Exhibit 12.1
INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
                 
    Nine Months Ended  
    Sept 28,     Sept 29,  
    2008     2007  
Income before taxes
   $ 7,317     $ 5,905  
 
                
Adjustments:
                
Add fixed charges
     102       96  
Subtract interest capitalized
     (56 )     (41 )
 
            
 
                
Income before taxes and fixed charges
   $ 7,363     $ 5,960  
 
            
 
                
Fixed charges:
                
Interest1
   $ 8     $ 12  
Capitalized interest
     56       41  
Estimated interest component of rental expense
     38       43  
 
            
 
                
Total
   $ 102     $ 96  
 
            
 
                
Ratio of earnings before taxes and fixed charges, to fixed charges
     72       62  
 
1   Interest within provision for taxes on the consolidated condensed statements of income is not included.