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.

  Additional Information (explode) :

• 1format_lit
• 2format THROUGH
• 3format REFERENCE
• 4format EXTERNAL