Your working code jsfiddle. Refer it.
<div style="width:400px; padding:20px;">
<p>Company Selection</p>
<label for="compID">Company ID:</label><br/>
<input type="text" name="compID" id="compID" value="" />
<br/>
<label for="compName">Company Name:</label><br/>
<input type="text" name="compName" id="compName" value="" />
<div id="sel-comp" style="clear:both;"></div>
<input type="submit" name="submit" id="submit" value="Submit">
<div id="result"></div>
</div>
$(function() {
var compName = [{"id":"1000","value":"company1|CO|80401-8077|1000"},{"id":"1005","value":"company2|CO|80308-2291|1005"},{"id":"1010","value":"company3|CO|80202-1450|1010"},{"id":"1015","value":"company4|CO|80206-0109|1015"},{"id":"1020","value":"company5|CO|80003-6638|1020"}];
var source = [ ];
var mapping = { };
for(var i = 0; i <compName .length; ++i) {
source.push(compName [i].id);
mapping[compName[i].id] = compName[i].value;
}
$("#compID").autocomplete({
source: source,
minLength: 1,
select: function(event, ui) {
$("#compName").val(mapping[ui.item.value]);
}
});
});