Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Six Months Ended
(Dollars in Millions)
 
Jun 28,
2014
 
Jun 29,
2013
Earnings1 
 
$
6,694

 
$
5,239

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
245

 
274

 
Subtract - Capitalized interest
 
(140
)
 
(121
)
Earnings and fixed charges (net of capitalized interest)
 
$
6,799

 
$
5,392

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
86

 
$
133

 
Capitalized interest
 
140

 
121

 
Estimated interest component of rental expense
 
19

 
20

Total
 
$
245

 
$
274

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
28x

 
20x


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.