Intel (INTC) 10-Q 2009 Q2 Quarterly report

Exhibit 12.1

INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)

	Six Months Ended
	June 27, 2009			June 28, 2008
Earnings1	$	709		$	4,484
Adjustments:
Add - Fixed charges		56			72
Subtract - Capitalized interest		(29	)		(38	)
Earnings and fixed charges (net of capitalized interest)	$	736		$	4,518
Fixed charges:
Interest2	$	1		$	8
Capitalized interest		29			38
Estimated interest component of rental expense		26			26
Total	$	56		$	72
Ratio of earnings before taxes and fixed charges, to fixed charges		13			63

1	After adjustments required by Item 503 (d) of the U.S. Securities and Exchange Regulation S-K.
2	Interest within provision for taxes on the consolidated condensed statements of operations is not included.