time: Move common updates to a function

time: Move common updates to a function

This is a backport of cc06268c6a87db156af2daed6e96a936b955cc82

While not a bugfix itself, it allows following fixes to backport
in a more straightforward manner.

CC: Thomas Gleixner <tglx@linutronix.de>
CC: Eric Dumazet <eric.dumazet@gmail.com>
CC: Richard Cochran <richardcochran@gmail.com>
Signed-off-by: Thomas Gleixner <tglx@linutronix.de>
Cc: Prarit Bhargava <prarit@redhat.com>
Cc: Thomas Gleixner <tglx@linutronix.de>
Signed-off-by: John Stultz <john.stultz@linaro.org>
Signed-off-by: Greg Kroah-Hartman <gregkh@linuxfoundation.org>