Yes it would include the races. The upper and lower outer races can be pounded off with a long drift punch. Slowly work your way around the race, tapping just a bit so it comes out straight. The upper bearing (with the inner race attached) will just lift off.
The fun one is the lower bearing. It is pressed on the stem and can sometimes be pryed off but not usually. There is a tool to remove it and your local shop could do it for you for a small charge or for free if you have a good relationship with them.