ERR is the name of my variable "error" S indicates that this value is signed 99 is two digits V is a decimal separator and the other 9999 are 4 decimal places
And the 01 at the start of the line is the level number as explained in the link. It is how Cobol declared nested records, which Fortran and Algol lacked but became popular through PL/I, Pascal and C.
http://www.csis.ul.ie/cobol/course/DataDeclaration.htm