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 $14.6 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, 2021, 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, 2021, $5.6 million was recorded in accrued and other current liabilities and $6.3 million was recorded in other long-term liabilities in the consolidated balance sheets.

The carrying amounts of intangible assets as of January 31, 2021 and 2020 were as follows:

	As of January 31, 2021							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
Software licenses		21,043		(6,440	)		14,603		27,203		(13,477	)		13,726
Total acquired intangible assets	$	25,143	$	(6,440	)	$	18,703	$	31,303	$	(13,477	)	$	17,826

During the twelve months ended January 31, 2021, there was approximately $13.5 million of software licenses retired. The amortization expense related to these software licenses was approximately $6.5 million, $5.9 million, and $4.7 million for the fiscal years ended January 31, 2021, 2020, and 2019 respectively. The expected annual amortization expense related to these software licenses as of January 31, 2021 is as follows:

	As of
	January 31, 2021
Fiscal Year	(in thousands)
2022	$	5,926
2023		6,269
2024		2,408
2025		—
2026		—
Thereafter		—
Total future amortization expenses:	$	14,603

There were no intangible asset impairments for the fiscal years ended January 31, 2021, 2020 and 2019, respectively.