The intangible assets primarily consist of $4.1 million of IPR&D from the acquisition of VisLab S.r.l., or VisLab, in June 2015 and $13.7 million of noncancelable software licenses, net of amortization expense. Acquired IPR&D is capitalized at fair value and the amortization commences upon completion of the underlying projects. Once research and development efforts are completed, the corresponding amount of IPR&D is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. As of January 31, 2020, there was no IPR&D amortized. The Company will determine the project incorporating the VisLab IPR&D to be completed when a related chip begins mass production to address the level 3 and above advanced driving assistance systems markets.

The Company enters into certain internal-use noncancelable software license agreements with third parties from time-to-time. The licenses have been capitalized as intangible assets, and the corresponding future payments have been recorded as liabilities at net present value. As of January 31, 2020, $4.4 million was recorded in accrued and other current liabilities and $8.2 million was recorded in other long-term liabilities in the consolidated balance sheets.

The carrying amounts of intangible assets as of January 31, 2020 and 2019 were as follows:

	As of January 31, 2020							As of January 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(in thousands)
In-process research and development	$	4,100	$	—		$	4,100	$	4,100	$	—		$	4,100
Internal-use software license		27,203		(13,477	)		13,726		14,448		(7,612	)		6,836
Total acquired intangible assets	$	31,303	$	(13,477	)	$	17,826	$	18,548	$	(7,612	)	$	10,936

The amortization expense related to these software licenses was approximately $5.9 million, $4.7 million, and $3.0 million for the fiscal years ended January 31, 2020, 2019, and 2018 respectively. The expected annual amortization expense related to these software licenses as of January 31, 2020 is as follows:

	As of
	January 31, 2020
Fiscal Year	(in thousands)
2021	$	5,789
2022		4,519
2023		3,418
2024		—
2025		—
Thereafter		—
Total future amortization expenses:	$	13,726

There were no intangible asset impairments for the fiscal years ended January 31, 2020, 2019 and 2018, respectively.