Assuming that your user is set to Eastern time, then the display of _time in Splunk is correct for what your log has printed:
Your log explicitly states that it's "14:46 UTC-5" which is 15:46 (or 3:46p) in US/Eastern right now (Remember... EDT is UTC-4).
It could be your log is printing the wrong UTC offset, assuming that event you have there actually was at 14:46 EDT instead of 14:46 -0500 You may want to compare the delta of _time and _indextime to figure out if you have an issue there or not.
The explicit time zone in the log takes precedence when determining time zone: https://docs.splunk.com/Documentation/Splunk/7.0.0/Data/Applytimezoneoffsetstotimestamps
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