IEC 62435-8:2020 on long-term storage is applied to passive electronic devices in long-term storage that can be used as part of obsolescence mitigation strategy. Long-term storage refers to a duration that can be more than 12 months for product scheduled for storage. Storage typically begins when components are packed at the originating supplier where the pack date or date code are assigned to the product. It is the responsibility of the distributor and the customer to control and manage the aging inventory upon receipt of the dated product. Alternatively, a supplier-customer agreement can be established to manage the aging inventory. Philosophy, good working practice, and general means to facilitate the successful long-term storage of electronic components are also addressed.