Field formatter display options for taxonomy reference missing after update

After updating to the latest version, the field formatter options for my term reference fields are totally different - originally the list of options was based on the taxonomy's display options (full content, teaser, etc.) but now the list consists of Field Extractor, Link, Plain Text, etc. (Screenshot attached) Consequentially, all the term displays are broken since they're set to a nonexistant formatting option and don't appear on the page at all. I'm not sure if this is more related to an Entity Reference or ctools issue, since I also updated those recently as well... no idea what's going on!