The intangible assets primarily consist of $4.1 million of in-process research and development (“IPR&D”) from the acquisition of VisLab S.r.l., or VisLab, in June 2015 and $12.0 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 July 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 July 31, 2020, $5.0 million was recorded in accrued and other current liabilities and $6.5 million was recorded in other long-term liabilities in the condensed consolidated balance sheets.

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

	As of July 31, 2020							As of January 31, 2020
	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 licenses		18,376		(6,388	)		11,988		27,203		(13,477	)		13,726
Total acquired intangible assets	$	22,476	$	(6,388	)	$	16,088	$	31,303	$	(13,477	)	$	17,826

During the six months ended July 31, 2020, there was approximately $10.1 million of fully amortized software licenses retired. The amortization expense related to software licenses was approximately $1.6 million and $1.3 million for the three months ended July 31, 2020 and 2019, respectively. The amortization expense related to software licenses was approximately $3.1 million and $2.6 million for the six months ended July 31, 2020 and 2019, respectively. The estimated future amortization expense of these software licenses as of July 31, 2020 is as follows:

	As of
	July 31, 2020
Fiscal Year	(in thousands)
2021 (6 months remaining)	$	3,101
2022		5,052
2023		3,736
2024		99
2025		—
Thereafter		—
Total future amortization expenses:	$	11,988

IPR&D is required to be tested for impairment at least annually in the fourth fiscal quarter or sooner whenever events or changes in circumstances indicate that the assets may be impaired. There were no intangible asset impairments for the three and six months ended July 31, 2020 and 2019, respectively.