Micron Technology Inc. said May 21 that its board of directors has authorized the stock repurchase of up to $10 billion of the company's common shares.

The semiconductor company also announced plans to return at least 50% of free cash flow to stockholders starting in fiscal 2019.

Micron said it may buy shares on a discretionary basis, through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, depending on market conditions and Micron's determination of what is the best use of available cash.

"Our business results have dramatically strengthened Micron's balance sheet and this stock buyback program emphasizes our ongoing commitment to enhancing shareholder value," said Sanjay Mehrotra, president and CEO of Micron.