Floats are also out-of-flow considering white-space.

third_party/WebKit/Source/core/dom/Text.cpp

Index: third_party/WebKit/Source/core/dom/Text.cpp
diff --git a/third_party/WebKit/Source/core/dom/Text.cpp b/third_party/WebKit/Source/core/dom/Text.cpp
index f7510db221c66b2fa789c6941755e9002380f1fa..febc0607f8fa777b23fda6f6ed62e90b00d7d5e6 100644
--- a/third_party/WebKit/Source/core/dom/Text.cpp
+++ b/third_party/WebKit/Source/core/dom/Text.cpp
@@ -295,7 +295,7 @@ bool Text::textLayoutObjectIsNeeded(const ComputedStyle& style,
 
   if (parent.isLayoutInline()) {
     // <span><div/> <div/></span>
-    if (prev && !prev->isInline() && !prev->isOutOfFlowPositioned())
+    if (prev && !prev->isInline() && !prev->isFloatingOrOutOfFlowPositioned())
       return false;
   } else {
     if (parent.isLayoutBlock() && !parent.childrenInline() &&