The Company Name field in a search will produce just the company name with no parent hierarchy.  However, in a formula field on the same search, {companyname} produces the full name with parent hierarchy such as, "Parent Name : Child Name"

I get the same result even when show only last sub entity preference is set.  Is this {companyname} broken, or is there another field name to get at just the current company's name?

Thanks,
Matt

ps.  I actually need to pull Company Name in a formula via join... {custrecord_myfieldjoin.companyname}, but the behavior is the same with just a direct customer search.