Exhibit 12.1

 

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION

OF RATIOS OF EARNINGS TO FIXED CHARGES

 

(in millions)

 

     Six Months Ended

     June 26,
2004


  

June 28,

2003


Income before taxes

   $ 4,964    $ 2,587

Add fixed charges

     52      54
    

  

Income before taxes and fixed charges

   $ 5,016    $ 2,641
    

  

Fixed charges:

             

Interest

   $ 33    $ 32

Estimated interest component of rental expense

     19      22
    

  

Total

   $ 52    $ 54
    

  

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

     96      49