See this following documentation:
The localtime() function converts the calendar time timep to broken-down time representation, expressed relative to the user's specified timezone. The function acts as if it called tzset(3) and sets the external variables tzname with information about the current timezone, timezone with the difference between Coordinated Universal Time (UTC) and local standard time in seconds, and daylight to a nonzero value if daylight savings time rules apply during some part of the year. The return value points to a statically allocated struct which might be overwritten by subsequent calls to any of the date and time functions. The localtime_r() function does the same, but stores the data in a user-supplied struct. It need not set tzname, timezone, and daylight.
From: http://linux.die.net/man/3/localtime_r
So as far as I can tell, it appears that the code is working as I'd expect.
Edited to add more from the same documentation:
According to POSIX.1-2004, localtime() is required to behave as though tzset(3) was called, while localtime_r() does not have this requirement. For portable code tzset(3) should be called before localtime_r().