New way for displaying the Custom fields is explained here: Extracting custom fields in the new reporting moduleGeneral Formula:
ifelse(locate({Custom Fields}, "field_name") > 0, split(split(substring({Custom Fields}, locate({Custom Fields},
"field_name"), strlen({Custom Fields})), ' | ', 1), "=", 2), 'N/A')
Example using Department as Name
ifelse(locate({Project Custom Fields}, "Department") > 0, split(split(substring({Project Custom Fields},
locate({Project Custom Fields}, "Department"), strlen({Project Custom Fields})), ' | ', 1), "=", 2), 'N/A')
OR
ifelse(locate({Project Custom Fields}, ${projectCustomField2}) > 0, split(split(substring({Project Custom Fields},
locate({Project Custom Fields}, ${projectCustomField2}), strlen({Project Custom Fields})), ' | ', 1), "=", 2), 'N/A')
where projectCustomField2 is the parameter created with Static default value equals to Department 