Time Machine File Structure Confusion

I started yesterday to use a 2nd external drive for Time Machine backup purposes. In looking at the external drive's file structure via Finder, I noticed that each backup is appearing as a separate file folder off of the external drive's root drive (please see image below).

In my prior uses of Time Machine with other external drives, each backup was grouped under a main file folder (e.g., Backups.backupdb).

My question is whether what is occurring with this new external drive correct or do I have something incorrectly configured?