Each layer in the timeline has its own In Point and Out Point that define when it appears and disappears in the composition. Outside its In-Out range, the layer is invisible and does not render.
Ctrl+[ (or right-click the layer bar -> "Trim In to Playhead").Ctrl+] (or right-click -> "Trim Out to Playhead").Click and drag the left edge of a layer bar to trim the In Point. Drag the right edge to trim the Out Point.
Snap while trimming: Edges snap to the playhead position, to other layer edges, and to keyframe positions when dragging.
Drag the center of the layer bar (not the edges) to reposition the layer's entire time range without changing its duration. Keyframes inside the layer move with it.
Slip: Moves the layer's content (and therefore its keyframes) within its fixed In-Out window. The In and Out points don't change, but the layer's animation data shifts in time relative to them. Use Alt+drag on a layer bar to slip.
Slide: Moves the layer and all its content in time, but adjusts the neighboring layers to fill the gap/overlap. Use Ctrl+Alt+drag on a layer bar to slide.
Splits the selected layer into two layers at the current playhead position.
Edit -> Split Layer or Ctrl+Shift+D
The layer is divided at the playhead. Keyframes before the split point belong to the first piece; keyframes after belong to the second piece. Both pieces share the same element properties, with each independently trimmable.
Uses:
When repositioning layers in the timeline, layers snap to:
Disable snapping in the timeline: click the Snap icon in the timeline header.