Date format from field value

I am getting field value lke this, but would like to make it a proper date format, what to do/how to convert it to some user readable date?

[field_time] => Array
(
[0] => Array
(
[value] => 1999-05-22T00:00:00
[timezone] => Europe/Budapest
[timezone_db] => Europe/Budapest
[date_type] => date
)

)