I found this formula on the Unofficial Elder Scrolls Pages wiki for calculating Displayed Armor Rating:
displayed armor rating = (worn armor rating + item quality) * (1 + 0.4 * skill/100 + skill effect) * (1 + Custom Fit or Well Fitted + Matching Set) * (1 + Agile Defender or Juggernaut)
Now, my character currently has a 77 Heavy Armor skill. I'm wearing Steel Armor and nothing else (no gauntlets, helmet, boots or shield). It is not enchanted nor improved. I have 4/5 Juggernaut perk as well.
Now, if I'm using the formula correctly, the displayed armor rating of my Steel Armor should be 73. (The base armor rating of steel armor is 31, so (31) * (1 + 0.4 * 77 / 100) * (1 + 0.8) = 73). However, my game is showing that the Steel Armor is actually worth 88 armor rating. This is a 15 point discrepancy.
Am I misinterpreting the formula or forgetting to account for anything, or is it simply that the formula is wrong? I'm more inclined to believe the former, as I'm sure someone data mined the code to acquire the formula in the first place. I suppose another possibility is that my armor is glitched, but there are discrepancies with EVERY piece of armor, not just this Steel Armor.
Any information or insight would be helpful. Thanks in advance. --- Shoot everything. If it blows up or dies, it was bad.