The board of directors for Fortive Corp. (NYSE: FTV) of Everett, Washington, has authorized a share repurchase program that will allow the company to purchase up to 20 million shares of its common stock.

Under the program, Fortive can purchase its common stock on a discretionary basis “from time to time on the open market or in privately negotiated transactions,” including through the use of trading plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with the requirements of the Securities and Exchange Commission, the company said.

“The timing and amount of common stock repurchases made under the repurchase program will be determined by Fortive’s management based on its evaluation of market conditions and other factors,” Fortive said in a statement. “Repurchases may be made from time to time through open market purchases and/or privately negotiated transactions. The repurchase program has no expiration date and does not obligate Fortive to acquire any particular amount of shares, and may be suspended or discontinued at any time.”

“Opportunistically repurchasing our stock underscores our conviction in our strategy, the sustainable competitive advantages for our operating companies, and also reflects our confidence in the strength of our free cash flow,” said James A. Lico, Fortive president and CEO. “Our capital allocation focus remains the pursuit of disciplined M&A. With the repurchase program in place, we have another lever to enhance total shareholder returns.”