Occasionally my skin/avatar, as viewed in third person or by other players, has hands and the items in them "floating". They follow behind the player but are upside down and disconnected from the body. This also affects shields and maps, for example, in an off-hand slot, as well as items held in the main hand. What I mean by this is that the "floating hands" appear to be holding the items. 
I've noticed this in splitscreen multiplayer occurring to myself and other players. I say "occasionally" because it happens at some times and not at others, and doesn't always affect everyone or even the same people each time. We can all still use the things we are holding, and still see maps, for example, so it appears to be an aesthetic issue. 
This has been occurring for multiple updates. I should mention that I'm not using any skins other than the Steve and Alex skins(except my character has the torch headlight and quiver items that can be earned from achievements, but this bug also happens to characters without anything)and I have no texture, behavior, or resource packs applied(except for the default ones).