The prevailing notion of time which pervades reports on global software development practice is the linear notion of time as a scarce commodity to be optimized through working across global boundaries. This `temponomic' view of time provides a useful but limited model through which to understand how time operates in practice within globally distributed teams. We report findings from an in depth empirical study which employed a grounded analysis of the many dimensions of time in action within a global team setting. A situated analysis of the actions at each of three globally distributed sites, demonstrates how the differing aspects of time interact, and how some of the known challenges in working globally, can be viewed from a temporal viewpoint. We argue that this more nuanced understanding of how time functions in globally distributed teams may help managers and researchers develop more appropriate practices and models for managing such teams.