Thioether-substituted phenols that are the reaction product of a thioether-substituted alcohol or thioether-substituted amine and a phenol with at least one pendant acyl group and have a ratio of sulfur groups to phenol groups of at least 1:1 and uses for thioether-substituted phenols. Methods of lubricating an internal combustion engine by contacting the internal combustion engine with a lubricating composition comprising a thioether-substituted phenol. Methods of reducing deposit formation and/or corrosion in an engine using a lubricating composition comprising a thioether-substituted phenol.