How are the Paleogene, Neogene, and Quaternary periods arranged within the Cenozoic Era?

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The Cenozoic Era is currently divided into three distinct geologic time periods, arranged chronologically from oldest to youngest as follows:

While the Cenozoic was traditionally divided into the Tertiary Period and the Quaternary, the International Commission on Stratigraphy now formally recognizes the Paleogene and Neogene as the standard periods that replace the former Tertiary designation.423