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I'm sure the specifics depend on the particular company and the non-compete agreements they make employees sign.
In my case intellectual property employees come up with (even on their own dime and their own time) belongs to the company if it is in a business area that the company currently competes in, or possibly may compete in in the foreseeable future. I'm very much paraphrasing that while trying my best to recall the exact terms, but the gist of it is that things I would come up with that are completely unrelated to what the company does would not belong to the company. I haven't worked at many large companies but I imagine that's more or less standard. Keep in mind I'm very much not a lawyer.
The way that part of the employee contract works is that, since the company has no plans to hire professional cartoonists, they don't own a cartoon made while someone is employed there.
