What does "grade equivalent" exactly mean in achievement tests?

DS7 just took a Woodcook-Johnson III Achievement test and his score is:

Broad Reading 148
Broad Math 197
Broad Writing 150
Total Achievement 166

I guess I understand these numbers using the concept of "how many Standard Deviations above the mean". But I'm not sure about the meaning of the "grade equivalent". In several sub tests the Grade Equivalent is 10, 13, 14.

Letter-Word Identification 10.1
Word Attack 13
Math Calculation 13
Applied problems 13
Quantitative Concepts 14.4

Does it mean DS hit *some* spots in test at high school level?
Or he has the *capacity* to learn at high school level?
Or he demonstrated enough understanding/mastery in certain areas at high school level?

Can someone shed light on the definition of "grade achievement" in achievement tests?

Thanks!