the following table reports the significant movements in our shareholders 2019 equity for the year ended december 31 , 2010. .
[['( in millions of u.s . dollars )', '2010'], ['balance beginning of year', '$ 19667'], ['net income', '3108'], ['dividends declared on common shares', '-443 ( 443 )'], ['change in net unrealized appreciation ( depreciation ) on investments net of tax', '742'], ['repurchase of shares', '-303 ( 303 )'], ['other movements net of tax', '203'], ['balance end of year', '$ 22974']]
total shareholders 2019 equity increased $ 3.3 billion in 2010 , primarily due to net income of $ 3.1 billion and the change in net unrealized appreciation on investments of $ 742 million .short-term debt at december 31 , 2010 , in connection with the financing of the rain and hail acquisition , short-term debt includes reverse repurchase agreements totaling $ 1 billion .in addition , $ 300 million in borrowings against ace 2019s revolving credit facility were outstanding at december 31 , 2010 .at december 31 , 2009 , short-term debt consisted of a five-year term loan which we repaid in december 2010 .long-term debt our total long-term debt increased by $ 200 million during the year to $ 3.4 billion and is described in detail in note 9 to the consolidated financial statements , under item 8 .in november 2010 , ace ina issued $ 700 million of 2.6 percent senior notes due november 2015 .these senior unsecured notes are guaranteed on a senior basis by the company and they rank equally with all of the company 2019s other senior obligations .in april 2008 , as part of the financing of the combined insurance acquisition , ace ina entered into a $ 450 million float- ing interest rate syndicated term loan agreement due april 2013 .simultaneously , the company entered into a swap transaction that had the economic effect of fixing the interest rate for the term of the loan .in december 2010 , ace repaid this loan and exited the swap .in december 2008 , ace ina entered into a $ 66 million dual tranche floating interest rate term loan agreement .the first tranche , a $ 50 million three-year term loan due december 2011 , had a floating interest rate .simultaneously , the company entered into a swap transaction that had the economic effect of fixing the interest rate for the term of the loan .in december 2010 , ace repaid this loan and exited the swap .the second tranche , a $ 16 million nine-month term loan , was due and repaid in september 2009 .trust preferred securities the securities outstanding consist of $ 300 million of trust preferred securities due 2030 , issued by a special purpose entity ( a trust ) that is wholly owned by us .the sole assets of the special purpose entity are debt instruments issued by one or more of our subsidiaries .the special purpose entity looks to payments on the debt instruments to make payments on the preferred securities .we have guaranteed the payments on these debt instruments .the trustees of the trust include one or more of our officers and at least one independent trustee , such as a trust company .our officers serving as trustees of the trust do not receive any compensation or other remuneration for their services in such capacity .the full $ 309 million of outstanding trust preferred securities ( calculated as $ 300 million as discussed above plus our equity share of the trust ) is shown on our con- solidated balance sheet as a liability .additional information with respect to the trust preferred securities is contained in note 9 d ) to the consolidated financial statements , under item 8 .common shares our common shares had a par value of chf 30.57 each at december 31 , 2010 .at the annual general meeting held in may 2010 , the company 2019s shareholders approved a par value reduction in an aggregate swiss franc amount , pursuant to a formula , equal to $ 1.32 per share , which we refer to as the base annual divi- dend .the base annual dividend is payable in four installments , provided that each of the swiss franc installments will be .

Question: what is the dividend payout in 2010?
Answer: 14.3%