Table:
|  |  | For the Year Ended December 31, |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2019 |  | 2018 | $ Change |  |
|  | As reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | As Reported | Without Adoption |
|  |  | (dollars in thousands) |  |  |  |  |
| Other (income) expense, net |  |  |  |  |  |  |
| Interest income | $(6,037) | $ - | $(6,037) | $(1,553) | $(4,484) | $(4,484) |
| Interest expense | 289 | - | 289 | 2,608 | (2,319) | (2,319) |
| Other (income) expense, net | (865) | - | (865) | (583) | (282) | (282) |
| Total other (income) expense, net | $(6,613) | $ - | $(6,613) | $472 | $(7,085) | $(7,085) |
Paragraphs:
Total Other (Income) Expense, Net
Total other income for the year ended December 31, 2019 was $6.6 million compared to $0.5 million of other expense for the year ended December 31,
2018. Interest income increased due to interest earned on investing our public offering cash proceeds. Interest expense decreased due to having no outstanding borrowings during the year ended December 31, 2019. We discuss borrowings under “Liquidity and Capital Resources” below. Other (income) expense, net was $0.9 million other income in the year ended December 31, 2019 compared to $0.6 million of other income in the year ended December 31, 2018, primarily due to our earnout liabilities. We estimate the fair value of earnout liabilities related to business combinations quarterly. During the year ended December 31, 2019, the adjustments to fair value decreased the carrying value of the earnout liability for our acquisition of Indix, resulting in other income of $1.7 million, partially offset by an increase in the carrying value of the earnout liabilities for our acquisitions of Compli and Portway, which resulted in other expense of $0.6 million. The fair value of the Indix acquisition earnout liability decreased at December 31, 2019, from the fair value at acquisition in February 2019, due primarily to the last three earnout milestones, which are nonfinancial, being more difficult to complete within the required timeframe than initially assessed. During the year ended December 31, 2018, the adjustments to fair value decreased the carrying value of the earnout liabilities for prior acquisitions, resulting in other income of $0.4 million.
Question:
What caused the increase in interest income and decrease in interest expense for the year ended 31 December 2019 respectively?
Answer: interest earned on investing our public offering cash proceeds, having no outstanding borrowings during the year