Long-term liabilities are financial obligations that a company is required to pay over a period longer than one year. These can include loans, bonds, and leases that extend beyond the current fiscal year. They are recorded on the balance sheet and are important for assessing a company's financial health and stability. These liabilities are crucial for funding long-term investments and growth. By taking on long-term debt, companies can finance projects that may take time to generate returns. However, managing these obligations is essential, as failure to meet them can lead to financial difficulties and impact the company's credit rating.