Which debt instruments have a maturity exceeding one year?

Long-term obligations are defined as debt instruments with a maturity that exceeds one year. These types of obligations are typically used by municipalities and other entities to finance projects or long-term needs, allowing them to repay over an extended period, thereby reducing the burden of immediate repayment. Examples of long-term obligations include bonds and certain loans that have payment terms extending beyond one year.

Short-term obligations, current liabilities, and private loans could be misleading in this context. Short-term obligations are specifically designed to mature within one year, while current liabilities include obligations that need to be settled within a year, such as accounts payable or short-term loans. Private loans can vary in their terms, but many are also structured to be paid back within a shorter timeframe. Therefore, long-term obligations are clearly distinguished by their longer repayment horizon, making them the correct answer.