Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Nine Months Ended
(Dollars in Millions)
 
Sep 27,
2014
 
Sep 28,
2013
Earnings1 
 
$
11,302

 
$
9,212

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
371

 
395

 
Subtract - Capitalized interest
 
(203
)
 
(176
)
Earnings and fixed charges (net of capitalized interest)
 
$
11,470

 
$
9,431

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
139

 
$
189

 
Capitalized interest
 
203

 
176

 
Estimated interest component of rental expense
 
29

 
30

Total
 
$
371

 
$
395

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
31x

 
24x


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.