Pros
The company enjoys 90+ years of experience, and hence lots of best practices and grey beards who know how products are supposed to be developed. It is indeed core engineering and if you enjoy core engineering - this is the place! It is an international company and does most of it's functions in-house, which means that you have many diverse career options to choose from. They pay relatively on the high side too.
Cons
Corporate hubris is rampant. Ability to pivot into digital space has been messy. Very hierarchical and less transparency in upper management levels. Careers in Machine learning, Big data and AI are mostly based on nepotism not meritocracy. It helps enormously if you're part of the 'Good Old Boys Club' to move up in your career. Most frontline engineering managers are in their 50s - and they've been managers for the last 15-20 years (similar to career politicians) and have very little appetite for new ideas, risk taking, etc. Employee development is poor. Peoria, IL (Cat Headquarters) is an absolutely featureless, culture-less town in which most of the exciting engineering jobs are located. So good luck if you want an exciting out-of-work life!