How does everyone else handle broken links to external content?

[jeremy]

I was perusing a scan of my site in Screaming Frog and found a bunch of external links from old blog posts (8 years+) that now 404. Where I can I've been updating those links to point to cached versions on "The Wayback Machine." Where they don't exist, I'm removing the link, adding a strike-through to the linking text, and providing a note specifying that the original link is no longer active. I want to know how you guys handle broken links to external content?