Denote our long exact sequence by $(A_{\bullet}, d)$ and et $C_{i}$ denote the kernel of $d_{i} : A_{i} \rightarrow A_{i+1}$. By the exactness of the sequence we also have $C_{i} = Im(d_{i-1})$, so the sequence factors as in the diagram below. 
Now every free abelian group is by definition a free $\mathbb{Z}$-module, and free modules are projective, so any short exact sequence of free abelian groups splits, i.e. if $$ 0 \longrightarrow A' \longrightarrow A \longrightarrow A'' \longrightarrow 0 $$ is exact then $A \cong A' \oplus A''$. Thus for each $i$ we have $A_{i} \cong C_{i} \oplus C_{i+1}$.
Let $C^{i}_{\bullet}$ denote the very short exact sequence $$\cdots \longrightarrow 0 \longrightarrow C_{i} \longrightarrow C_{i} \longrightarrow 0 \longrightarrow \cdots,$$
where the first $C_{i}$ is in the place of $A_{i}$ in the original sequence. Then $$ A_{\bullet} \cong \bigoplus_{i \in \mathbb{Z}} C^{i}_{\bullet},$$
as the object in the $i$th place is isomorphic to $C_{i} \oplus C_{i+1} \cong A_{i}$.