Raglan decrease?

I’m trying to knit my very first baby sweater and the pattern calls for a raglan decrease as follows:

Decreasing: applies to raglan decreases. Decrease within 1 st as follows:
From the RS: after 1 st: K2 tog; before 1 st: slip 1 st as if to knit, K1, psso.
From the WS: before 1 st: P2 tog; after 1 st: P2 tog into back of st.

Does this mean that I will knit (or pearl) to the middle and follow instructions above? If so on the RS (knit side) do I K2 tog, knit a regular st and then s,k, psso …

And on the WS (pearl side) do I P2 tog, pearl a regular st and then P2 tog in the back of st?

This is probably something easy, but I’m used to instructions really walking me through things.

That sounds like you’ve interpreted it correctly.