CD disc c/w the product key. My computers mother board crashed and I then had to buy a new computer. But I could not find my copy of Office 2010. So I ended up having to buy the new version. ($369). Two weeks later I found the 2010 box with the disc and key. Plus the new version is mostly the same but they just made the commands more complicated and changed the look. Same content as the 2010 version.