Not Really An Issue - But What Is emeter["power"]?

I have an HS110 that still has old firmware and I can monitor it off port 9999. I get the emeter information:

{"emeter":{"get_realtime":{"current":0.020707,"voltage":124.223949,"power":0.371734,"total":1.040000,"err_code":0}}}

and understand the following to be the case:

current is amps,
voltage is volts,
total is kwHs.

But what is power? I thought it was watts. But I am not sure at all now as I cannot seem to compute the values I see from the current and voltage I see in the same entry. This would seem to be single phase, 120v, USA utility power. So it would seen this formula would apply:

P = PF × I × U
where:
P – Power or wattage;
PF – Power factor;
I – Electrical current; and
U – Voltage.

And I understand that the power factor varies from 0 to 1 where 1 represents the most efficient use of power and 0 means the opposite.

So if "power" is in watts, the value displayed should be 0.020707 *124.223949 * something between 0 and 1.

But I can only get close to the power result being displayed by using PF of .15 which would seem rather low (but I am not sure of this). So is that the PF the unit is employing? Does this make sense? I am monitoring a deep freezer.

Thanks