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 }

1 - data-name

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

2 - numeric-integer-lit

  is a positive numeric integer literal.