Intel (INTC) 10-Q 2012 Q2 Quarterly report

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.