Abstract: A coating composition for skived foam substrates includes a polymer binder in which microspheres containing a phase change material are dispersed. Preferred phase change materials include paraffinic hydrocarbons. The microspheres may be microencapsulated. The preferred substrate is a skived polyurethane foam of from 20 to 90 mils in thickness, having up to 6 ounces per square yard or more of encapsulated phase change material embedded in a polymer binder. Polyether and polyester urethanes are preferred. A preferred method of applying the binder with embedded encapsulated phase change materials using knife over roll technique to an exposed surface of the skived foam is disclosed in which the most preferred viscosity of the uncured polymer binder is from 7,000 to 9,000 centipoise.