What type of debt matures in more than 12 months?

Long-term debt refers to any borrowing that an organization is obligated to repay in more than 12 months. This type of debt is often used for significant investments like purchasing property, equipment, or funding large-scale projects that require time to pay off. Long-term debt typically includes bonds payable, long-term loans, and mortgages, providing organizations with access to capital that can be paid back over several years, which can help manage cash flow more efficiently.

In contrast, short-term debt and current liabilities involve obligations that are due within a year, such as accounts payable and short-term loans. Contingent liabilities are potential obligations that may arise based on a future event, such as lawsuits or warranty claims, and are not categorized based on maturity but rather on their likelihood of occurring. Thus, long-term debt is defined specifically by its maturity timeline, making it the correct answer for this question.