Exhibit 12.1

INTEL CORPORATION

STATEMENT SETTING FORTH THE COMPUTATION

OF RATIOS OF EARNINGS TO FIXED CHARGES

(In Millions, Except Ratios)

 

     Six Months Ended  
     June 30,
2012
    July 2,
2011
 

Earnings1

   $ 7,831      $ 8,470   

Adjustments:

    

Add - Fixed charges

     180        121   

Subtract - Capitalized interest

     (109     (83
  

 

 

   

 

 

 

Earnings and fixed charges (net of capitalized interest)

   $ 7,902      $ 8,508   
  

 

 

   

 

 

 

Fixed charges:

    

Interest2

   $ 52      $ 6   

Capitalized interest

     109        83   

Estimated interest component of rental expense

     19        32   
  

 

 

   

 

 

 

Total

   $ 180      $ 121   
  

 

 

   

 

 

 

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

     44x        70x   

 

1 After adjustments required by Item 503(d) of Regulation S-K.

2 Interest within provision for taxes on the consolidated condensed statements of income is not included.