Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Nine Months Ended
(Dollars in Millions)
 
Sep 26,
2015
 
Sep 27,
2014
Earnings1 
 
$
10,128

 
$
11,302

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
435

 
371

 
Subtract - Capitalized interest
 
(202
)
 
(203
)
Earnings and fixed charges (net of capitalized interest)
 
$
10,361

 
$
11,470

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
211

 
$
139

 
Capitalized interest
 
202

 
203

 
Estimated interest component of rental expense
 
22

 
29

Total
 
$
435

 
$
371

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
24x

 
31x


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.