Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Six Months Ended
(Dollars in Millions)
 
Jul 1,
2017
 
Jul 2,
2016
Earnings1 
 
$
8,443

 
$
4,229

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
457

 
461

 
Subtract - Capitalized interest
 
(136
)
 
(46
)
Earnings and fixed charges (net of capitalized interest)
 
$
8,764

 
$
4,644

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
302

 
$
395

 
Capitalized interest
 
136

 
46

 
Estimated interest component of rental expense
 
19

 
20

Total
 
$
457

 
$
461

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
19x

 
10x


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.