EXHIBIT 12.1
INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES FOR INTEL CORPORATION
(In millions, except ratios)
Years Ended
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Dec. 25, Dec. 31, Dec. 30, Dec. 28, Dec. 27,
1993 1994 1995 1996 1997
-------- -------- -------- -------- --------
Income before taxes $3,530 $3,603 $5,638 $7,934 $10,659
Add - Fixed charges net
of capitalized interest 58 66 38 41 43
------ ------ ------ ------ -------
Income before taxes and
fixed charges (net of
capitalized interest) $3,588 $3,669 $5,676 $7,975 $10,702
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Fixed charges:
Interest* $ 50 $ 57 $ 29 $ 25 $ 27
Capitalized interest 8 27 46 33 9
Estimated interest
component of rental
expense 8 9 9 16 16
------ ------ ------ ------ -------
Total $ 66 $ 93 $ 84 $ 74 $ 52
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Ratio of earnings before
taxes and fixed
charges, to fixed
charges 54x 39x 68x 108x 206x
* Interest expense includes the amortization of underwriting fees for the
relevant periods outstanding.