cost of revenue:
Recurring59.7 52.2
Professional services and other44.7 42.6
Product development and management25.8 17.6
Depreciation and amortization11.1 9.8
Total cost of revenue141.3 122.2
Gross profit93.2 100.5
Selling, general, and administrative95.6 74.2
Operating (loss) profit(2.4)26.3
Interest expense, net5.6 6.9
Other expense, net4.6 2.6
(Loss) income before income taxes(12.6)16.8
Income tax expense6.6 8.2
Net (loss) income $ (19.2) $ 8.6
Net (loss) income per share:
Basic $ (0.13) $ 0.06
Diluted $ (0.13) $ 0.06
Weighted-average shares outstanding:
Basic148,716,050 144,645,325
Diluted148,716,050 151,178,498
Recurring [Member]
Revenue:
Total revenue $ 196 $ 181.5
Professional Services and Other [Member]
Revenue:
Total revenue $ 38.5 $ 41.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income $ (19.2) $ 8.6
Items of other comprehensive loss before income taxes:
Change in foreign currency translation adjustment11 (49.1)
Change in unrealized (loss) gain from invested customer funds(16.7)23.4
Change in pension liability adjustment[1]3.8 3.3
Other comprehensive loss before income taxes(1.9)(22.4)
Income tax (benefit) expense, net(3.4)6.8
Other comprehensive income (loss) after income taxes1.5 (29.2)
Comprehensive loss $ (17.7) $ (20.6)
[1]The amount of the pension liability adjustment recognized in the condensed consolidated statements of operations within other expense, net was $3.8 million and $3.2 million during the three months ended March 31, 2021, and 2020, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Other Expense, Net [Member]
Pension liability adjustment $ 3.8 $ 3.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in MillionsTotalCommon Stock [Member]Additional Paid In Capital [Member]Accumulated Deficit [Member]Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2019 $ 1,882.3 $ 1.4 $ 2,449.1 $ (229.8) $ (338.4)
Balance, shares at Dec. 31, 2019144,386,618
Net income (loss)8.6 8.6
Issuance of common stock under share-based compensation plans11.4 11.4
Issuance of common stock under share-based compensation plans, shares551,328
Share-based compensation12.5 12.5
Foreign currency translation(49.1)(49.1)
Change in unrealized gain, net of tax17.4 17.4
Change in pension liability adjustment, net of tax2.5 2.5
Ending balance at Mar. 31, 20201,885.6 $ 1.4 2,473 (221.2)(367.6)
Balance, shares at Mar. 31, 2020144,937,946
Beginning balance at Dec. 31, 20202,098.2 $ 1.5 2,606.5 (233.8)(276)
Balance, shares at Dec. 31, 2020148,571,412
Net income (loss)(19.2)(19.2)
Issuance of common stock under share-based compensation plans11.3 11.3
Issuance of common stock under share-based compensation plans, shares341,975
Share-based compensation22.8 22.8
Equity component of convertible senior notes77.7 77.7
Purchase of capped calls related to convertible senior notes(33)(33)
Foreign currency translation11 11
Change in unrealized gain, net of tax(12.3)(12.3)
Change in pension liability adjustment, net of tax2.8 2.8
Ending balance at Mar. 31, 2021 $ 2,159.3 $ 1.5 $ 2,685.3 $ (253) $ (274.5)
Balance, shares at Mar. 31, 2021148,913,387

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Change in unrealized gain, tax $ (4.4) $ 6
Change in pension liability adjustment, tax $ 1 $ 0.8

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Cash Flows [Abstract]
Net (loss) income $ (19.2) $ 8.6
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Deferred income tax benefit0.6 4.1
Depreciation and amortization15 11.8
Amortization of debt issuance costs and debt discount1.1 0.3
Provision for doubtful accounts0.4 0.5
Net periodic pension and postretirement cost2.2 0.8
Non-cash share-based compensation22.8 12.5
Other1.1 0.3
Changes in operating assets and liabilities excluding effects of acquisitions and divestitures:
Trade and other receivables(8.1)(4.5)
Prepaid expenses and other current assets(7.1)(7.5)
Accounts payable and other accrued expenses(2.1)(2)
Deferred revenue4.9 2.1
Employee compensation and benefits(24.7)(26.4)
Accrued interest0.4
Accrued taxes8.6 0.9
Other assets and liabilities(0.4)(0.1)
Net cash (used in) provided by operating activities(4.5)1.4
Cash Flows from Investing Activities
Purchase of customer funds marketable securities(148.5)(24.6)
Proceeds from sale and maturity of customer funds marketable securities97.4 49.5
Expenditures for property, plant, and equipment(3.4)(4.9)
Expenditures for software and technology(11.9)(10.7)
Acquisition costs, net of cash and restricted cash acquired(338.3)
Net cash (used in) provided by investing activities(404.7)9.3
Cash Flows from Financing Activities
Decrease in customer funds obligations, net513.2 480.8
Proceeds from issuance of common stock under share-based compensation plans11.3 11.4
Repayment of long-term debt obligations(1.3)(2.7)
Proceeds from revolving credit facility295
Repayment of revolving credit facility(295)
Proceeds from issuance of convertible senior notes, net of issuance costs561.8
Purchases of capped calls related to convertible senior notes(45)
Net cash provided by financing activities1,040 489.5
Effect of exchange rate changes on cash, restricted cash, and equivalents3.4 (14.5)
Net increase in cash, restricted cash, and equivalents634.2 485.7
Cash, restricted cash, and equivalents at beginning of period2,228.5 1,658.6
Cash, restricted cash, and equivalents at end of period2,862.7 2,144.3
Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets
Cash and equivalents339.6 255.3
Restricted cash2
Restricted cash and equivalents included in customer funds $ 2,521.1 $ 1,889
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List]Customer fundsCustomer funds
Cash, restricted cash, and equivalents at end of period $ 2,862.7 $ 2,144.3

Organization

Organization3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization1. Organization Ceridian HCM Holding Inc. and its subsidiaries (also referred to in this report as “Ceridian,” “we,” “our,” “us,” or the “Company”) offer a broad range of services and software designed to help employers more effectively manage employment processes, such as payroll, payroll-related tax filing, human resource information systems, employee self-service, time and labor management, employee assistance programs, and recruitment and applicant screening. Our technology-based services are typically provided through long-term customer relationships that result in a high level of recurring revenue.

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accounting policies we follow are set forth in Note 2, “Summary of Significant Accounting Policies,” to our audited consolidated financial statements in our 2020 Form 10-K 2020 Form 10-K In the opinion of management, the unaudited condensed consolidated financial statements contained herein reflect all adjustments (consisting only of normal recurring adjustments, except as set forth in these notes to condensed consolidated financial statements) necessary to present fairly in all material aspects the financial position, results of operations, comprehensive income (loss), and cash flows from all periods presented. Interim results are not necessarily indicative of results for a full year. Convertible Senior Notes On March 5, 2021, we issued $500.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026, and on March 16, 2021, after the initial purchasers exercised their option to purchase additional securities in full, we issued an additional $75.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026, resulting in an aggregate principal amount of $575.0 million (collectively, the “Notes”). The total net proceeds from the offering, after deducting initial purchase discounts and issuance costs, were $561.8 million. Please refer to Note 7, “Debt” for additional information. In accounting for the issuance of the Notes, we separated the Notes into liability and equity components. The carrying amounts of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features using a discounted cash flow model. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Notes as a whole. This difference represents a debt discount that is amortized to interest expense over the respective terms of the Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the related debt issuance costs, we allocated the total amount incurred to the liability and equity components of the Notes based on their relative values. Issuance costs attributable to the liability component are being amortized to interest expense over the contractual term of the Notes. The issuance costs attributable to the equity component were netted against the equity component representing the conversion option in additional paid-in capital. To the extent that we receive the Notes conversion requests prior to their maturity, a portion of the equity component is classified as temporary equity, which is measured as the difference between the principal and net carrying amount of the Notes requested for conversion. Upon settlement of the conversion requests, the difference between the fair value and the amortized book value of the liability component of the Notes requested for conversion is recorded as a gain or loss on early note conversion. The fair value of the Notes is measured based on a similar liability that does not have an associated convertible feature based on the remaining term of the Notes. Deferred Costs Deferred costs, which primarily consist of deferred sales commissions, included within Other assets on our condensed consolidated balance sheets were $129.1 million and $132.9 million as of March 31, 2021, and December 31, 2020, respectively. Amortization expense for the deferred costs was $11.0 million and $9.0 million for the three months ended March 31, 2021, and 2020, respectively. Recently Issued Accounting Pronouncements from the Financial Accounting Standards Board
Standard
Issuance Date
Description
Adoption Date
Effect on the Financial Statements
Accounting Standards Update (“ASU”) 2019-12 , Income Taxes (Topic 740)
December 2019
These amendments simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities.
January 2021
The adoption of this standard did not have a significant impact on our financial statements.
ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)
August 2020
This amendment simplifies the accounting for convertible instruments by removing certain separation models required under current GAAP.
January 2022
We are currently evaluating the impact of the adoption of this amendment.
ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
March 2020
This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.
Not yet adopted
This amendment may be elected over time through December 31, 2022 as reference rate reform activities occur. We do not expect the adoption of this guidance to have a significant impact on our financial statements.

Business Combinations

Business Combinations3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Business Combinations3. Business Combinations On March 1, 2021, we completed the purchase of 100% of the outstanding shares of Ascender HCM Pty Ltd. (“Ascender”) for $359.6 million, subject to working capital and other adjustments. Ascender is a payroll and human resources solutions provider in the Asia Pacific Japan region. The financial results of Ascender have been included within our condensed consolidated financial statements from the acquisition date forward and are classified among both Cloud and Bureau solutions. For the three months ended March 31, 2021, Ascender revenue included within our condensed consolidated statement of operations was $6.7 million. The acquisition of Ascender was recorded using the acquisition method of accounting, in which the assets and liabilities assumed are recognized at their fair value. The purchase accounting has not been finalized as of March 31, 2021, but we have conducted a preliminary assessment of certain assets and liabilities related to the acquisition of Ascender. The intangible assets consist of customer relationships, trade name, and developed technology. We expect to finalize the allocation of the purchase price within the one-year measurement period. After consideration of the Ascender acquisition, management has concluded that we continue to have one operating and reportable segment. This conclusion aligns with how management monitors operating performance, allocates resources, and deploys capital. Pro forma financial information is not presented as the acquisition of Ascender did not qualify as a significant business combination. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:
(Dollars in millions)
Cash and equivalents
$
3.1
Restricted cash
2.0
Trade receivables, prepaid expenses, and other current assets
15.8
Customer funds
16.2
Property, plant, and equipment and other assets
20.2
Goodwill
275.7
Other intangible assets, net
117.5
Accounts payable and other current liabilities
(30.5
)
Customer funds obligations
(16.1
)
Other non-current liabilities
(44.3
)
Total purchase price
$
359.6

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements4. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Our financial assets and liabilities measured at fair value on a recurring basis were categorized as follows:
March 31, 2021
Level 1
Level 2
Level 3
Total
(Dollars in millions)
Assets
Available for sale customer funds assets
$

$
2,163.0
(a)
$

$
2,163.0
Total assets measured at fair value
$

$
2,163.0
$

$
2,163.0
December 31, 2020
Level 1
Level 2
Level 3
Total
(Dollars in millions)
Assets
Available for sale customer funds assets
$

$
1,719.1
(a)
$

$
1,719.1
Total assets measured at fair value
$

$
1,719.1
$

$
1,719.1
(a)
Fair value is based on inputs that are observable for the asset or liability, other than quoted prices. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets and liabilities acquired as part of a business combination and our convertible debt issuance are recorded at fair value on a nonrecurring basis. Please refer to Note 3, “Business Combinations,” and Note 7, “Debt” for additional information.

Customer Funds

Customer Funds3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Customer Funds5. Customer Funds In certain jurisdictions, we collect funds for payment of payroll and taxes; temporarily hold such funds until payment is due; remit the funds to the clients’ employees and appropriate taxing authorities; file federal, state, and local tax returns; and handle related regulatory correspondence and amendments. The assets held are intended for the specific purpose of satisfying client fund obligations and therefore are not freely available for our general business use. In the U.S. and Canada, these customer funds are held in a trust. Investment income from invested customer funds, also referred to as float revenue or float, is a component of our compensation for providing services under agreements with our customers. Investment income from invested customer funds included in recurring revenue was $10.7 million and $19.6 million for the three months ended March 31, 2021, and 2020, respectively. The amortized cost of customer funds as of March 31, 2021, and December 31, 2020, is the original cost of assets acquired. The amortized cost and fair values of investments of customer funds available for sale were as follows:
March 31, 2021
Amortized
Gross Unrealized
Fair
Cost
Gain
Loss
Value
(Dollars in millions)
Money market securities, investments carried at cost and other cash equivalents
$
2,105.0
$

$

$
2,105.0
Available for sale investments:
U.S. government and agency securities
541.9
17.7
(2.3
)
557.3
Canadian and provincial government securities
400.2
12.4
(0.1
)
412.5
Corporate debt securities
420.3
15.5
(0.3
)
435.5
Asset-backed securities
192.7
3.9

196.6
Mortgage-backed securities
7.4
0.1

7.5
Other short-term investments
509.3


509.3
Other securities
44.5

(0.2
)
44.3
Total available for sale investments
2,116.3
49.6
(2.9
)
2,163.0
Invested customer funds
4,221.3
$
49.6
$
(2.9
)
4,268.0
Receivables
16.0
16.0
Total customer funds
$
4,237.3
$
4,284.0
December 31, 2020
Amortized
Gross Unrealized
Fair
Cost
Gain
Loss
Value
(Dollars in millions)
Money market securities, investments carried at cost and other cash equivalents
$
2,027.1
$

$

$
2,027.1
Available for sale investments:
U.S. government and agency securities
494.0
21.6
(0.1
)
515.5
Canadian and provincial government securities
396.4
15.5

411.9
Corporate debt securities
548.5
19.4

567.9
Asset-backed securities
192.2
4.9

197.1
Mortgage-backed securities
9.9
0.2

10.1
Other securities
16.5
0.1

16.6
Total available for sale investments
1,657.5
61.7
(0.1
)
1,719.1
Invested customer funds
3,684.6
$
61.7
$
(0.1
)
3,746.2
Receivables
13.2
13.2
Total customer funds
$
3,697.8
$
3,759.4
The following represents the gross unrealized losses and the related fair value of the investments of customer funds available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2021
Less than 12 months
12 months or more
Total
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
(Dollars in millions)
U.S. government and agency securities
$
(2.3
)
$
140.7
$

$

$
(2.3
)
$
140.7
Canadian and provincial government securities
(0.1
)
7.0


(0.1
)
7.0
Corporate debt securities
(0.3
)
23.5


(0.3
)
23.5
Asset-backed securities

16.9



16.9
Other securities
(0.2
)
38.4


(0.2
)
38.4
Total available for sale investments
$
(2.9
)
$
226.5
$

$

$
(2.9
)
$
226.5
Management does not believe that any individual unrealized loss was unrecoverable as of March 31, 2021. The unrealized losses are primarily attributable to changes in interest rates and not to credit deterioration. We currently do not intend to sell or expect to be required to sell the securities before the time required to recover the amortized cost. The amortized cost and fair value of investment securities available for sale at March 31, 2021, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or to prepay obligations with or without call or prepayment penalties.
March 31, 2021
Cost
Fair Value
(Dollars in millions)
Due in one year or less
$
3,000.7
$
3,006.4
Due in one to three years
678.7
705.7
Due in three to five years
403.9
410.9
Due after five years
138.0
145.0
Invested customer funds
$
4,221.3
$
4,268.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets6. Goodwill and Intangible Assets Goodwill Goodwill and changes therein were as follows:
(Dollars in millions)
Balance at December 31, 2019
$
1,973.5
Acquisition
42.7
Translation
15.6
Balance at December 31, 2020
2,031.8
Acquisition
275.7
Translation
4.0
Balance at March 31, 2021
$
2,311.5
Please refer to Note 3, “Business Combinations,” for further discussion of the Ascender acquisition. Intangible Assets Other intangible assets consisted of the following:
March 31, 2021
Gross Carrying Amount
Accumulated Amortization
Net
Estimated Life Range (Years)
(Dollars in millions)
Customer lists and relationships
$
296.0
$
(213.4
)
$
82.6
5-15
Trade name
184.8
(2.7
)
182.1
3-5 and Indefinite
Technology
204.1
(157.6
)
46.5
3-4
Total other intangible assets
$
684.9
$
(373.7
)
$
311.2
December 31, 2020
Gross Carrying Amount
Accumulated Amortization
Net
Estimated Life Range (Years)
(Dollars in millions)
Customer lists and relationships
$
229.0
$
(212.1
)
$
16.9
5-15
Trade name
177.7
(2.5
)
175.2
3-5 and Indefinite
Technology
159.5
(156.6
)
2.9
3-4
Total other intangible assets
$
566.2
$
(371.2
)
$
195.0
We perform an impairment assessment of our indefinite lived trade name intangible assets as of October 1 of each year. We continue to evaluate the use of our trade names and branding in our sales and marketing efforts. If there is a fundamental shift in the method of our branding in the future, we will assess the impact on the carrying amount of our trade name intangible assets to determine whether an impairment exists. If it is determined that an impairment has occurred, it would be recognized during the period in which the decision was made to make the fundamental shift. Amortization expense related to definite-lived intangible assets was $2.2 million and $0.4 million for the three months ended March 31, 2021, and 2020, respectively.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Debt7. Debt Overview Our debt obligations consisted of the following as of the periods presented:
March 31,
December 31,
2021
2020
(Dollars in millions)
Term Debt, interest rate of 2.6%
$
663.0
$
664.7
Revolving Credit Facility ($300.0 million available capacity less amounts reserved for letters of credit, which were $0.8 million and $0.4 million, respectively)


Convertible Senior Notes
575.0

Canada Line of Credit (CDN $7.0


Financing lease liabilities (Please refer to Note 13)
10.3
8.8
Total debt
1,248.3
673.5
Less unamortized discount on Term Debt and Convertible Senior Notes
109.0
1.2
Less unamortized debt issuance costs on Term Debt and Convertible Senior Notes
15.7
4.5
Less current portion of long-term debt
8.2
7.2
Long-term debt, less current portion
$
1,115.4
$
660.6
Senior Secured Credit Facility On April 30, 2018, we completed the refinancing of our debt by entering into a new credit agreement. Pursuant to the terms of the new credit agreement, we became borrower of (i) a $680.0 million term loan debt facility (the “Term Debt”) and (ii) a $300.0 million revolving credit facility (the “Revolving Credit Facility”) (collectively, the “Senior Secured Credit Facility”). The obligations of Ceridian under the Senior Secured Credit Facility is secured by first priority security interests in substantially all of the assets of Ceridian and the domestic subsidiary guarantors, subject to permitted liens and certain exceptions. The Term Debt has a maturity date of April 30, 2025, and the Revolving Credit Facility has a maturity date of April 30, 2023. Convertible Senior Notes In March 2021, we issued $575.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026 in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended, and pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws, including the exercise in full by the initial purchasers their option to purchase an additional $75.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026 (collectively, the “Notes”). The Notes bear interest at a rate of 0.25% per year and interest is payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021. The Notes mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and other debt issuance costs, were $561.8 million. The Notes are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. The following table presents details of the Notes:
Initial Conversion Rate per $1,000 Principal
Initial Conversion Price per Share
Notes
7.5641 shares
$132.20
The Notes will be convertible at the option of the holders at any time only under the following circumstances:

During any calendar quarter commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price per share of our common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

During the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day;

Upon the occurrence of certain corporate events or distributions on our common stock, as described in the indenture under which the Notes were issued; • If we call such

At any time from, and including, September 15, 2025 until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, we may satisfy the conversion obligation by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture under which the Notes were issued. During the quarter ended March 31, 2021, the conditions allowing holders of the Notes to convert have not been met. The Notes were therefore not convertible during the first quarter of 2021 and are classified as a noncurrent liability in our condensed consolidated balance sheet as of March 31, 2021. We may not redeem the Notes prior to March 20, 2024. On or after March 20, 2024, and on or before the 30th scheduled trading day immediately preceding the maturity date, we may redeem the Notes at a cash purchase price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (2) the trading day immediately before the date we send such notice. In addition, calling any Note for redemption will constitute a make-whole fundamental change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption. If a “fundamental change” (as defined in the indenture under which the Notes were issued) occurs, then noteholders may require us to repurchase their notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any. In accounting for the issuance of the Notes and the related transaction costs, we separated the Notes into liability and equity components. The carrying amount of the liability component was initially calculated by measuring the fair value of similar liabilities that do not have associated convertible features utilizing the interest rate of 4.5%. The carrying amount of the equity component representing the conversion option was $108.6 million and was determined by deducting the fair value of the liability component from the par value of the Notes. This difference represents a debt discount that is amortized to interest expense over the term of the Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. Total issuance costs of $14.4 million related to the Notes was allocated between liability, totaling $11.7 million, and equity, totaling $2.7 million, in the same proportion as the allocation of the total proceeds to the liability and equity components. Issuance costs attributable to the liability component are being amortized to interest expense over the term of the Notes. The excess of the principal amount of the liability component over its carrying amount is amortized to interest expense over the contractual term of the Notes at an effective interest rate of 5.1%. The issuance costs attributable to the equity component were netted against additional paid- in capital. The amount recorded for the equity component of the Notes was $ million, net of allocated issuance costs of $ 2.7 million and deferred tax impact of $ million . The carrying amount of the liability component of the Notes was as follows:
March 31, 2021
(Dollars in millions)
Principal amount
$
575.0
Less:
Unamortized debt discount
107.9
Unamortized debt issuance costs
11.5
Net carrying amount
$
455.6
The following table sets forth total interest expense recognized related to the Notes for the period:
Three Months Ended March 31, 2021
(Dollars in millions)
Contractual interest expense
$
0.1
Amortization of debt discount
0.7
Amortization of debt issuance costs
0.1
Total
$
0.9
Capped Calls In March 2021, in connection with the pricing of the Notes, we entered into capped call transactions with the option counterparties (the “Capped Calls”). The Capped Calls each have an initial strike price of $132.20 per share, and an initial cap price of $179.26 per share, both subject to certain adjustments. The capped call transactions are generally expected to reduce potential dilution to our common stock upon any conversion of the Notes and/or offset any potential cash payments we would be required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Notes. As the Capped Calls qualify for a scope exception from derivative accounting for instruments that are both indexed to the issuer's own stock and classified in stockholder’s equity in our condensed consolidated balance sheet, we have recorded an amount of $33.0 million as a reduction to additional paid-in capital which will not be remeasured. This represents the premium of $45.0 million paid for the purchase of the Capped Calls, net of the deferred tax impact of $12.0 million. Future Payments and Maturities of Debt The future principal payments and maturities of our indebtedness, excluding financing lease obligations, are as follows:
Years Ending December 31,
Amount
(Dollars in millions)
2021
$
5.1
2022
6.8
2023
6.8
2024
6.8
2025
637.5
Thereafter
575.0
$
1,238.0
Fair Value of Debt Our debt does not trade in active markets. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities, the trading price of our common stock and the limited trades of our debt, the fair value of our debt was estimated to be $1,203.5 million and $657.6 million as of March 31, 2021, and December 31, 2020, respectively. The fair value of the Notes was determined based on the closing trading price per $1,000 of the Notes as of the last day of trading for the period. We consider the fair value of the Notes at March 31, 2021 to be a Level 2 measurement as they are not actively traded. The fair value of the Notes is primarily affected by the trading price of our common stock and market interest rates.

Employee Benefit Plans

Employee Benefit Plans3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans8. Employee Benefit Plans The components of net periodic cost for our defined benefit pension plan and for our postretirement benefit plan are included in the following tables:
Three Months Ended March 31,
2021
2020
Net Periodic Pension Cost
(Dollars in millions)
Interest cost
$
1.7
$
3.2
Actuarial loss amortization
4.3
3.9
Less: Expected return on plan assets
(3.3
)
(5.7
)
Net periodic pension cost
$
2.7
$
1.4
Three Months Ended March 31,
2021
2020
Net Periodic Postretirement Benefit
(Dollars in millions)
Interest cost
$

$
0.1
Actuarial gain amortization
(0.5
)
(0.6
)
Prior service credit amortization

(0.1
)
Net periodic postretirement benefit gain
$
(0.5
)
$
(0.6
)

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation9. Share-Based Compensation Our share-based compensation consists of performance-based stock options, term-based stock options, restricted stock units (“RSUs”), and performance-based stock units (“PSUs”). We also offer an employee stock purchase plan. Prior to November 1, 2013, Ceridian employees participated in a share-based compensation plan of the former ultimate parent of Ceridian, the 2007 Stock Incentive Plan (“2007 SIP”). Effective November 1, 2013, although most participants who held stock options under the 2007 SIP converted their options to a newly created option plan, the 2013 Ceridian HCM Holding Inc. Stock Incentive Plan, as amended (“2013 SIP”), a small number of participants maintained their stock options in the 2007 SIP. Concurrent with the initial public offering (“IPO”) and legal reorganization, all outstanding stock options under the 2007 SIP were converted into options to purchase common stock of Ceridian. As of March 31, 2021, there were 1,936 stock options outstanding under the 2007 SIP. Stock options awarded under the 2013 SIP vest either annually on a pro rata basis over a four- or five-year On April 24, 2018, in connection with our initial public offering, the Board of Directors and our stockholders approved the Ceridian HCM Holding Inc. 2018 Equity Incentive Plan (“2018 EIP”), which authorized the issuance of up to 13,500,000 shares of common stock to eligible participants through equity awards (the “Share Reserve”). The Share Reserve may be increased on March 31 of each of the first ten calendar years during the term of the 2018 EIP, by the lesser of (i) three percent of the number of shares of our common stock outstanding on each January 31 immediately prior to the date of increase or (ii) such number of shares of our common stock determined by the Board of Directors. Effective on March 31, 2021, the Share Reserve was increased by 4,397,296 shares, pursuant to the terms of the 2018 EIP. Equity awards under the 2018 EIP vest either annually or quarterly on a pro rata basis, generally over a one-, three-, or four-year Total share-based compensation expense was $22.8 million and $12.5 million for the three months ended March 31, 2021, and 2020, respectively. Performance-Based Stock Options Performance-based stock option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP was as follows:
Shares
Weighted Average Exercise Price (per share)
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Performance-based options outstanding at December 31, 2020
1,844,279
$
64.55
9.2
$
77.5
Granted




Exercised
(2,500
)
(13.46
)


Forfeited or expired




Performance-based options outstanding at March 31, 2021
1,841,779
$
64.62
9.0
$
36.2
Performance-based options exercisable at March 31, 2021
23,051
$
13.81
1.4
$
1.6
In 2020, 1,500,000 performance-based stock options (“Performance Option Award”) were granted under the 2018 EIP with an exercise price of $65.26. The vesting conditions for the Performance Option Award are based on the Company’s performance on the New York Stock Exchange (“NYSE”) with 750,000 shares available to vest when the Company’s per share closing price on the NYSE meets or exceeds $110.94, or 1.7 times the exercise price, for ten consecutive trading days, and the remaining 750,000 shares are available to vest when the Company’s per share closing price on the NYSE meets or exceeds $130.52, or 2.0 times the exercise price, for ten consecutive trading days. The Performance Option Award has a minimum time-based vesting period of 3 years. The vesting conditions must be achieved prior to May 8, 2025, or any unvested portion of the Performance Option Award will terminate. A Monte Carlo simulation model was used to determine the fair value of these performance-based stock options. The Monte Carlo model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award. We have estimated an expected term of 5.3 years, based on the vesting period and contractual term. As of March 31, 2021 , which is expected to be recognized over a weighted average period of 3.0 years. Term-Based Stock Options Term-based stock option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP was as follows:
Shares
Weighted Average Exercise Price (per share)
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Term-based options outstanding at December 31, 2020
10,983,074
$
40.47
7.8
$
725.9
Granted
399,388
80.95


Exercised
(273,516
)
(28.82
)


Forfeited or expired
(30,061
)
(51.12
)


Term-based options outstanding at March 31, 2021
11,078,885
$
42.19
7.7
$
466.4
Term-based options exercisable at March 31, 2021
4,227,029
$
32.90
7.0
$
217.0
As of March 31, 2021, there was $87.2 million of share-based compensation expense related to unvested term-based stock options not yet recognized, which is expected to be recognized over a weighted average period of 1.8 years. Restricted Stock Units RSU activity under the 2013 SIP and the 2018 EIP was as follows:
Shares
RSUs outstanding at December 31, 2020
1,389,385
Granted
720,854
Shares issued upon vesting of RSUs
(27,207
)
Forfeited or canceled
(3,166
)
RSUs outstanding at March 31, 2021
2,079,866
RSUs releasable at March 31, 2021
556,892
During the three months ended March 31, 2021, 160,620 RSUs vested. As of March 31, 2021, there were 1,522,974 unvested RSUs outstanding and 556,892 vested RSUs outstanding. As of March 31, 2021, there was $95.1 million of share-based compensation expense related to unvested RSUs not yet recognized, which is expected to be recognized over a weighted average period of 1.8 years. Performance Stock Units PSU activity under the 2018 EIP was as follows:
Shares
PSUs outstanding at December 31, 2020
135,220
Granted
336,214
Shares issued upon vesting of PSUs

Forfeited or canceled
(135,313
)
PSUs outstanding at March 31, 2021
336,121
PSUs releasable at March 31, 2021

The vesting conditions for the PSUs granted in 2020 were based on the Company’s performance criteria, including Cloud revenue and adjusted EBITDA margin goals under Ceridian HCM Holding Inc. 2020 Management Incentive Plan (the “2020 MIP”) for the incentive period of January 1, 2020 through December 31, 2020. The vesting conditions for the PSUs granted in connection with the 2020 MIP were not met for the incentive period and as a result, the PSUs did not vest and were cancelled. The vesting conditions for the PSUs granted in 2021 are based on the Company’s performance criteria, including Cloud revenue and adjusted EBITDA margin goals under Ceridian HCM Holding Inc. 2021 Management Incentive Plan (the “2021 MIP”) for the incentive period of January 1, 2021 through December 31, 2021. The maximum incentive vesting of PSUs may not exceed 150% under the 2021 MIP. Both the Cloud revenue and adjusted EBITDA margin goals are calculated based on the Company’s operating results, adjusted for foreign currency and interest rate impacts plus other unique impacts as approved by the Compensation Committee or the Board of Directors. Upon vesting of a PSU, a participant will receive shares of common stock of the Company. The probability of vesting of PSUs will continue to be evaluated throughout the period, and share-based compensation expense will be recognized in accordance with that probability. As of March 31, 2021 , there was $ 23.6 million of share-based compensation expense related to unvested PSUs not yet recognized. Global Employee Stock Purchase Plan On November 9, 2018, the Board of Directors approved the Ceridian HCM Holding Inc. Global Employee Stock Purchase Plan (“GESPP”), and the Company’s stockholders approved the GESPP on May 1, 2019. The GESPP authorizes the issuance of up to 2,500,000 shares of common stock to eligible participants through purchases via payroll deductions. A total of 2,015,544 shares of common stock are available for future issuances under the plan at March 31, 2021. The purchase price is the lower of (i) 85% of the fair market value of a share of common stock on the offering date (the first trading day of the offering period commencing on January 1 and concluding on December 31) or (ii) 85% of the fair market value of a share of common stock on the purchase date. The GESPP shall continue for ten years, unless terminated sooner as provided under the GESPP. Quarterly purchase periods commence on January 1, April 1, July 1, and October 1 and shares are purchased on the last trading day of the respective purchase periods. Our GESPP activity was as follows:
Period Ended
Shares Issued
Purchase Price (per share)
March 31, 2021
39,484
$
71.63

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue10. 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss11. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows:
Foreign Currency Translation Adjustment
Unrealized Gain (Loss) from Invested Customer Funds
Pension Liability Adjustment
Total
(Dollars in millions)
Balance as of December 31, 2020
$
(159.7
)
$
38.4
$
(154.7
)
$
(276.0
)
Other comprehensive income (loss) before income taxes and reclassifications
11.0
(16.7
)

(5.7
)
Income tax expense

4.4
(1.0
)
3.4
Reclassifications to earnings


3.8
3.8
Other comprehensive (loss) income
11.0
(12.3
)
2.8
1.5
Balance as of March 31, 2021
$
(148.7
)
$
26.1
$
(151.9
)
$
(274.5
)

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes12. Income Taxes Our income tax provision represents federal, state, and international taxes on our income recognized for financial statement purposes and includes the effects of temporary differences between financial statement income and income recognized for tax return purposes. Deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and the tax basis of assets and liabilities as adjusted for the expected benefits of utilizing net operating loss carryforwards. We record a valuation allowance to reduce our deferred tax assets to reflect the net deferred tax assets that we believe will be realized. In assessing the likelihood that we will be able to recover our deferred tax assets and the need for a valuation allowance, we consider all available evidence, both positive and negative, including historical levels of pre-tax book income, expiration of net operating losses, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies, as well as current tax laws. We recorded an income tax expense of $6.6 million during the three months ended March 31, 2021, consisting of $7.3 million related to non-deductible stock based compensation, $3.8 million attributed to the base erosion anti-abuse tax (“BEAT”) in the U.S., and $2.6 million of U.S state tax expense, partially offset by a $2.6 million tax benefit from current operations, a $1.9 million reduction in tax expense attributable to unremitted foreign earnings, a $1.8 million tax reduction attributable to the release of tax reserves, and other tax benefit items of $0.8 million. There were no unrecognized tax benefits as of March 31, 2021. The total amount of unrecognized tax benefits as of December 31, 2020 were $1.8 million, including $0.3 million of accrued interest. We make adjustments to these reserves when facts and circumstances change, such as the closing of tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results. For the period ended March 31, 2021, we released $1.8 million of our reserve primarily attributable to the conclusion of foreign tax audits. It is reasonable to expect that the amount of unrecognized tax benefits could change in the next twelve months; however, we do not expect the change to have a significant impact on our results of operations or financial condition. We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions. With a few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Leases13. Leases Supplemental balance sheet information related to leases was as follows:
Lease Type
Balance Sheet Classification
March 31, 2021
December 31, 2020
(Dollars in millions)
ASSETS
Operating lease assets
Trade and other receivables, net
$
2.8
$
5.4
Operating lease assets
Prepaid expenses and other current assets
2.3
2.2
Operating lease assets
Right of use lease asset
35.4
27.9
Financing lease assets
Property, plant, and equipment, net
9.2
8.0
Total lease assets
$
49.7
$
43.5
LIABILITIES
Current
Financing lease liabilities
Current portion of long-term debt
$
1.3
$
0.4
Operating lease liabilities
Current portion of long-term lease liabilities
14.9
10.5
Noncurrent
Financing lease liabilities
Long-term debt, less current portion
9.0
8.4
Operating lease liabilities
Long-term lease liabilities, less current portion
40.8
33.6
Total lease liabilities
$
66.0
$
52.9
The components of lease expense were as follows:
Three Months Ended March 31,
2021
2020
Lease Cost
(Dollars in millions)
Operating lease cost
$
1.2
$
2.3
Financing lease cost:
Depreciation of lease assets
0.3
0.2
Interest on lease liabilities
0.1
0.1
Sublease income
(0.6
)
(1.0
)
Total lease cost, net
$
1.0
$
1.6

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies14. Commitments and Contingencies Legal Matters We are subject to claims and a number of judicial and administrative proceedings considered normal in the course of our current and past operations, including employment-related disputes, contract disputes, disputes with our competitors, intellectual property disputes, government audits and proceedings, customer disputes, and tort claims. In some proceedings, the claimant seeks damages as well as other relief, which, if granted, would require substantial expenditures on our part. Our general terms and conditions in customer contracts frequently include a provision indicating that we will indemnify and hold our customers harmless from and against any and all claims alleging that the services and materials furnished by us violate any third party’s patent, trade secret, copyright or other intellectual property right. We are not aware of any material pending litigation concerning these indemnifications. Some of these matters raise difficult and complex factual and legal issues and are subject to many uncertainties, including the facts and circumstances of each particular action, and the jurisdiction, forum, and law under which each action is proceeding. Because of these complexities, final disposition of some of these proceedings may not occur for several years. As such, we are not always able to estimate the amount of our possible future liabilities, if any. There can be no certainty that we may not ultimately incur charges in excess of presently established or future financial accruals or insurance coverage. Although occasional adverse decisions or settlements may occur, it is management’s opinion that the final disposition of these proceedings will not, considering the merits of the claims and available resources or reserves and insurance, and based upon the facts and circumstances currently known, have a material adverse effect on our financial position or results of operations.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions15. Related Party Transactions We provide services to FleetCor Technologies Inc. (“FleetCor Technologies”) a related party due to a shared board member, through certain commercial arrangements entered into in the ordinary course of business, which include provision of Dayforce services and other administrative services. For these services, we have recorded revenue of $0.1 million and $0.3 million for the three months ended March 31, 2021, and 2020, respectively. We are party to a service agreement with The Dun and Bradstreet Corporation (“Dun and Bradstreet”), a related party due to certain shared board members. Pursuant to the service agreement, we made payments to Dun and Bradstreet totaling $0.3 million for the three months ended March 31, 2021. We provide Dayforce and related services to The Stronach Group, for which we recorded revenue We provide Dayforce and related services to Verve Senior Living, for which we recorded revenue of $0.2 million for the three months ended March 31, 2020. Our chief executive officer and the brother of our chief executive officer are currently minority shareholders of Verve Senior Living. We provide payroll-related tax filings services to Fidelity National Financial, Inc. (“FNF”), a related party due to a shared board member, for which we recorded revenue of We provide Dayforce and related services to certain investment portfolio companies of THL Managers VI, LLC and Cannae Holdings, Inc., which are considered related parties due to certain shared board members. Revenue from these related parties was as follows:
Three Months Ended March 31,
2021
2020
(Dollars in millions)
American Blue Ribbon Holdings, LLC
$
0.3
$
0.5
Essex Technology Group, LLC
0.1
0.1
Guaranteed Rate, Inc.
0.4
0.2

Net Income (Loss) per Share

Net Income (Loss) per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) per Share16. Net Income (Loss) per Share We compute net income (loss) per share of common stock using the treasury stock method. The basic and diluted net income (loss) per share computations were calculated as follows:
Three Months Ended March 31,
2021
2020
(Dollars in millions, except share and per share data)
Numerator:
Net (loss) income
$
(19.2
)
$
8.6
Denominator:
Weighted-average shares outstanding - basic
148,716,050
144,645,325
Effect of dilutive equity instruments

6,533,173
Weighted-average shares outstanding - diluted
148,716,050
151,178,498
Net (loss) income per share - basic
$
(0.13
)
$
0.06
Net (loss) income per share - diluted
$
(0.13
)
$
0.06
The following potentially dilutive weighted-average shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive:
Three Months Ended March 31,
2021
2020
Stock options
5,448,133
121,381
Restricted stock units
518,939
21,869
Performance stock units
604,193

The shares underlying the conversion option in the Notes were not considered in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive. Based on the initial conversion price, the entire outstanding principal amount of the Notes as of March 31, 2021 would have been convertible into approximately 4.3 million shares of our common stock. Since we expect to settle the principle amount of the Notes in cash, we use the treasury stock method for calculating any potential dilutive effect on diluted net income per share, if applicable. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of the Notes (the “conversion spread”) is considered in the diluted earnings per share computation. The conversion spread has a dilutive impact on diluted net income per share when the average market price of our common stock for a given period exceeds the initial conversion price of $132.20 per share for the Notes. We excluded the potentially dilutive effect of the conversion spread of the Notes as the average market price of our common stock during the three months ended March 31, 2021 was less than the conversion price of the Notes. In connection with the issuance of the Notes, we entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accounting policies we follow are set forth in Note 2, “Summary of Significant Accounting Policies,” to our audited consolidated financial statements in our 2020 Form 10-K 2020 Form 10-K In the opinion of management, the unaudited condensed consolidated financial statements contained herein reflect all adjustments (consisting only of normal recurring adjustments, except as set forth in these notes to condensed consolidated financial statements) necessary to present fairly in all material aspects the financial position, results of operations, comprehensive income (loss), and cash flows from all periods presented. Interim results are not necessarily indicative of results for a full year.
Convertible Senior NotesConvertible Senior Notes On March 5, 2021, we issued $500.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026, and on March 16, 2021, after the initial purchasers exercised their option to purchase additional securities in full, we issued an additional $75.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2026, resulting in an aggregate principal amount of $575.0 million (collectively, the “Notes”). The total net proceeds from the offering, after deducting initial purchase discounts and issuance costs, were $561.8 million. Please refer to Note 7, “Debt” for additional information. In accounting for the issuance of the Notes, we separated the Notes into liability and equity components. The carrying amounts of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features using a discounted cash flow model. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the Notes as a whole. This difference represents a debt discount that is amortized to interest expense over the respective terms of the Notes using the effective interest rate method. The equity component was recorded in additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the related debt issuance costs, we allocated the total amount incurred to the liability and equity components of the Notes based on their relative values. Issuance costs attributable to the liability component are being amortized to interest expense over the contractual term of the Notes. The issuance costs attributable to the equity component were netted against the equity component representing the conversion option in additional paid-in capital. To the extent that we receive the Notes conversion requests prior to their maturity, a portion of the equity component is classified as temporary equity, which is measured as the difference between the principal and net carrying amount of the Notes requested for conversion. Upon settlement of the conversion requests, the difference between the fair value and the amortized book value of the liability component of the Notes requested for conversion is recorded as a gain or loss on early note conversion. The fair value of the Notes is measured based on a similar liability that does not have an associated convertible feature based on the remaining term of the Notes.
Deferred CostsDeferred Costs Deferred costs, which primarily consist of deferred sales commissions, included within Other assets on our condensed consolidated balance sheets were $129.1 million and $132.9 million as of March 31, 2021, and December 31, 2020, respectively. Amortization expense for the deferred costs was $11.0 million and $9.0 million for the three months ended March 31, 2021, and 2020, respectively.
Recently Issued Accounting Pronouncements from the Financial Accounting Standards BoardRecently Issued Accounting Pronouncements from the Financial Accounting Standards Board
Standard
Issuance Date
Description
Adoption Date
Effect on the Financial Statements
Accounting Standards Update (“ASU”) 2019-12 , Income Taxes (Topic 740)
December 2019
These amendments simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities.
January 2021
The adoption of this standard did not have a significant impact on our financial statements.
ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)
August 2020
This amendment simplifies the accounting for convertible instruments by removing certain separation models required under current GAAP.
January 2022
We are currently evaluating the impact of the adoption of this amendment.
ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
March 2020
This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.
Not yet adopted
This amendment may be elected over time through December 31, 2022 as reference rate reform activities occur. We do not expect the adoption of this guidance to have a significant impact on our financial statements.

Business Combinations (Tables)

Business Combinations (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Major Classes of Assets and Liabilities Allocated to Purchase PriceThe major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:
(Dollars in millions)
Cash and equivalents
$
3.1
Restricted cash
2.0
Trade receivables, prepaid expenses, and other current assets
15.8
Customer funds
16.2
Property, plant, and equipment and other assets
20.2
Goodwill
275.7
Other intangible assets, net
117.5
Accounts payable and other current liabilities
(30.5
)
Customer funds obligations
(16.1
)
Other non-current liabilities
(44.3
)
Total purchase price
$
359.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring BasisOur financial assets and liabilities measured at fair value on a recurring basis were categorized as follows:
March 31, 2021
Level 1
Level 2
Level 3
Total
(Dollars in millions)
Assets
Available for sale customer funds assets
$

$
2,163.0
(a)
$

$
2,163.0
Total assets measured at fair value
$

$
2,163.0
$

$
2,163.0
December 31, 2020
Level 1
Level 2
Level 3
Total
(Dollars in millions)
Assets
Available for sale customer funds assets
$

$
1,719.1
(a)
$

$
1,719.1
Total assets measured at fair value
$

$
1,719.1
$

$
1,719.1
(a)
Fair value is based on inputs that are observable for the asset or liability, other than quoted prices.

Customer Funds (Tables)

Customer Funds (Tables)3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Values of Investments of Customer Funds Available for SaleMarch 31, 2021
Amortized
Gross Unrealized
Fair
Cost
Gain
Loss
Value
(Dollars in millions)
Money market securities, investments carried at cost and other cash equivalents
$
2,105.0
$

$

$
2,105.0
Available for sale investments:
U.S. government and agency securities
541.9
17.7
(2.3
)
557.3
Canadian and provincial government securities
400.2
12.4
(0.1
)
412.5
Corporate debt securities
420.3
15.5
(0.3
)
435.5
Asset-backed securities
192.7
3.9

196.6
Mortgage-backed securities
7.4
0.1

7.5
Other short-term investments
509.3


509.3
Other securities
44.5

(0.2
)
44.3
Total available for sale investments
2,116.3
49.6
(2.9
)
2,163.0
Invested customer funds
4,221.3
$
49.6
$
(2.9
)
4,268.0
Receivables
16.0
16.0
Total customer funds
$
4,237.3
$
4,284.0
December 31, 2020
Amortized
Gross Unrealized
Fair
Cost
Gain
Loss
Value
(Dollars in millions)
Money market securities, investments carried at cost and other cash equivalents
$
2,027.1
$

$

$
2,027.1
Available for sale investments:
U.S. government and agency securities
494.0
21.6
(0.1
)
515.5
Canadian and provincial government securities
396.4
15.5

411.9
Corporate debt securities
548.5
19.4

567.9
Asset-backed securities
192.2
4.9

197.1
Mortgage-backed securities
9.9
0.2

10.1
Other securities
16.5
0.1

16.6
Total available for sale investments
1,657.5
61.7
(0.1
)
1,719.1
Invested customer funds
3,684.6
$
61.7
$
(0.1
)
3,746.2
Receivables
13.2
13.2
Total customer funds
$
3,697.8
$
3,759.4
Schedule of Unrealized Losses and Fair ValueThe following represents the gross unrealized losses and the related fair value of the investments of customer funds available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
March 31, 2021
Less than 12 months
12 months or more
Total
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
(Dollars in millions)
U.S. government and agency securities
$
(2.3
)
$
140.7
$

$

$
(2.3
)
$
140.7
Canadian and provincial government securities
(0.1
)
7.0


(0.1
)
7.0
Corporate debt securities
(0.3
)
23.5


(0.3
)
23.5
Asset-backed securities

16.9



16.9
Other securities
(0.2
)
38.4


(0.2
)
38.4
Total available for sale investments
$
(2.9
)
$
226.5
$

$

$
(2.9
)
$
226.5
Schedule of Amortized Cost and Fair Value of Investment Securities Available for Sale by Contractual MaturityThe amortized cost and fair value of investment securities available for sale at March 31, 2021, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or to prepay obligations with or without call or prepayment penalties.
March 31, 2021
Cost
Fair Value
(Dollars in millions)
Due in one year or less
$
3,000.7
$
3,006.4
Due in one to three years
678.7
705.7
Due in three to five years
403.9
410.9
Due after five years
138.0
145.0
Invested customer funds
$
4,221.3
$
4,268.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in GoodwillGoodwill and changes therein were as follows:
(Dollars in millions)
Balance at December 31, 2019
$
1,973.5
Acquisition
42.7
Translation
15.6
Balance at December 31, 2020
2,031.8
Acquisition
275.7
Translation
4.0
Balance at March 31, 2021
$
2,311.5
Schedule of Other Intangible AssetsOther intangible assets consisted of the following:
March 31, 2021
Gross Carrying Amount
Accumulated Amortization
Net
Estimated Life Range (Years)
(Dollars in millions)
Customer lists and relationships
$
296.0
$
(213.4
)
$
82.6
5-15
Trade name
184.8
(2.7
)
182.1
3-5 and Indefinite
Technology
204.1
(157.6
)
46.5
3-4
Total other intangible assets
$
684.9
$
(373.7
)
$
311.2
December 31, 2020
Gross Carrying Amount
Accumulated Amortization
Net
Estimated Life Range (Years)
(Dollars in millions)
Customer lists and relationships
$
229.0
$
(212.1
)
$
16.9
5-15
Trade name
177.7
(2.5
)
175.2
3-5 and Indefinite
Technology
159.5
(156.6
)
2.9
3-4
Total other intangible assets
$
566.2
$
(371.2
)
$
195.0

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt ObligationsOur debt obligations consisted of the following as of the periods presented:
March 31,
December 31,
2021
2020
(Dollars in millions)
Term Debt, interest rate of 2.6%
$
663.0
$
664.7
Revolving Credit Facility ($300.0 million available capacity less amounts reserved for letters of credit, which were $0.8 million and $0.4 million, respectively)


Convertible Senior Notes
575.0

Canada Line of Credit (CDN $7.0


Financing lease liabilities (Please refer to Note 13)
10.3
8.8
Total debt
1,248.3
673.5
Less unamortized discount on Term Debt and Convertible Senior Notes
109.0
1.2
Less unamortized debt issuance costs on Term Debt and Convertible Senior Notes
15.7
4.5
Less current portion of long-term debt
8.2
7.2
Long-term debt, less current portion
$
1,115.4
$
660.6
Schedule of Convertible Senior NotesThe following table presents details of the Notes:
Initial Conversion Rate per $1,000 Principal
Initial Conversion Price per Share
Notes
7.5641 shares
$132.20
Carrying Amount of Liability Component of NotesThe carrying amount of the liability component of the Notes was as follows:
March 31, 2021
(Dollars in millions)
Principal amount
$
575.0
Less:
Unamortized debt discount
107.9
Unamortized debt issuance costs
11.5
Net carrying amount
$
455.6
Summary of Interest Expense Recognized Related to NotesThe following table sets forth total interest expense recognized related to the Notes for the period:
Three Months Ended March 31, 2021
(Dollars in millions)
Contractual interest expense
$
0.1
Amortization of debt discount
0.7
Amortization of debt issuance costs
0.1
Total
$
0.9
Schedule of Future Principal Payments and Maturities of Indebtedness, Excluding Financing Lease ObligationsThe future principal payments and maturities of our indebtedness, excluding financing lease obligations, are as follows:
Years Ending December 31,
Amount
(Dollars in millions)
2021
$
5.1
2022
6.8
2023
6.8
2024
6.8
2025
637.5
Thereafter
575.0
$
1,238.0

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Cost for Defined Benefit Pension Plan and for Postretirement Benefit PlanThe components of net periodic cost for our defined benefit pension plan and for our postretirement benefit plan are included in the following tables:
Three Months Ended March 31,
2021
2020
Net Periodic Pension Cost
(Dollars in millions)
Interest cost
$
1.7
$
3.2
Actuarial loss amortization
4.3
3.9
Less: Expected return on plan assets
(3.3
)
(5.7
)
Net periodic pension cost
$
2.7
$
1.4
Three Months Ended March 31,
2021
2020
Net Periodic Postretirement Benefit
(Dollars in millions)
Interest cost
$

$
0.1
Actuarial gain amortization
(0.5
)
(0.6
)
Prior service credit amortization

(0.1
)
Net periodic postretirement benefit gain
$
(0.5
)
$
(0.6
)

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Performance-Based Stock Option ActivityPerformance-based stock option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP was as follows:
Shares
Weighted Average Exercise Price (per share)
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Performance-based options outstanding at December 31, 2020
1,844,279
$
64.55
9.2
$
77.5
Granted




Exercised
(2,500
)
(13.46
)


Forfeited or expired




Performance-based options outstanding at March 31, 2021
1,841,779
$
64.62
9.0
$
36.2
Performance-based options exercisable at March 31, 2021
23,051
$
13.81
1.4
$
1.6
Summary of Term-Based Stock Option ActivityTerm-based stock option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP was as follows:
Shares
Weighted Average Exercise Price (per share)
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Term-based options outstanding at December 31, 2020
10,983,074
$
40.47
7.8
$
725.9
Granted
399,388
80.95


Exercised
(273,516
)
(28.82
)


Forfeited or expired
(30,061
)
(51.12
)


Term-based options outstanding at March 31, 2021
11,078,885
$
42.19
7.7
$
466.4
Term-based options exercisable at March 31, 2021
4,227,029
$
32.90
7.0
$
217.0
Summary of Restricted Stock Units ActivityRSU activity under the 2013 SIP and the 2018 EIP was as follows:
Shares
RSUs outstanding at December 31, 2020
1,389,385
Granted
720,854
Shares issued upon vesting of RSUs
(27,207
)
Forfeited or canceled
(3,166
)
RSUs outstanding at March 31, 2021
2,079,866
RSUs releasable at March 31, 2021
556,892
Summary of Performance Stock UnitsPSU activity under the 2018 EIP was as follows:
Shares
PSUs outstanding at December 31, 2020
135,220
Granted
336,214
Shares issued upon vesting of PSUs

Forfeited or canceled
(135,313
)
PSUs outstanding at March 31, 2021
336,121
PSUs releasable at March 31, 2021
Summary of Global Employee Stock Purchase Plan ActivityOur GESPP activity was as follows:
Period Ended
Shares Issued
Purchase Price (per share)
March 31, 2021
39,484
$
71.63

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of RevenueDisaggregation 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
Schedule of Changes in Deferred RevenueDeferred 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive LossThe components of accumulated other comprehensive loss were as follows:
Foreign Currency Translation Adjustment
Unrealized Gain (Loss) from Invested Customer Funds
Pension Liability Adjustment
Total
(Dollars in millions)
Balance as of December 31, 2020
$
(159.7
)
$
38.4
$
(154.7
)
$
(276.0
)
Other comprehensive income (loss) before income taxes and reclassifications
11.0
(16.7
)

(5.7
)
Income tax expense

4.4
(1.0
)
3.4
Reclassifications to earnings


3.8
3.8
Other comprehensive (loss) income
11.0
(12.3
)
2.8
1.5
Balance as of March 31, 2021
$
(148.7
)
$
26.1
$
(151.9
)
$
(274.5
)

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Supplemental Balance Sheet Information Related to LeasesSupplemental balance sheet information related to leases was as follows:
Lease Type
Balance Sheet Classification
March 31, 2021
December 31, 2020
(Dollars in millions)
ASSETS
Operating lease assets
Trade and other receivables, net
$
2.8
$
5.4
Operating lease assets
Prepaid expenses and other current assets
2.3
2.2
Operating lease assets
Right of use lease asset
35.4
27.9
Financing lease assets
Property, plant, and equipment, net
9.2
8.0
Total lease assets
$
49.7
$
43.5
LIABILITIES
Current
Financing lease liabilities
Current portion of long-term debt
$
1.3
$
0.4
Operating lease liabilities
Current portion of long-term lease liabilities
14.9
10.5
Noncurrent
Financing lease liabilities
Long-term debt, less current portion
9.0
8.4
Operating lease liabilities
Long-term lease liabilities, less current portion
40.8
33.6
Total lease liabilities
$
66.0
$
52.9
Components of Lease ExpenseThe components of lease expense were as follows:
Three Months Ended March 31,
2021
2020
Lease Cost
(Dollars in millions)
Operating lease cost
$
1.2
$
2.3
Financing lease cost:
Depreciation of lease assets
0.3
0.2
Interest on lease liabilities
0.1
0.1
Sublease income
(0.6
)
(1.0
)
Total lease cost, net
$
1.0
$
1.6

Related Party Transactions (Tab

Related Party Transactions (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Revenue from Portfolio CompaniesWe provide Dayforce and related services to certain investment portfolio companies of THL Managers VI, LLC and Cannae Holdings, Inc., which are considered related parties due to certain shared board members. Revenue from these related parties was as follows:
Three Months Ended March 31,
2021
2020
(Dollars in millions)
American Blue Ribbon Holdings, LLC
$
0.3
$
0.5
Essex Technology Group, LLC
0.1
0.1
Guaranteed Rate, Inc.
0.4
0.2

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computations of Basic and Diluted Net Income (Loss) per ShareThe basic and diluted net income (loss) per share computations were calculated as follows:
Three Months Ended March 31,
2021
2020
(Dollars in millions, except share and per share data)
Numerator:
Net (loss) income
$
(19.2
)
$
8.6
Denominator:
Weighted-average shares outstanding - basic
148,716,050
144,645,325
Effect of dilutive equity instruments

6,533,173
Weighted-average shares outstanding - diluted
148,716,050
151,178,498
Net (loss) income per share - basic
$
(0.13
)
$
0.06
Net (loss) income per share - diluted
$
(0.13
)
$
0.06
Schedule of Potentially Dilutive Weighted Average Shares Excluded from Calculation of Diluted Net Income (Loss) per ShareThe following potentially dilutive weighted-average shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive:
Three Months Ended March 31,
2021
2020
Stock options
5,448,133
121,381
Restricted stock units
518,939
21,869
Performance stock units
604,193

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in MillionsMar. 16, 2030Mar. 05, 2021Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Significant Accounting Policies [Line Items]
Amortization expense for the deferred costs $ 11 $ 9
ASU 2019-12 [Member]
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption DateJan. 31,
2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]true
Other Assets [Member]
Significant Accounting Policies [Line Items]
Deferred costs $ 129.1 $ 132.9
Convertible Senior Notes [Member]
Significant Accounting Policies [Line Items]
Debt instrument principal amount $ 575 $ 500 $ 575
Debt instrument percentage of aggregate principal amount0.25%0.25%0.25%
Debt instrument maturity year20262026
Debt instrument additional aggregate principal amount $ 75 $ 75
Net proceeds from deducting initial purchase discounts and other debt issuance costs $ 561.8 $ 561.8

Business Combinations - Additio

Business Combinations - Additional Information (Detail) $ in MillionsMar. 01, 2021USD ($)Mar. 31, 2021USD ($)SegmentMar. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of operating segment | Segment1
Number of reportable segment | Segment1
Total revenue $ 234.5 $ 222.7
Ascender HCM Pty Ltd. [Member]
Business Acquisition [Line Items]
Percentage of voting interest100.00%
Purchase price $ 359.6
Total revenue $ 6.7
Ascender HCM Pty Ltd. [Member] | Other Expense, Net [Member]
Business Acquisition [Line Items]
Gain on forward foreign currency contract $ 4.2

Business Combinations - Schedul

Business Combinations - Schedule of Major Classes of Assets and Liabilities Allocated to Purchase Price (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill $ 2,311.5 $ 2,031.8 $ 1,973.5
Ascender HCM Pty Ltd. [Member]
Business Acquisition [Line Items]
Cash and equivalents3.1
Restricted cash2
Trade receivables, prepaid expenses, and other current assets15.8
Customer funds16.2
Property, plant, and equipment and other assets20.2
Goodwill275.7
Other intangible assets, net117.5
Accounts payable and other current liabilities(30.5)
Customer funds obligations(16.1)
Other non-current liabilities(44.3)
Total purchase price $ 359.6

Fair Value Measurements - Asset

Fair Value Measurements - Asset and Liability Measured at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Assets
Available for sale customer funds assets $ 2,163 $ 1,719.1
Total assets measured at fair value2,163 1,719.1
Fair Value, Inputs, Level 2 [Member]
Assets
Available for sale customer funds assets[1]2,163 1,719.1
Total assets measured at fair value $ 2,163 $ 1,719.1
[1]Fair value is based on inputs that are observable for the asset or liability, other than quoted prices.

Customer Funds - Additional Inf

Customer Funds - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investment income from invested customer funds included in recurring revenue $ 10.7 $ 19.6

Customer Funds - Investment of

Customer Funds - Investment of Customer Funds (Detail) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Money market securities, investments carried at cost and other cash equivalents, Fair Value $ 2,105 $ 2,027.1
Invested customer funds, Fair Value4,268 3,746.2
Receivables, Fair Value16 13.2
Total customer funds, Fair Value4,284 3,759.4
Money market securities, investments carried at cost and other cash equivalents, Amortized Cost2,105 2,027.1
Invested customer funds, Amortized Cost4,221.3 3,684.6
Receivables, Amortized Cost16 13.2
Total customer funds, Amortized Cost4,237.3 3,697.8
Amortized Cost2,116.3 1,657.5
Gross Unrealized Gain49.6 61.7
Gross Unrealized Loss(2.9)(0.1)
Fair value2,163 1,719.1
U.S. Government and Agencies Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost541.9 494
Gross Unrealized Gain17.7 21.6
Gross Unrealized Loss(2.3)(0.1)
Fair value557.3 515.5
Canadian and Provincial Government Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost400.2 396.4
Gross Unrealized Gain12.4 15.5
Gross Unrealized Loss(0.1)
Fair value412.5 411.9
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost420.3 548.5
Gross Unrealized Gain15.5 19.4
Gross Unrealized Loss(0.3)
Fair value435.5 567.9
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost192.7 192.2
Gross Unrealized Gain3.9 4.9
Fair value196.6 197.1
Mortgage-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost7.4 9.9
Gross Unrealized Gain0.1 0.2
Fair value7.5 10.1
Other Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost44.5 16.5
Gross Unrealized Gain0.1
Gross Unrealized Loss(0.2)
Fair value44.3 $ 16.6
Other Short-Term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost509.3
Fair value $ 509.3

Customer Funds - Gross Unrealiz

Customer Funds - Gross Unrealized Losses and Related Fair Value of Investment (Detail) $ in MillionsMar. 31, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Unrealized Losses $ (2.9)
Less than 12 months, Fair Value226.5
Total, Unrealized Losses(2.9)
Total, Fair Value226.5
U.S. Government and Agencies Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Unrealized Losses(2.3)
Less than 12 months, Fair Value140.7
Total, Unrealized Losses(2.3)
Total, Fair Value140.7
Canadian and Provincial Government Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Unrealized Losses(0.1)
Less than 12 months, Fair Value7
Total, Unrealized Losses(0.1)
Total, Fair Value7
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Unrealized Losses(0.3)
Less than 12 months, Fair Value23.5
Total, Unrealized Losses(0.3)
Total, Fair Value23.5
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value16.9
Total, Fair Value16.9
Other Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Unrealized Losses(0.2)
Less than 12 months, Fair Value38.4
Total, Unrealized Losses(0.2)
Total, Fair Value $ 38.4

Customer Funds - Amortized Cost

Customer Funds - Amortized Cost and Fair Value of Investment Security Available for Sale (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Due in one year or less, Cost $ 3,000.7
Due in one to three years, Cost678.7
Due in three to five years, Cost403.9
Due after five years, Cost138
Invested customer funds, Cost4,221.3 $ 3,684.6
Due in one year or less, Fair Value3,006.4
Due in one to three years, Fair Value705.7
Due in three to five years, Fair Value410.9
Due after five years, Fair Value145
Invested customer funds, Fair Value $ 4,268 $ 3,746.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Balance $ 2,031.8 $ 1,973.5
Acquisition275.7 42.7
Translation4 15.6
Balance $ 2,311.5 $ 2,031.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Other Intangible Asset (Detail) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 684.9 $ 566.2
Accumulated Amortization(373.7)(371.2)
Net311.2 195
Trade Name [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount184.8 177.7
Accumulated Amortization(2.7)(2.5)
Net $ 182.1 $ 175.2
Minimum [Member] | Trade Name [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)3 years3 years
Maximum [Member] | Trade Name [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)5 years5 years
Estimated Life Range (Years)IndefiniteIndefinite
Customer Lists and Relationships [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 296 $ 229
Accumulated Amortization(213.4)(212.1)
Net $ 82.6 $ 16.9
Customer Lists and Relationships [Member] | Minimum [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)5 years5 years
Customer Lists and Relationships [Member] | Maximum [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)15 years15 years
Technology [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 204.1 $ 159.5
Accumulated Amortization(157.6)(156.6)
Net $ 46.5 $ 2.9
Technology [Member] | Minimum [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)3 years3 years
Technology [Member] | Maximum [Member]
Schedule of Finite and Indefinite Lived Intangible Assets [Line Items]
Estimated Life Range (Years)4 years4 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense $ 2.2 $ 0.4

Debt - Schedule of Debt Obligat

Debt - Schedule of Debt Obligations (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total debt excluding financing lease liabilities $ 1,238
Financing lease liabilities (Please refer to Note 13)10.3 $ 8.8
Total debt1,248.3 673.5
Less current portion of long-term debt8.2 7.2
Long-term debt, less current portion1,115.4 660.6
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Total debt excluding financing lease liabilities575
Term Debt and Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Less unamortized discount on Term Debt and Convertible Senior Notes109 1.2
Less unamortized debt issuance costs on Term Debt and Convertible Senior Notes15.7 4.5
Term Debt [Member]
Debt Instrument [Line Items]
Total debt excluding financing lease liabilities $ 663 $ 664.7

Debt - Schedule of Debt Oblig_2

Debt - Schedule of Debt Obligations (Parenthetical) (Detail) $ in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021CAD ($)Dec. 31, 2020USD ($)Dec. 31, 2020CAD ($)Apr. 30, 2018USD ($)
Term Debt [Member]
Debt Instrument [Line Items]
Interest rate on debt2.60%2.60%2.60%2.60%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available capacity $ 300 $ 300 $ 300
Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Available capacity0.8 0.4
Foreign Line of Credit
Debt Instrument [Line Items]
Available capacity $ 5.6 $ 5.4
Foreign Line of Credit | Letter of Credit [Member]
Debt Instrument [Line Items]
Available capacity $ 7 $ 7

Debt - Additional Information (

Debt - Additional Information (Detail)Mar. 16, 2030USD ($)Mar. 20, 2024DayMar. 05, 2021USD ($)Feb. 19, 2020Mar. 26, 2019Jun. 30, 2021DayMar. 31, 2021USD ($)$ / sharesMar. 31, 2021USD ($)Day$ / sharesDec. 31, 2020USD ($)Apr. 30, 2018USD ($)
Debt Instrument [Line Items]
Fair value of our indebtedness $ 1,203,500,000 $ 1,203,500,000 $ 657,600,000
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Trading price per principal amount of notes1,000
Debt instrument fair value of trading price $ 1,000
Capped Calls [Member]
Debt Instrument [Line Items]
Derivative, initial strike price | $ / shares132.20132.20
Derivative, initial cap price | $ / shares179.26179.26
Derivative, premium paid $ 45,000,000
Reduction to additional paid-in capital(33,000,000)
Net of deferred tax impact12,000,000 $ 12,000,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount $ 575,000,000 $ 500,000,000 575,000,000 $ 575,000,000
Term loan debt maturity periodMar. 15,
2026
Debt instrument percentage of aggregate principal amount0.25%0.25%0.25%
Debt instrument additional aggregate principal amount $ 75,000,000 $ 75,000,000 $ 75,000,000
Debt instrument bear interest rate0.25%0.25%
Net proceeds from deducting initial purchase discounts and other debt issuance costs $ 561,800,000 $ 561,800,000
Debt instrument frequency of periodic paymentsemiannually
Debt instrument payment termsThe Notes bear interest at a rate of 0.25% per year and interest is payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021.
Debt instrument payment beginning dateSep. 15,
2021
Debt instrument common stock exceeds conversion price percentage98.00%
Number of conversion price, consecutive trading days | Day10
Number of conversion price, consecutive business days | Day5
Trading price per principal amount of notes $ 1,000
Debt instrument, interest rate during period4.50%
Debt instrument, convertible, carrying amount of equity component $ 108,600,000 $ 108,600,000
Total issuance costs14,400,000 $ 14,400,000
Senior note, amortized interest rate5.10%
Debt instrument fair value of trading price $ 1,000
Convertible Senior Notes [Member] | Liability Component [Member]
Debt Instrument [Line Items]
Total issuance costs11,700,000 11,700,000
Net carrying amount455,600,000 455,600,000
Convertible Senior Notes [Member] | Equity Component
Debt Instrument [Line Items]
Total issuance costs2,700,000 2,700,000
Net carrying amount77,700,000 77,700,000
Deferred tax impact28,200,000 28,200,000
Convertible Senior Notes [Member] | Forecast [Member]
Debt Instrument [Line Items]
Number of conversion price trading days | Day20 20
Number of conversion price, consecutive trading days | Day30 30
Convertible Senior Notes [Member] | Maximum [Member] | Forecast [Member]
Debt Instrument [Line Items]
Debt instrument common stock exceeds conversion price percentage130.00%130.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available capacity for letters of credit300,000,000 $ 300,000,000 300,000,000 $ 300,000,000
Line of credit maturity dateApr. 30,
2023
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate descriptionTerm Debt interest rate was reduced from LIBOR plus 3.00% to LIBOR plus 2.50%.
Accrued interest $ 300,000 $ 300,000 $ 100,000
Senior Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate2.50%3.00%
Term Debt [Member]
Debt Instrument [Line Items]
Debt instrument principal amount $ 680,000,000
Term loan debt maturity periodApr. 30,
2025
Debt instrument bear interest rate2.60%2.60%2.60%

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Detail) - Convertible Senior Notes [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Debt Instrument [Line Items]
Initial Conversion Rate per $1,000 Principal | shares7.5641
Initial Conversion Price per Share | $ / shares $ 132.20

Debt - Schedule of Convertibl_2

Debt - Schedule of Convertible Senior Notes (Parenthetical) (Detail)3 Months Ended
Mar. 31, 2021USD ($)
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Initial conversion per principal amount $ 1,000

Debt - Carrying Amount of Liabi

Debt - Carrying Amount of Liability Component of Notes (Detail) $ in MillionsMar. 31, 2021USD ($)
Debt Instrument [Line Items]
Principal amount $ 1,238
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount575
Convertible Senior Notes [Member] | Liability Component [Member]
Debt Instrument [Line Items]
Principal amount575
Less:
Less unamortized discount on Term Debt and Convertible Senior Notes107.9
Unamortized debt issuance costs11.5
Net carrying amount $ 455.6

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense Recognized Related to Notes (Detail) - Convertible Senior Notes [Member] $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Contractual interest expense $ 0.1
Amortization of debt discount0.7
Amortization of debt issuance costs0.1
Total $ 0.9

Debt - Schedule of Future Princ

Debt - Schedule of Future Principal Payments and Maturities of Indebtedness, Excluding Financing Lease Obligations (Detail) $ in MillionsMar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2021 $ 5.1
20226.8
20236.8
20246.8
2025637.5
Thereafter575
Principal payments and maturities excluding financing lease obligations $ 1,238

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Cost for Defined Benefit Pension Plan and for Postretirement Benefit Plan (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic cost (benefit gain) $ 2.2 $ 0.8
Defined Benefit Pension Plan [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost1.7 3.2
Actuarial loss (gain) amortization4.3 3.9
Less: Expected return on plan assets(3.3)(5.7)
Net periodic cost (benefit gain)2.7 1.4
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost0.1
Actuarial loss (gain) amortization(0.5)(0.6)
Prior service credit amortization(0.1)
Net periodic cost (benefit gain) $ (0.5) $ (0.6)

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($)Nov. 09, 2018Apr. 24, 2018Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense $ 22,800,000 $ 12,500,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense related to unvested stock option awards not yet recognized $ 22,400,000
Share-based compensation expense related to unvested awards expected to be recognized over a weighted average period3 years
Term Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense related to unvested stock option awards not yet recognized $ 87,200,000
Share-based compensation expense related to unvested awards expected to be recognized over a weighted average period1 year 9 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense related to unvested awards expected to be recognized over a weighted average period1 year 9 months 18 days
Stock options, vested160,620
Unvested restricted stock units outstanding1,522,974
Vested restricted stock units outstanding556,892
Share-based compensation expense related to unvested restricted stock units not yet recognized $ 95,100,000
HCM Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares outstanding1,936
HCM Stock Incentive Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares outstanding2,050,635
Share based compensation arrangement by share based payment award exercise period after employment termination90 days
Stock option awards, contractual term10 years
HCM Stock Incentive Plan 2013 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period4 years
HCM Stock Incentive Plan 2013 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period5 years
HCM Equity Incentive Plan 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares outstanding13,284,080
Share based compensation arrangement by share based payment award exercise period after employment termination90 days
Stock option awards, contractual term10 years
Number of shares authorized13,500,000
Common stock, share Reserve4,397,296
Shares reserved for issuance increase percentage3.00%
Shares available for future grants of equity awards13,008,498
HCM Equity Incentive Plan 2018 [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period3 years
Options, Granted1,500,000
Exercise price per share $ 65.26
Vesting conditions descriptionThe vesting conditions for the Performance Option Award are based on the Company’s performance on the New York Stock Exchange (“NYSE”) with 750,000 shares available to vest when the Company’s per share closing price on the NYSE meets or exceeds $110.94, or 1.7 times the exercise price, for ten consecutive trading days, and the remaining 750,000 shares are available to vest when the Company’s per share closing price on the NYSE meets or exceeds $130.52, or 2.0 times the exercise price, for ten consecutive trading days.
HCM Equity Incentive Plan 2018 [Member] | Performance Shares [Member] | Monte-Carlo Simulation Model [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period5 years 3 months 18 days
HCM Equity Incentive Plan 2018 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period4 years
HCM Equity Incentive Plan 2018 [Member] | Closing Price Per Share Exceeds $110.94 or 1.7 Times the Exercise Price [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available to vest750,000
Closing price per share on NYSE to available for vest $ 110.94
HCM Equity Incentive Plan 2018 [Member] | Closing Price Per Share Exceeds $130.52 or 2.0 Times the Exercise Price [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available to vest750,000
Closing price per share on NYSE to available for vest $ 130.52
HCM Equity Incentive Plan 2018 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period1 year
HCM Equity Incentive Plan 2018 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period3 years
2021 Management Incentive Plan [Member] | Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum incentive vesting of PSUs150.00%
Share-based compensation expense related to unvested PSUs not yet recognized $ 23,600,000
HCM Global Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards, contractual term10 years
Shares available for future grants of equity awards2,015,544
Description for purchase price of fair market value of common stockThe purchase price is the lower of (i) 85% of the fair market value of a share of common stock on the offering date (the first trading day of the offering period commencing on January 1 and concluding on December 31) or (ii) 85% of the fair market value of a share of common stock on the purchase date.
Percentage of fair market value of a share of common stock on offering date85.00%
Percentage of fair market value of share of common stock on purchase date85.00%
HCM Global Employee Stock Purchase Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized2,500,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Performance-Based Stock Option Activity (Detail) - Performance Shares [Member] - Share Based Compensation Plans [Member] - USD ($) $ / shares in Units, $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Shares
Options Outstanding at Beginning of Period1,844,279
Options, Granted0
Options, Exercised(2,500)
Options, Forfeited or expired0
Options Outstanding at End of Period1,841,779 1,844,279
Options Exercisable at End of Period23,051
Weighted Average Exercise Price (per share)
Weighted Average Exercise Price at Beginning of Period $ 64.55
Weighted Average Exercise Price, Granted0
Weighted Average Exercise Price, Exercised(13.46)
Weighted Average Exercise Price, Forfeited or expired0
Weighted Average Exercise Price at End of Period64.62 $ 64.55
Weighted Average Exercise Price Exercisable at End of Period $ 13.81
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)9 years9 years 2 months 12 days
Weighted Average Remaining Contractual Term Exercisable (in years)1 year 4 months 24 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Options Outstanding $ 36.2 $ 77.5
Aggregate Intrinsic Value, Options Exercisable $ 1.6

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Term-Based Stock Option Activity (Detail) - Term Based Stock Options [Member] - Share Based Compensation Plans [Member] - USD ($) $ / shares in Units, $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Shares
Options Outstanding at Beginning of Period10,983,074
Options, Granted399,388
Options, Exercised(273,516)
Options, Forfeited or expired(30,061)
Options Outstanding at End of Period11,078,885 10,983,074
Options Exercisable at End of Period4,227,029
Weighted Average Exercise Price (per share)
Weighted Average Exercise Price at Beginning of Period $ 40.47
Weighted Average Exercise Price, Granted80.95
Weighted Average Exercise Price, Exercised(28.82)
Weighted Average Exercise Price, Forfeited or expired(51.12)
Weighted Average Exercise Price at End of Period42.19 $ 40.47
Weighted Average Exercise Price Exercisable at End of Period $ 32.90
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)7 years 8 months 12 days7 years 9 months 18 days
Weighted Average Remaining Contractual Term Exercisable (in years)7 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Options Outstanding $ 466.4 $ 725.9
Aggregate Intrinsic Value, Options Exercisable $ 217

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member]3 Months Ended
Mar. 31, 2021shares
Restricted Stock Units
Shares issued upon vesting(160,620)
Shares, outstanding at End of Period1,522,974
Share Based Compensation Plans [Member]
Restricted Stock Units
Shares, outstanding at Beginning of Period1,389,385
Shares, Granted720,854
Shares issued upon vesting(27,207)
Shares, Forfeited or canceled(3,166)
Shares, outstanding at End of Period2,079,866
Shares, releasable at End of Period556,892

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of Performance Stock Units (Detail) - Performance Stock Units (PSUs) [Member] - Share Based Compensation Plans [Member]3 Months Ended
Mar. 31, 2021shares
Performance Stock Units
Shares, outstanding at Beginning of Period135,220
Shares, Granted336,214
Shares issued upon vesting0
Shares, Forfeited or canceled(135,313)
Shares, outstanding at End of Period336,121
Shares, releasable at End of Period0

Share-Based Compensation - Su_5

Share-Based Compensation - Summary of Global Employee Stock Purchase Plan Activity (Detail) - HCM Global Employee Stock Purchase Plan [Member] - Common Stock [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued | shares39,484
Purchase Price (per share) | $ / shares $ 71.63

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenue $ 234.5 $ 222.7
Cloud Dayforce Professional Services and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue36.8 40.7
Cloud Dayforce Recurring [Member]
Disaggregation Of Revenue [Line Items]
Total revenue145.3 128.1
Cloud Dayforce Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue182.1 168.8
Cloud Powerpay Professional Services and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue0.3 0.3
Cloud Powerpay Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue20.6 22.1
Cloud Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue202.7 190.9
Cloud Powerpay Recurring [Member]
Disaggregation Of Revenue [Line Items]
Total revenue20.3 21.8
Bureau Professional Services and Other Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue1.4 0.2
Bureau Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue31.8 31.8
Bureau Recurring Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue $ 30.4 $ 31.6

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenue [Line Items]
Contract asset $ 56.8 $ 55.2
Remaining performance obligation, description of practical expedientIn 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.
Recurring [Member]
Revenue [Line Items]
Float revenue $ 10.7 $ 19.6

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Deferred Revenue (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Deferred revenue, beginning of period $ 24.4 $ 25.5
New billings100.6 85.7
Acquired billings14.3
Revenue recognized(95.4)(83.6)
Effect of exchange rate(0.2)(0.8)
Deferred revenue, end of period $ 43.7 $ 26.8

Revenue - Additional Informat_2

Revenue - Additional Information 1 (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 $ in MillionsMar. 31, 2021USD ($)
Revenue [Line Items]
Remaining performance obligations recognition period3 years
Revenue expected to be recognized, amount $ 914.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance $ 2,098.2
Other comprehensive income (loss) before income taxes and reclassifications(5.7)
Income tax expense3.4
Reclassifications to earnings3.8
Other comprehensive (loss) income1.5
Ending balance2,159.3
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(159.7)
Other comprehensive income (loss) before income taxes and reclassifications11
Other comprehensive (loss) income11
Ending balance(148.7)
Unrealized Gain (Loss) from Invested Customer Funds [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance38.4
Other comprehensive income (loss) before income taxes and reclassifications(16.7)
Income tax expense4.4
Other comprehensive (loss) income(12.3)
Ending balance26.1
Pension Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(154.7)
Income tax expense(1)
Reclassifications to earnings3.8
Other comprehensive (loss) income2.8
Ending balance(151.9)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(276)
Ending balance $ (274.5)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Income Taxes [Line Items]
Income tax expense (benefit) $ 6.6 $ 8.2
Current income tax benefit2.6
Other tax benefit0.8
Tax reduction attributable to the release of tax reserves1.8
Unrecognized tax benefits0 $ 1.8
Accrued Interest included in unrecognized tax benefits $ 0.3
Unrecognized tax benefits released during the period $ 1.8
Income tax examination descriptionWith a few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.
Non Deductible Stock Based Compensation
Income Taxes [Line Items]
Income tax expense (benefit) $ 7.3
State [Member]
Income Taxes [Line Items]
Valuation allowance16.3
Income tax expense (benefit)2.6
Base Erosion and Anti-Abuse Tax ("BEAT") [Member]
Income Taxes [Line Items]
Income tax expense (benefit)3.8
Unremitted Foreign Earnings [Member]
Income Taxes [Line Items]
Income tax expense (benefit) $ 1.9

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Operating Leased Assets [Line Items]
Right of use lease asset $ 35.4 $ 27.9
Financing lease assets noncurrent $ 9.2 $ 8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Property, plant, and equipment, netProperty, plant, and equipment, net
Total lease assets $ 49.7 $ 43.5
Finance lease liability current $ 1.3 $ 0.4
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]us-gaap:LongTermDebtCurrentus-gaap:LongTermDebtCurrent
Operating lease liability current $ 14.9 $ 10.5
Finance lease liability Noncurrent $ 9 $ 8.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]us-gaap:LongTermDebtNoncurrentus-gaap:LongTermDebtNoncurrent
Operating lease liability noncurrent $ 40.8 $ 33.6
Total lease liabilities66 52.9
Trade And Other Receivables Net
Operating Leased Assets [Line Items]
Operating lease assets current2.8 5.4
Prepaid Expenses and Other Current Assets
Operating Leased Assets [Line Items]
Operating lease assets current $ 2.3 $ 2.2

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lease Cost
Operating lease cost $ 1.2 $ 2.3
Financing lease cost:
Depreciation of lease assets0.3 0.2
Interest on lease liabilities0.1 0.1
Sublease income(0.6)(1)
Total lease cost, net $ 1 $ 1.6

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fleet Cor Technologies Or Wholly Owned Affiliates [Member] | Dayforce HCM Services and Other Administrative Services [Member]
Revenue from related parties $ 0.1 $ 0.3
Dun and Bradstreet [Member] | Service Agreement [Member]
Payment to service provider $ 0.3
The Stronach Group [Member] | Dayforce [Member]
Revenue from related parties0.1
Verve Senior Living [Member] | Dayforce [Member]
Revenue from related parties0.2
Fidelity National Financial, Inc. [Member] | Payroll-Related Tax Filings Services [Member]
Revenue from related parties $ 0.1

Related Party Transactions - Sc

Related Party Transactions - Schedule of Revenue from Portfolio Companies (Detail) - Dayforce [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
American Blue Ribbon Holdings, LLC [Member]
Related Party Transaction [Line Items]
Revenue from related parties $ 0.3 $ 0.5
Essex Technology Group, LLC [Member]
Related Party Transaction [Line Items]
Revenue from related parties0.1 0.1
Guaranteed Rate, Inc. [Member]
Related Party Transaction [Line Items]
Revenue from related parties $ 0.4 $ 0.2

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Computations of Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net (loss) income $ (19.2) $ 8.6
Denominator:
Weighted-average shares outstanding - basic148,716,050 144,645,325
Effect of dilutive equity instruments6,533,173
Weighted-average shares outstanding - diluted148,716,050 151,178,498
Net (loss) income per share - basic $ (0.13) $ 0.06
Net (loss) income per share - diluted $ (0.13) $ 0.06

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Schedule of Potentially Dilutive Weighted Average Shares Excluded from Calculation of Diluted Net Income (Loss) per Share (Detail) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount5,448,133 121,381
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount518,939 21,869
Performance Stock Units (PSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount604,193

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Detail) shares in Millions3 Months Ended
Mar. 31, 2021shares$ / shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Notes would have been convertible into shares of our common stock | shares4.3
Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Initial conversion price of notes | $ / shares $ 132.20