#INVALID OPERATION is the error message I receive for some but not all cells.
=IF(AND([Created By Date]@row < TODAY(-365), [Target Completion Date]@row < TODAY()), "Red", IF(AND([Target Completion Date]@row >= TODAY(), ISBLANK([Project Status]@row)), "Yellow", IF([Project Status]@row = "Complete", "Green", IF([Target Completion Date]@row = 0, "Gray"))))