Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Nine Months Ended
(Dollars in Millions)
 
Sep 30,
2017
 
Oct 1,
2016
Earnings1 
 
$
14,557

 
$
8,557

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
733

 
686

 
Subtract - Capitalized interest
 
(212
)
 
(82
)
Earnings and fixed charges (net of capitalized interest)
 
$
15,078

 
$
9,161

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
493

 
$
575

 
Capitalized interest
 
212

 
82

 
Estimated interest component of rental expense
 
28

 
29

Total
 
$
733

 
$
686

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
21x

 
13x


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.