Microsoft channels much of its profits overseas, where it pays lower taxes. And it issues bonds in the US

The SEC is not happy with Microsoft. She asked for explanations. First, why is the share of profits in low-tax countries so much higher than the share of sales in the same countries? Second, why does Microsoft, despite having $50-plus billion in cash, issue bonds? These would seem questions that may be of more interest to the IRS (the American Revenue Agency) than to the SEC, but so be it. On the first question, Microsoft candidly replied that it channels sales to low-tax countries. Which is precisely the strategy of minimizing the tax burden on which the IRS would have something to say (arrangements made with the sole purpose of paying less taxes are usually viewed with suspicion by the taxman). On the second point the answer was more articulated. Given that most of the 50-plus billion are held abroad and since repatriating them would mean paying more taxes, Microsoft decides to keep them out and finance its needs (see the purchase of Skype for 8,5 billion dollars ) on the US capital market.
http://ftalphaville.ft.com/thecut/2011/06/07/586851/sec-prods-microsofts-offshore-cash/?ftcamp=crm/email/201167/nbe/AlphavilleHongKong/product
http://www.ft.com/intl/cms/s/2/0880cd54-90a1-11e0-9531-00144feab49a.html#axzz1OdyuZlgC