Parenting time is the time a parent spends with a child, regardless of the custodial designation regarding the child. A parent with physical custody and a noncustodial parent may share parenting time. Parents with joint physical custody do share parenting time.
Parenting time is determined according to a parenting plan that the parents agree to and, in contested cases, a judge approves.
Legal custody is not related to parenting time. Legal custody does not grant parenting time, and rights to parenting time does not give a parent legal custody.
See also: parenting time in more detail.
Visitation is the deprecated term for parenting time. The courts exclusively use the term parenting time now, but you will still see and hear visitation used in non-official and nonlegal contexts.