Exhibit 12.1

INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
     
 
 
 
 
Six Months Ended
(Dollars in Millions)
 
Jun 30,
2018
 
Jul 1,
2017
Earnings1 
 
$
10,789

 
$
8,443

Adjustments:
 
 
 
 
 
Add - Fixed charges
 
483

 
457

 
Subtract - Capitalized interest
 
(239
)
 
(136
)
Earnings and fixed charges (net of capitalized interest)
 
$
11,033

 
$
8,764

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest2 
 
$
228

 
$
302

 
Capitalized interest
 
239

 
136

 
Estimated interest component of rental expense
 
16

 
19

Total
 
$
483

 
$
457

 
 
 
 
 
 
 
Ratio of earnings before taxes and fixed charges, to fixed charges
 
23x

 
19x

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.