`shell` is the current shell from which you executed your `time` statement. `children` is a summary of all running processes started from (and still owned by) that shell.

`user` and `system` show the amount of CPU seconds the above processes spent in user mode and kernel mode, respectively. See https://blog.codinghorror.com/understanding-user-and-kernel-mode/ for more info.

`cpu` shows the combined values of `user` and `system`, as a percentage of total CPU time. `total` shows how long ago the shell or its oldest child process was started (here in minutes:seconds.fraction).

---

If you prepend a command with `time` (which is how it's more often used), then the shell will report time statistics only for that command:
```zsh
% time sleep 0
sleep 0  0.00s user 0.00s system 43% cpu 0.007 total
```
(`total` here is the total number of seconds it took for the command to complete.)

---

Note all of the above is for the _reserved word_ `time` in [tag:zsh]. There is also an _external command_ time on macOS, which produces slightly different output:
```zsh
% command time
% command time sleep 0 
        0.00 real         0.00 user         0.00 sys
% command time -p sleep 0 
real         0.00
user         0.00
sys          0.00
% command time -l sleep 0 
        0.00 real         0.00 user         0.00 sys
              585728  maximum resident set size
                   0  average shared memory size
                   0  average unshared data size
                   0  average unshared stack size
                 160  page reclaims
                   0  page faults
                   0  swaps
                   0  block input operations
                   0  block output operations
                   0  messages sent
                   0  messages received
                   0  signals received
                   0  voluntary context switches
                   1  involuntary context switches
             2198249  instructions retired
             3195521  cycles elapsed
              237568  peak memory footprint
%
```
(`real` here is the same as `total`, above.)