Exhibit 12.1
INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
                 
    Three Months Ended  
    March 29,     March 31,  
    2008     2007  
Income before taxes
   $ 2,171     $ 1,873  
 
                
Adjustments:
                
Add fixed charges
     34       32  
Subtract interest capitalized
     (19 )     (14 )
 
            
 
                
Income before taxes and fixed charges
   $ 2,186     $ 1,891  
 
            
 
                
Fixed charges:
                
Interest1
   $ —     $ 3  
Capitalized interest
     19       14  
Estimated interest component of rental expense
     15       15  
 
            
 
                
Total
   $ 34     $ 32  
 
            
 
Ratio of earnings before taxes and fixed charges, to fixed charges
     64       59  
 
1   Interest within provision for taxes on the consolidated condensed statements of income is not included.