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 - lit

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