Disclosure Rules

Compensation Actually Paid (CAP) vs. SCT

A separate, SEC-mandated figure that adjusts equity values for stock price and vesting — distinct from the Summary Compensation Table’s grant-date total.

Compensation Actually Paid (CAP) is a distinct, mandatory disclosure under the SEC’s pay-versus-performance rule (Item 402(v) of Regulation S-K, effective for fiscal 2022 onward), required alongside — not instead of — the Summary Compensation Table.

The two numbers answer different questions. The SCT total reports the grant-date accounting value of equity awards made during the year, regardless of what happens to the stock afterward. CAP starts from that same total and then adjusts the equity component for changes in fair value through vesting — marking unvested awards to the stock price at year-end, and vested awards to the price on the vesting date. A year in which the stock price rose after grant will typically show CAP above the SCT total for the same executive and year; a year in which it fell will typically show the opposite.

This is why the two figures can diverge sharply for the same executive in the same year without any change in what was granted — the divergence is the stock’s own movement, carried through into a pay number.