It all depends on how we define a GigaByte... No one really knows lol, but here is the scoop :P
historial context...
"Once upon a time, computer professionals noticed that 2^10 was very nearly equal to 1000 and started using the SI prefix "kilo" to mean 1024. That worked well enough for a decade or two because everybody who talked kilobytes knew that the term implied 1024 bytes. But, almost overnight a much more numerous "everybody" bought computers, and the trade computer professionals needed to talk to physicists and engineers and even to ordinary people, most of whom know that a kilometer is 1000 meters and a kilogram is 1000 grams.
Then data storage for gigabytes, and even terabytes, became practical, and the storage devices were not constructed on binary trees, which meant that, for many practical purposes, binary arithmetic was less convenient than decimal arithmetic. The result is that today "everybody" does not "know" what a megabyte is. When discussing computer memory, most manufacturers use megabyte to mean 2^20 = 1 048 576 bytes, but the manufacturers of computer storage devices usually use the term to mean 1 000 000 bytes. Some designers of local area networks have used megabit per second to mean 1 048 576 bit/s, but all telecommunications engineers use it to mean 10^6 bit/s. And if two definitions of the megabyte are not enough, a third megabyte of 1 024 000 bytes is the megabyte used to format the familiar 90 mm (3 1/2 inch), "1.44 MB" diskette. The confusion is real, as is the potential for incompatibility in standards and in implemented systems.
Faced with this reality, the IEEE Standards Board decided that IEEE standards will use the conventional, internationally adopted, definitions of the SI prefixes. Mega will mean 1 000 000, except that the base-two definition may be used (if such usage is explicitly pointed out on a case-by-case basis) until such time that prefixes for binary multiples are adopted by an appropriate standards body. "
according to NIST (National Institute of Standards and Technology) 1 GB = 1 000 000 000 B or 10^9. Microsoft labels the drive as GigaByte, but in fact uses gibibyte - 1 073 741 824 GiB thus loosing about 7%.
So with that said, this is how windows sees your 120GB drive:
(120 * 10^9) / 1073741824 = 111.758708953857421875 or ~111 GigaBytes
Prefixes for binary multiples
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Factor Name Symbol Origin Derivation
2^10 kibi Ki kilobinary: (2^10)^1 kilo: (10^3)^1
2^20 mebi Mi megabinary: (2^10)^2 mega: (10^3)^2
2^30 gibi Gi gigabinary: (2^10)^3 giga: (10^3)^3
2^40 tebi Ti terabinary: (2^10)^4 tera: (10^3)^4
2^50 pebi Pi petabinary: (2^10)^5 peta: (10^3)^5
2^60 exbi Ei exabinary: (2^10)^6 exa: (10^3)^6
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Examples and comparisons with SI prefixes
one kibibit 1 Kibit = 2^10 bit = 1024 bit
one kilobit 1 kbit = 1^03 bit = 1000 bit
one mebibyte 1 MiB = 2^20 B = 1 048 576 B
one megabyte 1 MB = 10^6 B = 1 000 000 B
one gibibyte 1 GiB = 2^30 B = 1 073 741 824 B
one gigabyte 1 GB = 10^9 B = 1 000 000 000 B
*edit*
had some numbers messed up
: 
Linear Mode
