Exhibit 12.1
INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
Years Ended
(Dollars in Millions, Except Ratios)
 
Dec 27,
2014
 
Dec 28,
2013
 
Dec 29,
2012
 
Dec 31,
2011
 
Dec 25,
2010
Earnings1 
 
$
16,031

 
$
12,814

 
$
15,057

 
$
18,068

 
$
16,221

Adjustments:
 
 
 
 
 
 
 
 
 
 
Add - Fixed charges
 
499

 
529

 
362

 
226

 
181

Subtract - Capitalized interest
 
(276
)
 
(246
)
 
(240
)
 
(150
)
 
(134
)
Earnings and fixed charges (net of capitalized interest)
 
16,254

 
13,097

 
15,179

 
18,144

 
16,268

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest2 
 
192

 
244

 
90

 
41

 
—

Capitalized interest
 
276

 
246

 
240

 
150

 
134

Estimated interest component of rental expense
 
31

 
39

 
32

 
35

 
47

Total
 
$
499

 
$
529

 
$
362

 
$
226

 
$
181

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
33x

 
25x

 
42x

 
80x

 
90x

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