Recommender systems learn from past user behavior to predict future user preferences. Intuitively, it has been established that the most recent interactions are more indicative of future preferences than older interactions. Many recommendation algorithms use this notion to either drop older interactions or to assign them a lower weight, so the model can focus on the more informative, recent information. However, very few approaches model the flow of time explicitly. This paper analyzes how time can be encoded in factorization-style recommendation models. By including absolute time as a feature, our models can learn varying user preferences and changing item perception over time. In addition to simple binning approaches, we also propose a novel, fully continuous time encoding mechanism. Through the use of a polynomial fit inside the loss function, our models completely avoid the need for discretization, and they are able to capture the time dimension in arbitrary resolution. We perform a comparative study on three real-world datasets that span multiple years, where long user histories are present, and items stay relevant for a longer time. Empirical results show that, by explicitly modeling time, our models are very effective at capturing temporal signals, such as varying item popularities over time. Despite this however, our experiments also indicate that a simple post-hoc popularity adjustment is often sufficient to achieve the best performance on the unseen test set. This teaches us that, for the recommendation task, predicting the future is more important than capturing past trends. As such, we argue that specialized mechanisms are needed for extrapolation to future data.