Great company in good times, can be difficult to weather the bad times.
Pros
The benefits, salary, and emphasis on work-life balance can't be beat. The people who work there are great, and the corporate culture is very warm and welcoming, from executive to data clerk. Even after lay-offs, they go the extra mile to help find new jobs. I've been told that "weathering the storm" is good in the long run at Caterpillar.
Cons
In a rough economy, the shareholders take precedence. That means the valuable training stops, contract workers get cut, and managers start looking for ways to save money and keep the company afloat on cut-throat budgets. The indispensable lower-level employees pick-up the slack, which stretches everything thin but keeps things going. Under the rough conditions, it can be years for a dedicated lower-level employee to be recognized, promoted, and finally given critical career-advancing training -- after all, they are too valuable to the company's buoyancy in that lower position.