Exhibit 12.1

 

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION

OF RATIOS OF EARNINGS TO FIXED CHARGES

(in millions)

 

     Three Months Ended

    

March 27,

2004


  

March 29,

2003


Income before taxes

   $             2,544    $             1,316

Add fixed charges

     28      25
    

  

Income before taxes and fixed charges

   $ 2,572    $ 1,341
    

  

Fixed charges:

             

Interest

   $ 18    $ 14

Estimated interest component of rental expense

     10      11
    

  

Total

   $ 28    $ 25
    

  

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

     92      54