Intel (INTC) 10-Q 2009 Q3 Quarterly report

Exhibit 12.1

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

(Dollars in Millions)

	Nine Months Ended
	September 26,			September 27,
	2009			2008
Earnings1	$	3,294		$	7,317
Adjustments:
Add-Fixed charges		94			102
Subtract-Capitalized interest		(54	)		(56	)
Earnings and fixed charges (net of capitalized interest)	$	3,334		$	7,363
Fixed charges:
Interest2	$	1		$	8
Capitalized interest		54			56
Estimated interest component of rental expense		39			38
Total	$	94		$	102
Ratio of earnings before taxes and fixed charges, to fixed charges		35			72

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.