Graphics might be InlineShapes or Shapes depending on whether they are floating (have text wrapping turned on) or not.
Code:
Dim aShp As Shape, aInShp As InlineShape
Debug.Print "Shapes: " & ActiveDocument.Shapes.Count
For Each aShp In ActiveDocument.Shapes
Next aShp
Debug.Print "Inline Shapes: " & ActiveDocument.InlineShapes.Count
For Each aInShp In ActiveDocument.InlineShapes
Next aInShp