The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants, and the constant values of literal screen items.

1  –  1format_lit

  The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants, and the constant values of literal screen items.

  Format 1 -

   VALUE IS lit

1.1  –  lit

  is a numeric or nonumeric literal.  In a screen description entry,
  it is a nonnumeric literal.

2  –  2format THROUGH

  The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants.

  Format 2 -

   { VALUE IS   } { { EXTERNAL external-name }
   { VALUES ARE } { { REFERENCE data-name    }
                  { { low-val                }

                       [ { THRU    } { EXTERNAL external-name } ] }
                       [ { THROUGH } { REFERENCE data-name    } ] } ...
                                     { high-val               } ] }

2.1  –  low-val

  is a numeric or nonnumeric literal.  It is the lowest value in a
  range of values associated with a condition-name in a level 88 data
  description entry.

2.2  –  high-val

  is a numeric or nonnumeric literal.  It is the highest value in a
  range of values associated with a condition-name in a level 88 data
  description entry.

2.3  –  data-name

  names a data item in the File or Working-Storage Section.
  Data-name may be qualified.

2.4  –  external-name

  names a COBOL link-time bound constant.  It must define a word or
  longword integer value.

3  –  3format REFERENCE

  The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants.

  Format 3 -

   VALUE IS { REFERENCE data-name }
            { numeric-integer-lit }

3.1  –  data-name

  names a data item in the File or Working-Storage Section.
  Data-name may be qualified.

3.2  –  numeric-integer-lit

  is a positive numeric integer literal.

4  –  4format EXTERNAL

  The VALUE IS clause defines the values associated with
  condition-names, the initial value of Working-Storage Section data
  items, the value of Report Section printable items, the compile-time
  initialization of variables to the address of data, and to external
  constants.

  Format 4 -

   VALUE IS EXTERNAL external-name

4.1  –  external-name

  names a COBOL link-time bound constant.  It must define a word or
  longword integer value.