JQuery autocomplete does not display text values ​​but fills in elements

I have jQuery autocomplete which works fine, except that it does not correctly display the text values ​​returned by the function. My backend is ColdFusion.

Backend Function (in CFC):

<cffunction name="companyNameList" access="remote" output="false" hint="I return a list of companies with IDs" returnformat="JSON">
    <cfargument name="searchterm" required="false" default="" />

    <cfset var returnArray = arrayNew(1) />

    <cfquery name="companyNameList" datasource="#request.dsn#">
        SELECT companyID, companyName
        FROM tbl_companies
        WHERE companyName LIKE <cfqueryparam cfsqltype="cf_sql_varchar" value="%#arguments.searchterm#%" />
    </cfquery>

    <cfloop query="companyNameList">
        <cfset companyStruct = structNew() />
        <cfset companyStruct['value'] = companyID />
        <cfset companyStruct['label'] = companyName />

        <cfset arrayAppend(returnArray,companyStruct) />
    </cfloop>

    <cfreturn returnArray />
</cffunction>

      

        
        
        
      

    

My jQuery jQuery (it's wrapped in cfoutput tags, which requires a second hash mark as the escape value):

        $(function() {             
        $("##defaultcompanyname").autocomplete({
            source: function(request, response){
                $.ajax({
                    url: "secure/cfc/ajax.cfc?method=companyNameList",
                    dataType: "json",
                    data: {
                        searchterm: request.term
                    },
                    success: function(data){
                        response(data);
                    }
                })
            },
            minLength: 3,
            select: function(event, ui) {
                $('##defaultcompanyid').val(ui.item.value);
                $('##defaultcompanyname').val(ui.item.label);
            }
        });
    });

      

        
        
        
      

    

And the corresponding form block:

        <p class="ui-widget">
            <label for="defaultcompanyname">Default Company Association</label>
            <cfinput type="text" size="30em;" name="defaultcompanyname" id="defaultcompanyname" value="" />
            <cfinput type="hidden" name="defaultcompanyid" id="defaultcompanyid" value="0" />
        </p>

      

        
        
        
      

    

When I use the type in 'test' as my test value, this is the JSON returned:

[{"value":2,"label":"Test Company"},{"value":3,"label":"2nd Test Company"}]

      

        
        
        
      

    

The list is filled, but it is filled with empty lines. If I choose one, the hidden default value will be filled with a number, but the default value for the empty space name is emptying my text. What am I missing?

EDIT: Updated the question with new information based on answers that partially resolved the original issue.