If the income was legitimately made from sales overseas fine that's a fitting analogy, but many companies will have a company in a low corporate tax area hold all the IP and the portions of the company that are making money and selling products will 'license' that IP to make it seem like they have lower profits. The overseas income is just from the company paying itself to shuffle money into a cheaper tax location.

https://en.wikipedia.org/wiki/Double_Irish_arrangement