The numbers on my CO detector indicate the concentration of Carbon Monoxide in the room. The manual for most Kidde Alarms are here:
https://portalgb.knowledgebase.net/display/4/kb/browse/cat.aspx?cid=88327&kb=16372&L1cid=88309&L2cid=88327&level=3&r=0.06986403&tab=browse . For some models, it will display the peak CO detected (if the peak level button is pressed).
Do not assume that the alarm is in error. Please have the exhaust vent, pipe and intake (for some tankless water heaters) checked for blockages or disconnected pieces. (You can check some of the vents pipe yourself - like the connection from the water heater to the pipe. Depending on your building, you may need a professional to check the vent on the roof and the pipe from there.) Also check the flame color of the water heater. For natural gas, you should see a blue flame. LP usually has a little bit of yellow in the flame tips. CO is the result of incomplete combustion. See this page for an idea of the flame color:
http://www.appliance411.com/faq/gas_range_flames.shtml . If the flame is the wrong color, get the unit fixed.
I hope this helps.
Cindy Wells
(who has had the CO detector indicate a major problem. Fortunately it was easy to fix. I hope yours is also simple.)