The Sattiptana Sutta says to look at Arising and Passing away of Phenomena pertaining to the 5 aggregates and 6 sense faculties. You have to experience this through what is felt, hence sensation arising and passing away pertaining to the the 4 Foundation of Mindfulness.
In the Sankhata Sutta it is mentioned that Fabrication Arise and Passes away and there appears change what exists. The change is what arises after passing away has slightly decayed from the previous cycle. Through Insight Knowledges you can get a idea of Arising and Passing away and even perhaps the decay, but generally in meditation related Suttas only mention Arising and Passing Away of Phenomena (Uppadavayadhammino) hence perhaps this level of understanding is sufficient for meditation.
Theravada Abhidhamma subdivides this atomic moment to 3 parts: uppada, thiti, vaya or uppada, thiti, banga. Other schools of Buddhism hold different version of the subdivisions that are possible for an atomic moment.
Notes From Buddhist and Pāli University for the 2nd year page 44 onwards contains more information about this as well as the interpretation in different Schools of Buddhism.