Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Six Months Ended
(Dollars in Millions)
 
Jul 2,
2016
 
Jun 27,
2015
Earnings1 
 
$
4,229

 
$
5,806

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
461

 
260

 
Subtract - Capitalized interest
 
(46
)
 
(150
)
Earnings and fixed charges (net of capitalized interest)
 
$
4,644

 
$
5,916

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
395

 
$
95

 
Capitalized interest
 
46

 
150

 
Estimated interest component of rental expense
 
20

 
15

Total
 
$
461

 
$
260

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
10x

 
23x


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.