Wolverine World Wide, Inc. (WWW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.38	$0.4	+5.3%	—	$506.4M	—
Q1 26	$0.22	$0.25	+13.6%	—	$457.6M	—
Q4 25	$0.44	$0.45	+2.3%	—	$517.5M	—
Q2 25	$0.24	$0.35	+45.8%	—	$474.2M	—
Q1 25	$0.11	$0.18	+63.6%	—	$412.3M	—
Q4 24	$0.42	$0.42	0.0%	—	$494.7M	—
Q3 24	$0.22	$0.29	+31.8%	—	$440.2M	—
Q2 24	$0.11	$0.15	+36.4%	—	$425.2M	—
Q1 24	—	$0.05	—	—	$394.9M	—
Q4 23	-$0.27	-$0.3	-11.1%	—	$526.7M	—
Q3 23	$0.08	$0.07	-12.5%	—	$527.7M	—
Q2 23	$0.19	$0.19	0.0%	—	$589.1M	—
Q1 23	$0.03	$0.09	+200.0%	—	$599.4M	—
Q4 22	-$0.15	-$0.15	0.0%	—	$665M	—
Q3 22	$0.55	$0.48	-12.7%	—	$691.4M	—
Q2 22	$0.64	$0.66	+3.1%	—	$713.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.17	—	—	$1.9B	—
FY24	—	$0.6	—	—	$1.8B	—
FY23	—	-$0.51	—	—	$2.2B	—
FY22	—	-$2.39	—	—	$2.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.4B	$2.2B	$2.3B	$1.8B	$2.4B	$2.7B	$2.2B	$1.8B	$1.9B
YoY change	-7.32%	-5.8%	-4.71%	+1.54%	-21.2%	+34.8%	+11.2%	-16.5%	-21.8%	+6.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.4B	2.2B	2.3B	1.8B	2.4B	2.7B	2.2B	1.8B	1.9B
Cost of revenue	1.5B	1.4B	1.3B	1.3B	1.1B	1.4B	1.6B	1.4B	973.5M	987.6M
Gross profit	959.9M	914.4M	921.3M	923.8M	735.6M	1B	1.1B	872.5M	781.5M	886.7M
Gross margin	38.5%	38.9%	41.1%	40.6%	41.1%	42.6%	39.9%	38.9%	44.5%	47.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	754.1M	706M	654.1M	669.3M	639.4M	817.8M	906.4M	856.2M	690M	729.9M
Operating expenses	754.1M	741.3M	669.4M	752.8M	650.5M	874.2M	940.1M	845.8M	679.7M	736.5M
Operating income	205.8M	173.1M	251.9M	171M	85.1M	155.7M	130.3M	26.7M	101.8M	150.2M
Operating margin	8.25%	7.37%	11.2%	7.52%	4.75%	6.45%	4.85%	1.19%	5.8%	8.01%
Non-operating income, net	-60.5M	-151.6M	—	4.9M	-225.6M	-38M	-335.9M	-97.4M	2.5M	4.1M
Pretax income	110.5M	-10.6M	227.4M	145.9M	-184.1M	80.3M	-252.9M	-134.2M	61.6M	121.5M
Income tax	23M	-9.9M	27.1M	17M	-45.5M	13.3M	-63.8M	-95M	10.1M	20.5M
Net income	87.5M	-700K	200.3M	128.9M	-138.6M	67M	-189.1M	-39.2M	51.5M	101M
Net margin	3.51%	-0.03%	8.95%	5.67%	-7.74%	2.77%	-7.04%	-1.75%	2.93%	5.39%
EBITDA	248.9M	200.2M	284M	208.6M	120M	185.2M	167.7M	59.3M	131.3M	180.2M
EPS	0.9	0	2.18	1.58	-1.67	0.83	-2.39	-0.51	0.6	1.17
Diluted EPS	0.89	0	2.05	1.44	-1.7	0.81	-2.39	-0.51	0.58	1.14

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	527.7M	526.7M	394.9M	425.2M	440.2M	494.7M	412.3M	474.2M	470.3M	517.5M	457.6M	506.4M
Cost of revenue	312.3M	333.7M	213.5M	242M	241M	277M	217.5M	250.2M	247.1M	274.1M	239.8M	271.1M
Gross profit	215.4M	193M	181.4M	183.2M	199.2M	217.7M	194.8M	224M	223.2M	243.4M	217.8M	235.3M
Gross margin	40.8%	36.6%	45.9%	43.1%	45.3%	44%	47.2%	47.2%	47.5%	47%	47.6%	46.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	203.3M	245.4M	176.8M	166.6M	171.2M	175.4M	172M	182.4M	183.1M	192.4M	182.7M	187.4M
Operating expenses	205.6M	263M	178.4M	150.9M	172.5M	177.9M	175.1M	183.3M	183.6M	194.5M	183.9M	188M
Operating income	9.8M	-70M	3M	32.3M	26.7M	39.8M	19.7M	40.7M	39.6M	48.9M	33.9M	47.3M
Operating margin	1.86%	-13.3%	0.76%	7.6%	6.07%	8.05%	4.78%	8.58%	8.42%	9.45%	7.41%	9.34%
Non-operating income, net	15.1M	-116.2M	-5.3M	-2.4M	12.3M	-2.1M	1.5M	1.4M	1.6M	-400K	200K	600K
Pretax income	9.4M	-202.3M	-14.3M	18M	29.4M	28.5M	13.2M	33.6M	33.1M	40.3M	27.6M	40.8M
Income tax	400K	-111.7M	-600K	2.4M	5.1M	3.2M	1M	4.6M	6.8M	7.8M	5.2M	7.9M
Net income	9M	-90.6M	-13.7M	15.6M	24.3M	25.3M	12.2M	29M	26.3M	32.5M	22.4M	32.9M
Net margin	1.71%	-17.2%	-3.47%	3.67%	5.52%	5.11%	2.96%	6.12%	5.59%	6.28%	4.9%	6.5%
EBITDA	16.6M	-60.5M	10.9M	39.3M	36.6M	44.5M	27.3M	48.5M	49M	54.1M	39.3M	53.2M
EPS	0.11	-1.15	-0.18	0.17	0.29	0.31	0.13	0.33	0.31	0.39	0.24	0.38
Diluted EPS	0.11	-1.15	-0.19	0.17	0.28	0.29	0.13	0.32	0.3	0.38	0.24	0.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.1B	3.1B	2.9B	—	2.6B	2.4B	861.2M	705.9M	1.8B	1.5B	1.6B
Enterprise value	2.6B	3.4B	3.4B	—	3.1B	3.3B	2.1B	1.6B	2.4B	2B	2.2B
Shares outstanding	97.1M	96.1M	91.7M	81.1M	82.1M	82M	78.8M	79.4M	80.3M	81.2M	81.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.4	—	14.6	—	—	35.3	—	—	34.6	14.6	14.9
P/S	0.85	1.3	1.31	—	1.43	0.98	0.32	0.31	1.02	0.79	0.8
P/B	2.19	3.21	2.95	—	4.48	3.67	2.54	2.35	5.63	3.48	3.49
EV/EBITDA	10.4	16.8	11.8	—	25.9	18	12.4	27.2	18.5	11.3	11
EV/Sales	1.04	1.43	1.5	—	1.73	1.38	0.77	0.72	1.38	1.08	1.11
Earnings yield	4.1%	—	6.85%	—	—	2.84%	—	—	2.89%	6.85%	6.69%
FCF yield	11.3%	5.56%	2.59%	—	11.6%	2.93%	-25%	15.2%	8.97%	8.52%	8.37%
PEG	—	—	—	—	—	—	—	—	—	—	0.98

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.5%	38.9%	41.1%	40.6%	41.1%	42.6%	39.9%	38.9%	44.5%	47.3%	46.5%
Operating margin	8.25%	7.37%	11.2%	7.52%	4.75%	6.45%	4.85%	1.19%	5.8%	8.01%	9.85%
Net margin	3.51%	-0.03%	8.95%	5.67%	-7.74%	2.77%	-7.04%	-1.75%	2.93%	5.39%	5.55%
ROE	8.98%	-0.07%	20.2%	16.6%	-24.2%	10.4%	-55.8%	-13.1%	16.3%	23.9%	27.6%
ROA	3.6%	-0.03%	9.18%	5.2%	-6.48%	2.59%	-7.59%	-1.9%	3.09%	5.91%	6.19%
ROIC	11.4%	13.8%	15.6%	9.58%	7.65%	8.09%	8.36%	2.21%	8.85%	12.8%	12.9%
Return on tangible assets	149.6%	-0.4%	-1.1K%	54.3%	-40.5%	-59.7%	-22.5%	-4.96%	12.5%	23.6%	26.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.09	2.97	1.83	1.23	2.23	1.19	1.14	1.18	1.29	1.4	1.55
Quick ratio	2.05	2.2	1.16	0.79	1.63	0.71	0.47	0.75	0.84	0.87	0.98
Debt / equity	0.84	0.82	0.58	1.26	1.55	1.74	3.98	3.63	2.52	1.8	1.59
Debt / assets	0.34	0.33	0.26	0.4	0.41	0.43	0.54	0.53	0.48	0.45	0.44
Net debt / EBITDA	1.81	1.51	1.5	3.83	4.5	5.19	7.27	15.3	4.92	3.08	3
Interest coverage	4.18	0.67	10.3	5.86	-3.22	3.15	-4.35	-1.11	2.44	4.7	5.74
Effective tax rate	20.8%	0%	11.9%	11.7%	0%	16.6%	0%	0%	16.4%	16.9%	19.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	25.7	24.5	24.4	28	21.8	29.4	34.1	28.2	21.8	23.1	23.9
EPS (basic)	0.9	0	2.18	1.58	-1.67	0.83	-2.39	-0.51	0.6	1.17	1.17
EPS (diluted)	0.89	0	2.05	1.44	-1.7	0.81	-2.39	-0.51	0.58	1.14	1.28
Book value per share	10	9.94	10.8	9.59	6.98	7.86	4.3	3.78	3.94	5.21	5.47
FCF per share	2.48	1.77	0.83	2.32	3.64	0.84	-2.73	1.35	1.99	1.55	2.13
Cash per share	3.81	5.01	1.56	2.23	4.23	1.97	1.67	2.25	1.89	2.54	1.93
Capex per share	0.57	0.34	0.24	0.42	0.13	0.21	0.46	0.18	0.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.22%	1.38%	0.97%	1.51%	0.58%	0.73%	1.36%	0.65%	1.15%	—	—
Capex / operating cash flow	20.8%	31%	16.9%	16.3%	10.2%	26.3%	-6.93%	55.7%	11.3%	—	—
Payout ratio	26.9%	-3.3K%	14.3%	26.1%	-24.2%	50%	-17.3%	-83.2%	63.1%	33%	31.3%
Dividend yield	1.1%	0.75%	0.98%	—	1.31%	1.42%	3.81%	4.62%	1.82%	2.26%	2.11%

Yield

2.11%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Jul 1, 2026

Payout ratio

31%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$0.10
Apr 1, 2026	$0.10
Jan 2, 2026	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$527.7M	$526.7M	$394.9M	$425.2M	$440.2M	$494.7M	$412.3M	$474.2M	$470.3M	$517.5M	$457.6M	$506.4M
YoY change	-23.7%	-20.8%	-34.1%	-27.8%	-16.6%	-6.08%	+4.41%	+11.5%	+6.84%	+4.61%	+11%	+6.79%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	369.8M	481M	143.1M	180.6M	347.4M	161.7M	131.5M	179M	152.1M	206.3M
Receivables	263.3M	271.3M	361.2M	331.2M	268.3M	319.6M	241.7M	230.8M	209.4M	162.1M
Inventory	348.7M	276.7M	317.6M	348.2M	243.1M	365.5M	745.2M	373.6M	240.6M	274.2M
Total current assets	1B	1.1B	867.7M	967.1M	904.2M	903.7M	1.3B	1B	688.5M	729.4M
Property, plant & equipment	21M	33.2M	22.1M	178.6M	147.5M	145M	189.1M	104.5M	95.8M	71.3M
Goodwill & intangibles	2.4B	2.2B	2.2B	2.2B	1.8B	2.7B	1.7B	1.3B	1.3B	1.3B
Total assets	2.4B	2.4B	2.2B	2.5B	2.1B	2.6B	2.5B	2.1B	1.7B	1.7B
Accounts payable	150.8M	162.3M	202.3M	202.1M	185M	222.1M	272.2M	206M	200.9M	174.7M
Short-term debt	40.4M	38M	132.5M	406.6M	44M	273.3M	474.1M	349.7M	113.7M	110M
Total current liabilities	333.7M	362.3M	473.1M	787.4M	406M	759.6M	1.1B	869.4M	533.1M	521.1M
Long-term debt	780.3M	744.6M	438M	573.1M	842.8M	850M	876.6M	738.2M	684M	652M
Total liabilities	1.5B	1.4B	1.2B	1.7B	1.6B	1.9B	2.2B	1.8B	1.4B	1.3B
Shareholders' equity	974.1M	955.2M	991.6M	778.4M	573M	644.4M	339M	300M	316.5M	423.1M
Total debt	820.7M	782.6M	570.5M	979.7M	886.8M	1.1B	1.4B	1.1B	797.7M	762M
Net debt	450.9M	301.6M	427.4M	799.1M	539.4M	961.6M	1.2B	908.9M	645.6M	555.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	160.4M	179M	169.7M	148.3M	140.2M	152.1M	106.5M	141M	133.9M	206.3M	119.6M	158.5M
Receivables	272M	230.8M	231.2M	272.2M	244.4M	209.4M	239.2M	255.4M	210.8M	162.1M	185.5M	221.1M
Inventory	563.8M	373.6M	354.3M	297.1M	285.5M	240.6M	270.7M	316M	292.5M	274.2M	280.3M	269.3M
Total current assets	1.1B	1B	825.9M	790.8M	762.3M	688.5M	692.4M	801.2M	716.8M	729.4M	672.1M	736.2M
Property, plant & equipment	275.2M	104.5M	205.5M	193.8M	196.7M	95.8M	196.8M	196.9M	185.6M	71.3M	182.3M	183.7M
Goodwill & intangibles	1.5B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Total assets	2.2B	2.1B	1.9B	1.8B	1.8B	1.7B	1.7B	1.8B	1.7B	1.7B	1.6B	1.7B
Accounts payable	197.2M	206M	202.3M	181.6M	230.4M	200.9M	174.6M	228.6M	149M	174.7M	138.9M	189.7M
Short-term debt	418.7M	349.7M	311.5M	267.6M	168.3M	113.7M	179.1M	181.3M	164.9M	110M	126.9M	91.5M
Total current liabilities	851.7M	869.4M	730.3M	665.6M	618.6M	533.1M	551.1M	646.8M	533.8M	521.1M	438.3M	475.2M
Long-term debt	857.6M	738.2M	708.5M	699.5M	690.5M	684M	681M	679.2M	657.2M	652M	658.2M	653.9M
Total liabilities	1.9B	1.8B	1.6B	1.5B	1.5B	1.4B	1.4B	1.5B	1.3B	1.3B	1.2B	1.2B
Shareholders' equity	362.7M	300M	260.1M	270.4M	296.7M	316.5M	320.8M	357M	391M	423.1M	433M	468.4M
Total debt	1.3B	1.1B	1B	967.1M	858.8M	797.7M	860.1M	860.5M	822.1M	762M	785.1M	745.4M
Net debt	1.1B	908.9M	850.3M	818.8M	718.6M	645.6M	753.6M	719.5M	688.2M	555.7M	665.5M	586.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	87.5M	-700K	200.3M	128.9M	-138.6M	67M	-189.1M	-39.2M	51.5M	101M
Depreciation & amortization	43.5M	37.2M	31.5M	32.7M	32.8M	33.2M	34.6M	35.1M	26.2M	25.9M
Stock-based compensation	22.8M	25.4M	31.2M	24.5M	28.9M	38.1M	33.4M	15.2M	19.1M	24.4M
Change in working capital	99.8M	80.2M	-155.3M	-3.3M	216.3M	-88.4M	-274.4M	168M	82.6M	8.8M
Operating cash flow	265.3M	104.4M	128.4M	211M	101.3M	67M	-526.9M	26.2M	179.1M	140M
Capital expenditure	-55.3M	-32.4M	-21.7M	-34.4M	-10.3M	-17.6M	-36.5M	-14.6M	-20.2M	—
Investing cash flow	-38.4M	-1M	-22.2M	-61.5M	6.1M	-437.3M	54.6M	171.6M	86.8M	600K
Dividends paid	-23.5M	-23M	-28.6M	-33.6M	-33.6M	-33.5M	-32.8M	-32.6M	-32.5M	-33.3M
Share repurchases	-52.7M	-51.5M	-174.7M	-319.2M	-21M	-39.6M	-81.3M	0	0	-14.5M
Financing cash flow	-82M	-119.4M	-456.2M	-606.1M	-1.1B	-282.8M	-634.3M	-989.4M	-921.3M	-575.9M
Net change in cash	144.9M	-16M	-350M	-456.6M	-954.4M	-653.1M	-1.1B	-791.6M	-655.4M	-435.3M
Free cash flow	241M	170.3M	75.8M	188.2M	298.8M	69.2M	-215.4M	107.2M	159.9M	125.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	9M	-90.6M	-13.7M	15.6M	24.3M	25.3M	12.2M	28M	26.3M	32.5M	22.4M	32.9M
Depreciation & amortization	9.2M	8.8M	7.1M	6.2M	6.1M	6.8M	6.1M	6.4M	7.8M	5.6M	5.2M	5.3M
Stock-based compensation	4M	3.4M	4.1M	5.7M	5.2M	4.1M	5.7M	6.9M	5.8M	6M	5.8M	6.6M
Change in working capital	-14.5M	166.1M	-27.6M	28.4M	35.8M	50.3M	-100.9M	8.8M	-2.7M	106M	-115.2M	49.1M
Operating cash flow	-21.3M	6.3M	-42.7M	27.9M	117M	81.2M	-83.6M	44.6M	33M	146.2M	-83.2M	86.6M
Capital expenditure	-4.3M	3.9M	-5.1M	-3M	-4.1M	-8M	-7.6M	—	—	—	—	—
Investing cash flow	49.2M	55.4M	85.4M	4.5M	5.2M	-8.3M	-7.9M	-600K	1.9M	-400K	-200K	-300K
Dividends paid	-8.1M	-8.1M	-8.1M	-8.1M	-8.2M	-8.1M	-8.5M	-8.2M	-8.3M	-8.3M	-8.7M	-8.3M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-170.7M	-277.8M	-212.9M	-203.7M	-265M	-239.7M	-36.7M	-99.5M	-229.3M	-195.9M	-137.8M	-164.7M
Net change in cash	-142.8M	-216.1M	-170.2M	-171.3M	-142.8M	-166.8M	-128.2M	-55.5M	-194.4M	-50.1M	-221.2M	-78.4M
Free cash flow	-43.2M	118.7M	-42.3M	23.7M	104.1M	74.4M	-91.4M	41.2M	30.1M	145.6M	-84.9M	84.2M

Date	Ratio
Nov 4, 2013	2:1
Feb 2, 2005	3:2
May 27, 1997	3:2
Aug 19, 1996	3:2
May 16, 1995	3:2
Apr 15, 1994	3:2
Jul 28, 1981	3:2

Wolverine World Wide, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history