Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
(Dollars in Millions)
 
Q1 2014
 
Q1 2013
Earnings1 
 
$
2,718

 
$
2,496

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
124

 
137

 
Subtract - Capitalized interest
 
(77
)
 
(54
)
Earnings and fixed charges (net of capitalized interest)
 
$
2,765

 
$
2,579

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
37

 
$
73

 
Capitalized interest
 
77

 
54

 
Estimated interest component of rental expense
 
10

 
10

Total
 
$
124

 
$
137

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
22x

 
19x


1 After adjustments required by Item 503(d) of Regulation S-K.
2 Interest within provision for taxes on the consolidated condensed statements of income is not included.