The Show field codes instead of their values option is turned on.The Use draft quality option is turned on.The Print drawings created in Word option turned off.The Show drawings and text boxes on screen option is turned off.You are viewing the Word document in Draft view or in Outline view.And, one of the following conditions is true: This issue occurs if you are using a Wrapping style option other than the In line with text option with the picture or with the object. This issue may also occur in later versions of Word.