Perhaps look at it like this.
Suppose you have a left floating point element. Lets call it block F. This block is taken out of the stream using float, so the next element of the block (suppose it does not float and calls this block B) starts exactly at the same horizontal and vertical position as block F. When the text is placed in block B, it begins to fill in block B, but the text will not overlap with block F. What the float does.
Suppose there is another block element that also does not float and calls this C block. (This will be our important one). Block C will be placed immediately below block B. This, depending on the relative heights of blocks F and B, may begin above or below the bottom of block F.
- , F, B, C -
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C F, C , F. , , .
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