The Rough depth of cut is normally calculated as the tool Diameter multiplied by the Depth % attribute set on the Stepover page of Machining Attributes dialog.
The default Finish behavior is a single pass around the profile of the feature, up to the Cutter Length of the tool. This is to avoid leaving a mark on the side wall of the feature.
You can override both the Rough and Finish depth of cut in several places, from lowest to highest precedence:
The final depth of cut depends on whether Equal depth of cut is selected on the Misc. tab of the Feature Properties dialog.