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 26,
2015
 
Dec 27,
2014
 
Dec 28,
2013
 
Dec 29,
2012
 
Dec 31,
2011
Earnings
 
$
14,495

 
$
16,031

 
$
12,814

 
$
15,057

 
$
18,068

Adjustments:
 
 
 
 
 
 
 
 
 
 
Add - Fixed charges
 
629

 
499

 
529

 
362

 
226

Subtract - Capitalized interest
 
(258
)
 
(276
)
 
(246
)
 
(240
)
 
(150
)
Earnings and fixed charges (net of capitalized interest)
 
$
14,866

 
$
16,254

 
$
13,097

 
$
15,179

 
$
18,144

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest2 
 
$
337

 
$
192

 
$
244

 
$
90

 
$
41

Capitalized interest
 
258

 
276

 
246

 
240

 
150

Estimated interest component of rental expense
 
34

 
31

 
39

 
32

 
35

Total
 
$
629

 
$
499

 
$
529

 
$
362

 
$
226

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

 
33x

 
25x

 
42x

 
80x

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.