Time depth is the number of levels, or depth, that you want your calendar hierarchy to have.
To define time depth:
Under Time Depth, select the check box next to a hierarchy level to include it.
Note the following:
Unavailable levels with the check box selected are required and must be used with this calendar type.
Unavailable levels with the check box cleared are not allowed with this calendar type.
To modify the labeling rules for a hierarchy level, expand the level and select the Edit button next to Labeling Rules.
The Edit Labeling Rules dialog box is displayed.
In Edit Labeling Rules, select a rule from the list and click OK.